Astana, 28 October. In his address, President Kassym-Jomart Tokayev said the time had come to discuss a higher rate for owners of large fortunes and instructed the government and the Kurultai to study the issue and submit proposals, Akorda reported.
The President stressed that nobody intends to restrict legally acquired assets in any way, as this would contradict the Constitution itself: in his words, the point is a proportionate and honest contribution by every citizen to the country's development, and fairness. Fair taxation, he said, requires transparency and therefore total digitisation and the use of artificial intelligence to raise tax collection and reduce the shadow economy and corruption risks. The President did not specify what counts as a large fortune, which tax the higher rate would apply to or what it might be.
The idea builds on a reform already under way. The new Tax Code, in force since 1 January 2026, introduced a progressive scale of personal income tax in place of the flat 10% rate, as well as taxes on luxury and real estate, while also raising VAT. Kazakhstan had a progressive scale until 2007, when it was replaced by a flat rate; in 2020, when instructing the government to return to a progressive scale, Tokayev said income tax in the country should not exceed 15%.
In the same section the President said the Tax Code was neither dogma nor holy writ, and told the government to listen to business and prepare a package of targeted amendments to remove contradictions and excessive burdens on entrepreneurs. By 13:30 Astana time, the government and the Finance Ministry had not publicly commented on the proposal for a tax on large fortunes.
What it means: The President opened a debate on a tax that would fall on the wealthiest citizens, leaving the parameters to the government and deputies. There is no decision yet: no threshold, no rate and no defined tax base.
Who benefits: The budget and supporters of redistribution: an extra source of revenue and a signal of fairness. Owners of large fortunes may face a higher tax burden; the President stated in advance that legally acquired assets would not be restricted.
Background: Wealth taxation around the world takes different forms: a higher income tax rate on high incomes, an annual tax on net worth, or taxes on expensive property. Which model is proposed for Kazakhstan will become clear from the proposals of the government and the Kurultai.
We have also reported that gains on digital assets may be exempted from personal income tax until 2028.
