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

of April 20, 2007 No. NK-UM-2-17/3849

The Tax Committee of the Ministry of Finance of the Republic of Kazakhstan, having considered your letter, reports the following.

On the first question

According to Item 1 of article 216 of the Tax Code if other is not provided by Items 2 and 2-1 of article 216 of the Tax Code, date of making of turnover on sales of goods is day of shipment of goods.

If shipment of goods is not performed, date of making of turnover on realization is day of transfer of property on goods to the receiver.

According to Item 1 of article 211 of the Tax Code turnover on realization in relation to goods means assignment of rights of property on goods, including sale of goods.

Thus, in case of oil export date of making of turnover on sales of goods is day of shipment of oil.

On the second question

According to Item 1 of article 222 of the Tax Code turnover on sales of goods for export is assessed on zero rate.

Commodity export is the commodity exportation from customs area of the Republic of Kazakhstan performed according to the customs legislation of the Republic of Kazakhstan.

According to Article 206 of the Customs code commodity export - customs regime in case of which goods are exported out of limits of customs area of the Republic of Kazakhstan for the purpose of permanent stay or consumption out of this territory.

Thus, turnover on oil sale for export is subject to taxation on zero rate.

According to Item 1 of article 252 of the Tax Code on the turnovers assessed on zero rate value added tax return it is made within sixty working days from the moment of obtaining by tax authority of the application for the tax refund submitted by the taxpayer on value added in the form established by authorized state body and based on the declaration on the value added tax for tax period, the documents necessary according to article 223 of the Tax Code for commodity export confirmation.

Item 1 of article 223 of the Tax Code provides that the document confirming commodity export are:

1) the agreement (contract) for delivery of the exported goods;

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