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

of April 14, 2009 No. HK-21-22/3445

The Tax Committee of the Ministry of Finance of the Republic of Kazakhstan, having considered your letter of 25.02.2009 No. GNDURN-05-10/2193, reports the following.

According to the subitem 19) Item 1 of article 85 of the Code of the Republic of Kazakhstan of 10.12.2008. "About taxes and other obligatory payments in the budget" (further - the Tax code), joins in gross annual income of the taxpayer, including, the excess of the amount of positive exchange difference over the amount by negative exchange difference determined according to International Financial Reporting Standards and requirements of the legislation of the Republic of Kazakhstan about financial accounting and the financial reporting.

In turn, according to article 113 of the Tax Code if the amount of negative exchange difference exceeds the amount of positive exchange difference, the size of exceeding is deductible.

The amount of exchange difference is determined according to International Financial Reporting Standards and requirements of the legislation of the Republic of Kazakhstan about financial accounting and the financial reporting.

It should be noted that according to item 4 of article 57 of the Tax Code if other is not established by the Tax code, accounting of exchange difference for the purpose of the taxation is performed according to International Financial Reporting Standards and requirements of the legislation of the Republic of Kazakhstan about financial accounting and the financial reporting using the market rate of currency exchange.

At the same time, Item 3 of article 10 of the Tax Code provides that concepts civil and other industries of the legislation of the Republic of Kazakhstan, used (in the provided original the fragment of the text is absent)

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