A 10 percent tax will be withheld at the source from the income obtained from renting out residential premises belonging to individuals (except accommodation facilities located in hotels and hotel-type establishments) to individuals, APA reports.
This is reflected in the proposed amendment to the Tax Code, which was brought up for discussion at today’s session of the Milli Majlis.
Thus, while the current legislation provides for the payment of a 14% tax on the income obtained by individuals from renting out apartments, under the new amendments this rate is reduced to 10%.
When the rent is paid by an individual who is not registered as a taxpayer, the lessor himself or the tax agent appointed by him shall, in accordance with this article, pay the tax at the 10 percent rate, be registered for tax purposes, and submit a declaration.
After the discussions, the draft law was put to a vote and adopted in the first reading.
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