Kazakhstan’s pilot project for Digital VAT, a new national digital currency, has concluded, demonstrating its ability to streamline VAT refunds for exporters by eliminating tax audits and significantly reducing processing times. This system utilizes a digital tenge, purchased from the National Bank and tracked by state revenue agencies, ensuring that VAT is used solely for designated business transactions and payments to the budget. The successful pilot, which processed refunds in as little as five days, signals a move towards increased transparency and efficiency in Kazakhstan’s tax system, with plans to expand digital solutions for businesses.
Source: uchet.kz
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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