Press room
What is tax return form 250 and why it is important to file
Halyk experts share the easiest way to file an income tax return
Universal filing - a phrase that many Kazakhstanis have been talking about for the past three years. The first stage of the universal filing of income and property of the population began in 2021 with the mandatory filing of tax returns of public employees, and each year more and more citizens of Kazakhstan are included.
Tax return is a systematic process of filing of a special form, in which every citizen of the country declares his accumulated and acquired, but not registered assets and liabilities. These include securities and shares (at the price at the time of purchase), cash, jewelry, debts, foreign and other property. This type of tax regulation is widespread in many developed countries and has shown strong results, helping to bring countries out of the black economy.
Kazakhstan is currently in the third stage of the tax filing process, which includes the filing of tax form 250. Based on the results of the current year, this form should be filed by:
- managers, founders (participants) of LLPs and their spouses;
- individual entrepreneurs and their spouses.
Moreover, from 1 January 2025, with the start of the fourth stage of filing, tax return will affect all citizens of the country.
Filing a tax return is a very time-consuming process that requires a lot of time and maximum attention to details. How and where to file a tax return? In order to simplify the filing of tax return and to allow Kazakhstan citizens to understand the taxation nuances, Halyk Bank has launched a service in Halyk mobile app for filing tax return 250 on assets and liabilities of individuals who have LLPs or sole proprietorships, as well as their spouses.
“Halyk Bank's new product, available on Government Service, helps to understand all aspects of the tax return, making it accessible to every customer. And thanks to the user-friendly interface and automation of all processes, Halyk app allows you to easily and simply fill in all the items of the tax return on your phone, saving customers time,” said Nariman Mukushev, Deputy CEO of Halyk Bank.
The app's functionality allows for the systematic fill in all types of assets an individual may have, from cash to any other valuable property. The completed tax return is automatically sent to the State Revenue Department after the form is signed directly in Halyk app.
Tax return form 250 should be filed no later than 15 September. It is also important to remember that failure to file a tax return on time will result in an administrative fine, which will increase each time. However, an important function of tax return is to open up new business opportunities. Subsequently, the information on assets and funds provided in the “input” tax return can be used as evidence of a major purchase or transaction.
The current importance of tax return form 250 is to prepare the entire population for tax return. If this form is now only filed by individuals who are directors of LLPs and IEs and their spouses, from 1 January 2025 all Kazakhstan citizens will be required to file a tax return form 250. Halyk has already prepared a convenient service to file tax return form 250 so that by next year all customers will be able to declare their assets with peace of mind and confidence. Thus, the citizens of Kazakhstan are one-step closer to a transparent and non-corrupt society by gradually introducing the habit of filing tax return.