Tokayev proposes discussing higher tax rate on large fortunes

Tokayev instructed the government and parliament to examine this issue. "I emphasize, no one is going to restrict legally acquired assets in any way," the president said, adding that such a restriction would contradict the Constitution. According to him, this is about fairness and a proportionate, honest contribution by citizens to the country's development.

The instruction based on the president's proposal was discussed on October 29 at a government meeting. Prime Minister Olzhas Bektenov instructed the ministries of national economy and finance to study international practices for taxing ultra-wealthy citizens within a month and submit their options. What specific mechanisms might be proposed has not yet been specified.

From January 1, 2026, a progressive scale of personal income tax is already applied in Kazakhstan: the base rate is 10%, while 15% is levied on the portion of annual income exceeding 8,500 monthly calculation indices. As Gazeta.uz reports citing Tengrinews.kz, the threshold is 36 million tenge (about 79,000 dollars) per year.

In his address, Tokayev also called for fully digitizing taxation, including with the use of artificial intelligence, and instructed that amendments be made to the new Tax Code. Following the meeting, the Ministry of Finance must complete the digitization of tax and customs administration.