of November 13, 2006 No. NK-UM-2-17/10768
The Ministry of Finance of the Republic of Kazakhstan, having considered your letter on the tax matter on value added of banking loan activities, reports the following.
Since 01.01.2006 some provisions of the law of the Republic of Kazakhstan of 23.12.2005 "About modification and amendments in some legal acts of the Republic of Kazakhstan concerning licensing and the consolidated supervision" are enacted (dalee-Zakon). So, according to the subitem 11) of item 4 of article 1 of the Law Item 2 of article 227 of the Tax Code is stated in other edition.
According to the subitem 1) of Item 2 of article 227 of the Tax Code in the edition operating since 01.01.2006 the banking loan activities performed based on the license of authorized state body on regulation and supervision of the financial market and the financial organizations or National Bank of the Republic of Kazakhstan by the banks and the organizations performing separate types of banking activities and also the operations performed by other legal entities without license within the powers established by legal acts of the Republic of Kazakhstan belong to the financial services exempted from the VAT.
According to the subitem 8) Item 1 of article 30 of the Law of the Republic of Kazakhstan of 31.08.1995 "About banks and banking activity in the Republic of Kazakhstan" (further - the Law on banks) taking into account changes and additions made by the Law, banking loan activities represent provision by bank, mortgage organization, the broker and (or) dealer with the right of account management of clients as the nominee holder and the legal entity, the single shareholder (participant) of which is the state, the credits in cash on the terms of the paid nature, urgency and recoverability.
At the same time by Item 3 of article 10 of the Tax Code it is determined that 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 if other is not provided by the Tax code.
Thus, the concept "banking loan activities" used in the Tax code is applied in the value determined by the subitem 8) of Item 1 of article 30 of the Law on banks.
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