Never ever come to Kazakhstan if you invest/trade

[Dna7272]

@Dna7272, are you a professional trader, a non-professional trader, or are you a company?

Non pro trader. If I created a company, it would probably not be a problem.

However not sure if companies are exempt from this law.

 

[Quanto]

Why would I lie here? What it achieves. As I said before I did it to vent my frustrations. Because I don't wanna tell other people that know me about my money. But i needed to tell someone.

Anyway I also posted the untranslated full tax code somewhere above. So you can go ahead and check it

I would like to see whether the claimed really applies also to Wyoming. I doubt.

 

[Dna7272]

I would like to see whether the claimed really applies also to Wyoming. I doubt.

https://adilet.zan.kz/rus/docs/V1800016404 here's the list of all states and countries.

 

[Dna7272]

I would like to see whether the claimed really applies also to Wyoming. I doubt.

To be honest I would not believe either. Funny thing is they used to have state Delaware a few years back. If they didn't remove it, i would be definitely bankrupt

 

[Quanto]

To be honest I would not believe either. Funny thing is they used to have state Delaware a few years back. If they didn't remove it, i would be definitely bankrupt

What are you going to do as next? Appeal the decision?
Btw. was it an official decision of the tax office at all, or just the opinion or interpretation of the E&Y person?
Or is this maybe just some political opposition play?...
In such countries you better should be a little bit careful in what you publicly say about the govt and the laws of the country...

 

[Dna7272]

What are you going to do as next? Appeal the decision?
Btw. was it an official decision of the tax office or just the opinon of the E&Y person?
Or is this maybe just some political opposition play?...

I don't know yet, I found out about it yesterday and still in awe. It wasn't an official tax decision. But the way the law works in my country. I need to submit my declaration and pay the taxes. After that if they check it and find out that if I did not take into account the clause then I will be changed 300% of the initial tax and might face a jail time

 

[ZBZB]

How will they even know? Let’s say you use IB?

IB and other brokers report account value and all sales to the OECD. Tax authorities then access this data.

 

[ZBZB]

I recently moved back to Kazakhstan. It's my home country, but I lived abroad for a while. I trade for living and I make good money. For the last 6 months I made around $200k. But it turns out I am going to pay around 250k in taxes. Kazakhstan has such a stupid tax system. And there's no mistake, I have consulted a tax consultant everything is correct. How stupid tax system can be if a person has to pay more than her earned. I am speechless and I cannot describe how I hate this country. And this is in a country where personal income tax is 10% flat. No wonder everyone avoids paying taxes here, because it's such a stupid system.

I cannot trade anymore because there's no point. If I wanna be able to trade then I need to leave the country and get residence somewhere else but it's not easy. I am lost. Nt only I have to pay 250k in taxes I also can't trsde anymore and gonna lose a lot in possible profit, which I could have made if I resided in a normal country.

P.s. Sorry, I realized that I have made lots of errors in my post. I am furious, and now I am not in the mood to correct the grammar errors

Set up a company in Dubai or Singapore and trade through that with a vpn.

 

[Dna7272]

IB and other brokers report account value and all sales to the OECD. Tax authorities then access this data.

Most likely IB doesn't send any info to my government. Moreover, my government was so dumb that they once blocked IB in Kazakhstan, saying that it's a scam. Furthermore they declared CME exchange as a scam. Meanwhile ther are tons of real financial piramids in my country that they do nothing about

 

[Quanto]

I don't know yet, I found out about it yesterday and still in awe. It wasn't an official tax decision. But the way the law works in my country. I need to submit my declaration and pay the taxes. After that if they check it and find out that if I did not take into account the clause then I will be changed 300% of the initial tax and might face a jail time

IMO, you are doing it the wrong way! You have to talk to the tax office directly, and get an official answer.
You should build a friendly relation with the tax office, they are not your enemy per se.