of May 8, 2007 No. NK-UM-2-17/4658
The Tax Committee of the Ministry of Finance of the Republic of Kazakhstan, having considered the letter of "The Kazakhstan fund of guaranteeing mortgage loans" (further - Fund), reports the following.
On the corporate income tax
According to article 80 of the Tax Code the gross annual income of legal litsarezident consists of the income which is subject to obtaining (received) by it in the Republic of Kazakhstan and beyond its limits during tax period.
According to Item 1 of article 81 of the Tax Code the income from sales of goods (works, services) is the cost of the realized goods, the performed works, the provided services, except for the VAT and excise if other is not stipulated by the legislation the Republic of Kazakhstan concerning the state control in case of use of the transfer prices.
By Item 1 of article 114 of the Tax Code it is determined that the income and deductions concerning long-term contracts are considered during tax period regarding their actual execution. The long-term contract is the contract (contract) for shipment of goods, performance of works, rendering services by effective period more than one year.
Follows from the letter that the Fund issued the warranty obligation on mortgage loan for a period of 10 years.
At the same time, according to subitems 3) and 4) Item 1.2 of Rules of guaranteeing the mortgage loans by "Kazakhstan Fund of Guaranteeing Mortgage Loans" joint-stock company approved by the Decision of the single shareholder of JSC KFGIK of 30.04.2004 No. 12 (further - Rules), the warranty obligation - the obligation of Fund to the creditor for obligation fulfillment of the borrower under the agreement of mortgage loan within the size of guarantee determined according to the procedure, provided by the General agreement and Plans; the general agreement - the agreement signed between the creditor and Fund, establishing procedure for their relations on guaranteeing mortgage loans.
Thus, the general agreement signed for term over a year for the purpose of the taxation is recognized the long-term contract (agreement).
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