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

of November 23, 2009 No. HK-21-28/11754

The Tax Committee of the Ministry of Finance of the Republic of Kazakhstan reports the following.

According to Item 3 of article 12 of the Code of the Republic of Kazakhstan "About taxes and other obligatory payments in the budget" (Tax code), concepts civil and other industries of the legislation of the Republic of Kazakhstan, used in the Tax code, are applied in that value in what they are used in these industries of the legislation of the Republic of Kazakhstan if other is not provided by the Tax code.

Based on subitem 39 of item 1 of Art. 12 of the Tax code, are understood as the concept "remuneration", including the payments connected with the credit (loan, the microcredit), (issued) credit amount (loan, the microcredit) except for received, the commission for money transfer by banks and other payments to person who is not for the borrower the creditor, the interconnected party on deposits (deposits), except for the deposit amount (deposit), and also payments to person which is not for the party which accepted contribution (deposit), the investor (depositor), interconnected by the party.

At the same time according to item 2 of Art. 143 of the Tax code are not subject to taxation at payment source:

remuneration on the government issued securities and agency bonds;

the investment revenues paid to the accumulation pension funds on the placed pension assets, insurance companies performing activities in life insurance industry, to share and joint-stock investment funds, the State Social Insurance Fund on the placed assets;

remuneration according to the debt securities which are for accrual date of such remuneration in the official listing of the stock exchange functioning in the territory of the Republic of Kazakhstan;

the remuneration on the credits (loans) paid to the organizations performing banking loan activities based on the license of authorized state body on regulation and supervision of the financial market and the financial organizations;

the remuneration on the credits (loans) paid to credit partnerships;

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