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

of October 5, 2006 No. NK-UNAP-3-13/9176

The Tax Committee of the Ministry of Finance of the Republic of Kazakhstan, having considered the claim (further - the Partnership) on the notification of the Tax Committee across Almaty under the act of thematic tax audit, reports the following.

The Tax Committee across Almaty in the Partnership carries out thematic tax audit concerning correctness of calculation and timeliness of the tax discharge on value added from 03.05.04 for 31.05.06 by results of which 3 thousand tenges, including tax in the amount of 1 862, in 5 thousand tenges, penalty fee 263, in 8 thousand tenges are additionally accrued by the VAT in the amount of the 2nd 126,. The taxpayer from the specified amount disputes tax amount in the amount of 722, by 1 thousand tenges.

According to the inspection statement the taxpayer in defiance of item 4 of Art. 242 of the Code of the Republic of Kazakhstan "About taxes and other obligatory payments in the budget" (further - the Tax code) in 3rd quarter 2005 carries in offsetting VAT amount in the amount of 541, by 6 thousand tenges on the invoice of 23.09.2005 exposed from 01.07.05 for 30.09.05.

According to item 4 of Art. 242 of the Tax code the invoice is written out no later than date of making of turnover on realization. With respect thereto according to items 4) item 1 of Art. 237 of the Tax code are made adjustment of VAT amount, carried in offsetting in the amount of 361, by 0 thousand tenges for July, August, 2005 (541,6/3*2) and additional accrual of the specified amount of the budget.

For December, 2005 on the invoice of 07.12.05 from 01.10.05 for 31.12.05 additional accrual similarly is made.

The partnership considers that these conclusions checking are unreasonable as do not correspond to the existing tax legislation.

During consideration of the claim the following is established.

Between limited liability partnership (Lessee) and the supplier of limited liability partnership (Lessor) of 01.07.05 the Contract for lease (further - the Agreement) rooms for a period of six months from the date of agreement signature is signed. According to item 2.2. this Agreement Partnership shall make the room hire charge quarterly, no later than 5 calendar days from the moment of drawing of the invoice to payment.

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