VAT on banking services 2026
From 1 January, 2026, amendments to the Tax Code will come into force in Kazakhstan.
A number of banking services previously not subject to VAT will be taxed at a rate of 16%.
Which banking services are subject to VAT
VAT applies to fees for banking transactions related to:
• opening and maintaining bank, correspondent, and metal accounts
• money transfers
• cash transactions
• collection of payment documents (except bills of exchange)
• letters of credit, guarantees, and bank guarantees
• factoring and forfeiting
• interbank clearing
• transactions with electronic money, checks, bills of exchange, and certificates of deposit
A full list of fees is available at the link.
What it means for Halyk customers
• From 1 January, 2026, certain bank fees will be subject to VAT.
• All rates are already inclusive of VAT — no hidden surcharges.
• The VAT amount will be reflected in statements and electronic invoices for business customers
Halyk maintains favorable service terms and conditions.
For transfers in KZT, the bank will cover the VAT tax burden, making transfers even cheaper for you!
VAT is already included in the rate. The customer sees the fee amount without any additional charges.
VAT does not apply to the following financial transactions:
• transactions with securities and derivative financial instruments
• services of professional participants in the securities market
• insurance and reinsurance
• sale of equity interests
• transactions with investment gold
• assignment of rights to claims on loans and borrowings
• currency exchange transactions
• Payment card transactions
• Remuneration on loans, borrowings, and microloans
The VAT payer is the bank. The customer pays for the service with VAT included in the fee.
• The e-invoice is issued when providing VAT-taxable services to legal entities and individual entrepreneurs.
• The e-invoice is not issued for individuals.
The e-invoice can be issued based on the IIN/BIN. After registration, the document will be available in the IS ESF system.
All E-INVOICE are posted in the IS ESF on the State Revenue Comittes of the RK portal: cabinet.salyk.kz → Electronic invoices
Contact the Halyk legal entity service department to verify the data.
If the customer is registered as a VAT payer, the VAT amount from the bank's E-INVOICE can be credited.
No. E-invoices are issued once a month, no later than the 20th day of the following month, for all bank transactions subject to VAT (in accordance with the provisions of subparagraph 8) of Article 493-2 of the new Tax Code of the Republic of Kazakhstan).
Invoices will be generated in summary form for each month and issued no later than the 20th day of the following month.
In Onlinebank, a separate “VAT” column will appear in the account statement for each commission.
Yes. From 1 January, 2026, the fee for tariff packages will be indicated with VAT included.
Yes. All paid services included in the tariff package are subject to VAT.
VAT is calculated at the time of payment for the tariff package.
VAT applies to all commissions related to:
• issuing (opening) a guarantee or letter of credit
• extending the term
• changing the terms and conditions
• advising
• servicing existing instruments
E-INVOICE are issued with VAT shown as a separate line item:
• one-time commissions — E-INVOICE is issued immediately after debiting
• commissions for issuance and risk — E-INVOICE is issued at the end of the month
• If the service was provided before 1 January, 2026, the previous procedure applies.
• If the transaction was performed after 1 January, 2026, VAT applies.
No. All existing agreements remain in force. If necessary, the bank will send a notification or additional agreement.
Yes. If the service is provided and paid for before 1 January, 2026, VAT does not apply. If the service is extended or changed after this date, tax will be charged.
Yes, if the service is provided by a resident of the Republic of Kazakhstan.