The country's microfinance and collection agencies will facilitate debt forgiveness for Kazakhstanis

Microfinance and collection agencies in the country will facilitate debt forgiveness for Kazakhstanis. Majilis deputies introduced corresponding amendments to tax legislation in the first reading.

Microfinance organizations will be exempt from taxes for three years if they forgive borrowers' debts. This provision is expected to reduce the population's debt burden.

The bill also includes a number of other innovations. In particular, the annual tax reporting process will be simplified for individuals. Bonuses and benefits received by Kazakhstani citizens for previously completed transactions, as well as work and services, are planned to be exempt from taxation.

Income from the National Fund for children, accumulated in special accounts and transferred to them upon reaching the age of 18, is also exempt from taxation. This preserves 10 percent of each child's savings.