LETTER OF THE TAX COMMITTEE OF THE MINISTRY OF FINANCE OF THE REPUBLIC OF KAZAKHSTAN

of March 13, 2009 No. HK-08-17/2226

The Tax Committee of the Ministry of Finance of the Republic of Kazakhstan (further - MF RK Oil Company), having considered your letter concerning relations with the budget for exceeding of tax amount on value added (VAT), carried in offsetting, over the amount of the added VAT, developed till January 1, 2009, reports the following.

Concerning return and reflection of the VAT on the liquidated suppliers and on suppliers on whom answers on confirmation of VAT amount when conducting counter checks did not come.

"About enforcement of the Code of the Republic of Kazakhstan "About taxes and other obligatory payments in the budget" (Tax code) of December 10, 2008 No. 100-IV ZRK (further - the Law on introduction) is established by article 25 of the Law of the Republic of Kazakhstan procedure for relations with the budget for exceeding of the VAT carried in offsetting, over the amount of the added VAT, developed till January 1, 2009 (further - exceeding of the VAT).

According to Item 1 of the above-stated Article the exceeding of VAT amount which developed according to the declaration the accruing result for the end of accounting tax period becomes engrossed in reading on account of the forthcoming payments on the VAT.

According to the subitem 3) of Item 8 of article 25 of the Law on introduction the VAT return on the turnovers on realization assessed on zero rate is made within sixty working days from the date of receipt by tax authority of the tax statement for return of exceeding of the VAT provided by the payer of the VAT based on confirmation of reliability of the tax amounts shown to return according to the act of the tax audit which is carried out by tax authority or the conclusions of tax authority to the act of tax audit.

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