Will luxury lovers have to pay more in Kazakhstan?

A luxury tax may be imposed in Kazakhstan, the press service of the country's Ministry of Finance reported.

It says that the Ministry of National Economy will consider such a possibility.

The tax implies increased taxation on luxury cars (Aston Martin, Bentley, Ferrari, Lamborghini, Maserati and others). "At the same time, all benefits for such vehicles should be excluded", Interfax quoted the Ministry of Finance.

In addition, it is proposed to include certain classes of aircraft and yachts in the number of luxury items.

The new law may also apply to real estate in cities of republican significance, regional centers and resort areas. For example, the increasing property tax coefficients linked to the area will be introduced for apartments over 300 sq m; residential and country houses over 400 sq. m.