What is individual income tax in SAP PY-KZ - Kazakhstan?

SAP Term: individual income tax

• Component: PY-KZ

• Component Name: Kazakhstan

• Description: A mandatory tax that eligible employees with taxable income must pay.

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• Key Concepts: 
  Individual income tax is a type of tax imposed by the government on the income of individuals. In Kazakhstan, this tax is known as PY-KZ and is administered by the Ministry of Finance. It is based on the individual's total taxable income and is calculated according to the progressive tax rate system. 
  
  How to use it: 
  In order to calculate individual income tax in Kazakhstan, individuals must first determine their total taxable income. This includes all sources of income such as wages, salaries, investments, and other sources. Once the total taxable income has been determined, the individual can then calculate their individual income tax using the progressive tax rate system. 
  
  Tips & Tricks: 
  It is important to note that certain deductions may be available to reduce an individual's taxable income. These deductions may include expenses related to education, medical expenses, and charitable donations. Additionally, individuals may be eligible for certain tax credits which can further reduce their taxable income. 
  
  Related Information: 
  For more information on individual income tax in Kazakhstan, please visit the Ministry of Finance website at http://www.mof.gov.kz/en/taxes/individual-income-tax/. Additionally, individuals may contact their local tax office for assistance with calculating their individual income tax.