ORDER OF THE GOVERNMENT OF THE REPUBLIC OF KAZAKHSTAN

of December 30, 2009 No. 2275

About approval of the list of legal entities whose core activity is implementation of loan transactions or the redemption of rights to claim and which hundred percent of voting shares (shares) belong to national managing holding, the assets having the right to expense amount deduction on creation of provisions (reserves) against doubtful and bad assets, contingent obligations, except for and the contingent obligations provided for benefit of the interconnected persons or to the third parties according to obligations of the interconnected persons (except assets and contingent obligations of credit partnerships), rules of its forming and rules of reference of assets and contingent obligations to category doubtful and hopeless

According to item 4 of article 106 of the Code of the Republic of Kazakhstan of December 10, 2008 "About taxes and other obligatory payments in the budget" the Government of the Republic of Kazakhstan DECIDES: (Tax code)

1. Approve enclosed:

1) the list of legal entities whose core activity is implementation of loan transactions or the redemption of rights to claim and which hundred percent of voting shares (shares) belong to national managing holding, the assets having the right to expense amount deduction on creation of provisions (reserves) against doubtful and bad assets, contingent obligations, except for and the contingent obligations provided for benefit of the interconnected persons or to the third parties according to obligations of the interconnected persons (except assets and contingent obligations of credit partnerships);

2) Rules of forming of the list of legal entities which core activity is implementation of loan transactions or the redemption of rights to claim and which hundred percent of voting shares (shares) belong to national managing holding, the assets having the right to expense amount deduction on creation of provisions (reserves) against doubtful and bad assets, contingent obligations, except for and the contingent obligations provided for benefit of the interconnected persons or to the third parties according to obligations of the interconnected persons (except assets and contingent obligations of credit partnerships);

Rules of reference of assets and contingent obligations to category doubtful and hopeless the national managing director of holding, and also legal entities whose core activity is implementation of loan transactions or the redemption of rights to claim and which hundred percent of voting shares (shares) belong to national managing holding, of the assets having the right to expense amount deduction on creation of provisions (reserves) against doubtful and bad assets, contingent obligations, except for and the contingent obligations provided for benefit of the interconnected persons or to the third parties according to obligations of the interconnected persons (except assets and contingent obligations of credit partnerships) (daleepravit) 3).

2. This resolution becomes effective since February 21, 2009, except for paragraph two of Items 58, of 71 and 81 Rules which become effective since January 1, 2010.

 

Approved by the order of the Government of the Republic of Kazakhstan of December 22, 2009, No. 2275

The list of legal entities whose core activity is implementation of loan transactions or the redemption of rights to claim and which hundred percent of voting shares (shares) belong to national managing holding, the assets having the right to expense amount deduction on creation of provisions (reserves) against doubtful and bad assets, contingent obligations, except for and the contingent obligations provided for benefit of the interconnected persons or to the third parties according to obligations of the interconnected persons (except assets and contingent obligations of credit partnerships)

1. Joint-stock company "Fund of development of entrepreneurship "Lady".

 

Approved by the order of the Government of the Republic of Kazakhstan of December 22, 2009 No. 2275

Rules of forming of the list of legal entities which core activity is implementation of loan transactions or the redemption of rights to claim and which hundred percent of voting shares (shares) belong to national managing holding, the assets having the right to expense amount deduction on creation of provisions (reserves) against doubtful and bad assets, contingent obligations, except for and the contingent obligations provided for benefit of the interconnected persons or to the third parties according to obligations of the interconnected persons (except assets and contingent obligations of credit partnerships)

These rules of forming of the list of legal entities which core activity is implementation of loan transactions or the redemption of rights to claim and which hundred percent of voting shares (shares) belong to national managing holding, the assets having the right to expense amount deduction on creation of provisions (reserves) against doubtful and bad assets, contingent obligations, except for and the contingent obligations provided for benefit of the interconnected persons or to the third parties according to obligations of the interconnected persons (except assets and contingent obligations of credit partnerships) (further - Rules) are developed according to item 4 of article 106 of the Code of the Republic of Kazakhstan of December 10, 2008 "About taxes and other obligatory payments in the budget" (Tax code) and establish procedure for forming of the list of legal entities, having the right to expense amount deduction on creation of provisions (reserves) against doubtful and bad assets, contingent obligations.

1. The list of legal entities whose core activity is implementation of loan transactions or the redemption of rights to claim and which hundred percent of voting shares (shares) belong to national managing holding, having the right to expense amount deduction on creation of provisions (reserves) against doubtful and bad assets (further - the list) is determined by the Government of the Republic of Kazakhstan, at the same time the draft of the relevant resolution is introduced by the Ministry of Economy and Budget Planning of the Republic of Kazakhstan according to the petition of national managing holding.

2. For inclusion in the list the legal entity shall conform to the following requirements:

1) hundred percent of voting shares (shares) of such legal entity belong to national managing holding;

2) core activity of the legal entity is implementation of loan transactions or the redemption of rights to claim;

3) the legal entity is not the taxpayer specified in Items 1, 2 and 3 articles 106 of the Tax Code.

