Kazakhstan Economy Ministry denies 5% tax on deposit interest
This digest was compiled by AI from multiple sources — links to the originals are below.
Kazakhstan's Ministry of National Economy denied social media reports of a 5% tax on bank deposit interest. The ministry said interest paid to individuals on deposits is exempt from individual income tax under Article 430 of the Tax Code. The government is not considering removing this exemption or introducing any new deposit taxes.
Key Facts
- The Ministry of National Economy said interest paid to individuals on bank deposits is exempt from individual income tax under Article 430 of Kazakhstan's Tax Code.
- The government is not considering removing this exemption or introducing any new tax on deposit interest, the ministry said on August 27, 2026.
- The false reports claimed a 5% tax would be levied on interest earned from bank deposits, not on the deposit principal.
- A similar proposal was made in Uzbekistan in July 2026, which may have caused confusion in Kazakhstan.
- Accountant Gulnaz Teleuova, who spread the claim, estimated the tax could generate about 4 trillion tenge annually.
Official Denial
The Ministry of National Economy issued a statement on August 27, 2026, denying reports of a 5% tax on bank deposit interest. The ministry said the information circulating on social media does not correspond to reality. It cited Article 430 of the Tax Code, which exempts interest paid to individuals on bank deposits from individual income tax. The government is not considering abolishing this provision or introducing any new tax on deposit interest, the ministry added.
Origin of the Rumor
The rumor appears to have originated from a proposal in Uzbekistan, where a similar tax was suggested in July 2026. In Kazakhstan, accountant Gulnaz Teleuova posted about a possible 5% tax on deposit interest, providing an example where 1 million tenge in annual interest would incur a 50,000 tenge tax. She claimed the proposal could generate about 4 trillion tenge in annual budget revenue. The Ministry of National Economy urged citizens not to panic and to trust only official sources.
13 sources
Kazakhstan Economy Ministry denies 5% tax on deposit interest
