The Ministry of Finance specifies the types of family transfers they will scrutinize.
Revised Article:
Cashing In: The New Limit for Mobile Transfers in Kazakhstan
Grab a seat, folks, ‘cuz we're about to spill the beans on the latest financial biz in Kazakhstan. The deputy Minister of Finance, Daulet Kenzhebil, recently dropped a bombshell at a government briefing concerning mobile transfers from relatives. Yep, you heard it right—transfers exceeding 1 million tenge over three months are going to face some questions. Wondering why the fuss over a seemingly large amount? Let's dive into the deets!
Journalists cornered the big cheese about the potential checks for transfers from relatives antenuptially hitting the 300,000 tenge mark each month. Their concerns were aplenty: What about those depending on relatives' benevolence? What's the deal with fundraising? And why set the threshold at 1 million tenge for mobile transfers?
Well, buckle up, because our buddy Daulet's got some answers for ya. Turns out, that million ain't per month, but for a sprint spanning three consecutive months. In simpler words, that's roughly 300,000 tenge monthly. The number crunchers at the State Revenue Committee calculated this based on their rep data on transfers, deeming it a fairly safe bet. Kudos to them, as their call was given the thumbs up by the Council on Economic Policy.
But what happens when a lucky bastard breaches this threshold? Well, brace yourself, because the tax authorities are going to want a word, being all inquisitive and whatnot. However, fret not if you ain't got no business under wraps, just explain the transfers came from relatives, and voilà, no more questions.
Now, this million is for individuals actively knocking about transfers. If you can prove it's not business-related but family matters, no worries. You're in the clear, no questions asked.
The reasoning behind this move is simple: uncovering those shady transfers that have been lurking in the shadows. It's all about making life easier for the honest ones out there, see? As long as you're playing fair, there's no need to fret.
This ain't the first time the Ministry of Finance has weighed in on this topic. Back in March, Erjan Birtanov, another deputy minister, chimed in, stating that this monitoring of mobile transfers ain't brand spankin' new—it's been kickin' since 2018. Just some extra criteria have been thrown in the mix: information will be provided based on these criteria. We're keeping tabs according to two criteria: three months in a row of 100 payments from distinct individuals, and the total amount for three months gotta exceed 1,020,000 tenge.
Don't forget, Kazakhstan's been monitoring those suspected of illegal entrepreneurial activity since 2024. Last year, civil servants, employees of state bods, and their families were the first to get a taste of the action. This year, it's time for state agencies to dig deeper, checking "suspicious" mobile transfers indicative of illegal entrepreneurial activity. This'll also apply to individual entrepreneurs (IEs) and the spouses of legal entity heads.
Word on the street is, talks of a 3 MZP, i.e., 255,000 tenge in 2025, were once on the table. But occasional transfers from friends and relatives for personal purposes? No cap on those, homies.
Reports have shown that Kazakhstanis have been less inclined to use mobile transfers lately, preferring QR codes or simply cards to pay for stuff.
So there ya have it, folks! Keep an eye on those transfers and play by the rules. After all, honesty is the best policy!
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- In Kazakhstan, the new limit for mobile transfers from relatives has raised concerns within the business and finance sectors, particularly regarding the potential impact on individuals who depend on these transfers and the implications for fundraising activities.
- The recent announcement by the deputy Minister of Finance, Daulet Kenzhebil, sets a threshold of 1 million tenge over three consecutive months for mobile transfers, a change that is expected to help uncover shady transactions and make life easier for honest individuals.
