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Home / Opinion / Khalq Bank to Administer the Funds on Retirement S...

Khalq Bank to Administer the Funds on Retirement Savings Accounts in a New Way

Khalq Bank will be allowed to not pay taxes on the amount of income received from the use of funds on individual retirement accounts of citizens.

However, this will be implemented only after the approval of the relevant legislative initiatives. To date, the relevant draft is posted on the portal of the Legal Acts Assessment System and is under discussion.

The retirement savings system introduced on 1 January 2005 and includes mandatory monthly contributions with accrued wages (income) of employees on individual retirement savings accounts opened in branches of Khalq Bank. The Bank allocates the funds of retirement savings system and accrues interest income received as a result.

Introduction of the proposed rules will strengthen the financial independence not only of the bank but the retirement savings system.
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