As previously reported, Kazakhstan has introduced changes in the taxation of dividends that come into force on 1 January 2023, including the removal of the general exemption for dividends received. However, an exemption (exclusion) may still apply in certain cases, including where the dividends are paid on shares (securities) that are listed and actively traded on Kazakhstan stock exchanges (KASE, AIFC). For this purpose, Government Decree No. 911 has been issued to clarify the meaning of actively traded. According to the decree, listed shares (securities) are considered actively trade if the total value of transactions is at least KZT 25 million per calendar month and the total number of transactions is at least 50 per calendar month. Where the conditions are met, dividends paid on the listed shares (securities) are exempt from taxation. The decree also provides that for the purpose of applying these conditions, the KASE and AIFC are required to post relevant information for these conditions on their website on a quarterly basis.