 

Approved by the order of the Government of the Republic of Kazakhstan of December 30, 2009 No. 2275

Rules of reference of assets and contingent obligations to category doubtful and hopeless the national managing director of holding, and also legal entities whose core activity is implementation of loan transactions or the redemption of rights to claim and which hundred percent of voting shares (shares) belong to national managing holding, the assets having the right to expense amount deduction on creation of provisions (reserves) against doubtful and bad assets, contingent obligations, except for and the contingent obligations provided for benefit of the interconnected persons or to the third parties according to obligations of the interconnected persons (except assets and contingent obligations of credit partnerships)

1. General provisions

1. These rules of reference of assets and contingent obligations to category doubtful and hopeless of the assets having the right to expense amount deduction on creation of provisions (reserves) against doubtful and bad assets, contingent obligations, except for and the contingent obligations provided for benefit of the interconnected persons or to the third parties according to obligations of the interconnected persons (except assets and contingent obligations of credit partnerships) (further - Rules) are developed by the national managing director of holding, and also legal entities whose core activity is implementation of loan transactions or the redemption of rights to claim and which hundred percent of voting shares (shares) belong to national managing holding, according to the Code of the Republic of Kazakhstan of December 10, 2008 "About taxes and other obligatory payments in the budget" (Tax code) and determine procedure and conditions of classification of assets, contingent obligations and creation of provisions (reserves) against them.

2. The basic concepts used in these rules have the following values:

1) assets - requirements to all physical persons and legal entities, including to banks;

2) investment loan (credit) - loan (credit) conforming to the following requirements:

the term of loan (credit) constitutes five and more years;

terms of the contract of loan (credit) establish prohibition on complete early repayment;

in case of partial repayment of loan (credit), partial repayment can be performed in terms and procedure, provided by the business plan of the borrower;

the loan (credit) is provided to the legal entity according to its business plan providing realization of complex of the actions directed to creation, expansion and upgrade of production of goods, production and transport infrastructure;

3) loan (credit) - implementation of loan, leasing transactions by the Organization;

4) credit risk - risk of emergence of expenses (losses) owing to non-execution or improper execution by the debtor (debtor) of obligations on asset and contingent obligation to the Organization, in accordance with the terms of the agreement or existence of real threat of such non-execution (improper execution);

5) the Organization - national managing holding, and also the legal entity whose core activity is implementation of loan transactions or the redemption of rights to claim and which hundred percent of voting shares (shares) belong to national managing holding;

6) portfolio of homogeneous loans (credits) - group of homogeneous loans (credits) included in one group according to internal regulations of the Organization about procedure and conditions of classification of homogeneous loans (credits);

7) provisions (reserves) - recognition of probability of losses of cost of specific asset, and in case of contingent obligation - recognition of probability of losses on possible execution by the Organization of obligations, or sets of assets (contingent obligations);

8) providing cost - market (fair) assessment of providing at the moment, taking into account possibility of its realization (sale) at the time of assessment;

9) reclassification of asset (contingent obligation) classification of earlier classified asset (contingent obligation), with corresponding change of the amount of provisions (reserves) against it towards increase or reduction on difference amounts between earlier created amount of provisions (reserve) and the necessary amount of provisions (reserve) after carrying out reclassification;

10) contingent obligation - the obligation assumed by the Organization for the debtor (borrower) for benefit of the third parties and bearing the credit risks of the debtor (borrower) following from terms of the contract.

2. Features of classification of assets and contingent obligations and forming of provisions (reserves) against doubtful and bad assets and contingent obligations

3. Provisions (reserves) are created by the Organization in case of asset impairment and contingent obligations - in case of loss by asset and contingent obligation of cost owing to realization of credit risk.

4. Classification of asset and contingent obligation, their reflection in financial accounting of the Organization do not change terms of the contract between the Organization and his debtor (debtor), including do not influence the right of receipt of the main amount by the Organization of the requirement (debt) and remuneration on it in full, and also penalties, penalty fee for violation by the debtor (debtor) of terms of the contract.

5. Classifications are subject assets and contingent obligations, except for requirements to the Government of the Republic of Kazakhstan, National Bank of the Republic of Kazakhstan and requirements for taxes and other obligatory payments in the budget.

6. These rules are not applied if the borrower (the debtor, the co-borrower) is person registered in the state with the preferential taxation determined according to the tax legislation, either dependent, or affiliated in relation to person registered in the state with the preferential taxation, except as specified, when the debt right to claim on assets and contingent obligations is redeemed by the Organization from person registered in the state with the preferential taxation determined according to the tax legislation, either dependent, or affiliated in relation to person registered in the state with the preferential taxation by the decision of the Government of the Republic of Kazakhstan.

7. Classification (reclassification) of assets, contingent obligations and forming of provisions (reserves) is performed in case of:

observance of requirements of these rules and internal regulating documents of the Organization;

availability of the complete and reliable information allowing carrying out the complex and objective analysis for the purpose of classification of assets, contingent obligations and forming of provisions (reserves) against them.

8. Classification (reclassification) of assets, contingent obligations and (or) forming of provisions (reserves) is based on the principle of timeliness of such classification and reliability of reflection of changes of the size of provisions (reserves) in accounting and the reporting of the Organization.

9. Assets and contingent obligations are subdivided on standard and classified.

10. The classified asset represents asset on which the requirement of terms of the contract is not performed or reasons to believe are had that the requirement for it will be performed not in full or will not be performed in general.

11. The classified contingent obligation represents contingent obligation on which there is probability that execution by the Organization of the obligations assumed for the debtor for benefit of the third parties and bearing the credit risks following from terms of the contract will come.

12. The assets and contingent obligations which are not relating to classified are standard.

13. The classified assets and contingent obligations are subdivided into the following categories:

doubtful;

hopeless.

14. The size of provisions (reserves) on the classified assets and contingent obligations of the Organization is calculated from the amount of principal debt (requirement) reduced by the cost of highly liquid providing according to the list of highly liquid providing determined by the subitem 1) of Item 61 of these rules.

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