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Article 295. The procedure for determining income under a long-term contract when applying the actual method of the Tax Code of the Republic of Kazakhstan
1. According to the actual method, income under a long-term contract for the reporting tax period is recognized as income to be received (received) during the reporting tax period, but not less than the amount of expenses deducted for such a period under a long-term contract.
2. If, during the term of a long-term contract, the income under such a contract, determined in accordance with paragraph 1 of this article, exceeds the total amount of income under the long-term contract, determined for the entire period of its validity, income under the long-term contract shall be recognized:
1) in the tax period in which such an excess occurred, income in the amount of the positive difference between the total amount of income under a long–term contract, determined for the entire period of its validity, and the amount of income under such a contract, included in the total annual income in previous tax periods of the long-term contract;
2) in subsequent tax periods of the long–term contract - the amount equal to zero.
The Code of the Republic of Kazakhstan dated July 18, 2025 No. 214-VIII SAM.
President
Republic of Kazakhstan
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From January 1, 2026, to invalidate the Code of the Republic of Kazakhstan dated December 25, 2017 "On Taxes and Other Mandatory payments to the Budget" (Tax Code) in connection with the entry into force of the Tax Code dated July 18, 2025 No. 214-VIII SAM.
Article 295. General provisions of the Code on Taxes and Other Mandatory Payments to the Budget (Tax Code) of the Republic of Kazakhstan
The financial profits of a controlled foreign company or a permanent establishment of a controlled foreign company are not subject to double taxation.
Double taxation is eliminated by applying the following provisions:
1) exemption from taxation in accordance with Article 296 of this Code;
2) adjustments to the financial profit before taxation of a controlled foreign company in accordance with the conditions specified in paragraph 3 of Article 297 of this Code;
3) reduction of financial profit before taxation of a controlled foreign company in accordance with paragraph 4 of Article 297 of this Code;
4) offset against the payment of corporate income tax in the Republic of Kazakhstan in accordance with the procedure established by paragraph 4 of Article 303 of this Code.
The footnote. Article 295 as amended by the Law of the Republic of Kazakhstan dated 10.12.2020 No. 382-VI (effective from 01.01.2020).
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