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

of December 14, 2012 No. NK-11/11288-I

Now in Parliament of the Republic of Kazakhstan the bill of modification and amendments in some legal acts on the tax matters according to which number of changes and amendments becomes effective since January 1, 2013 in this connection, we direct information on expected changes in part of special tax regimes for the organization of the corresponding work on explanation is under consideration.

1. According to changes and amendments in article 2 of the Law of the Republic of Kazakhstan "About financial accounting and the financial reporting" since January 1, 2013 individual entrepreneurs have the right not to perform conducting financial accounting (except creation and storage of source documents) and creation of the financial reporting in case of compliance to at the same time following conditions:

1) is applied according to the tax legislation of the Republic of Kazakhstan by special tax regimes on the basis of the patent, the simplified declaration;

2) do not stay on the registration registry on the value added tax;

3) are not subjects of natural monopolies and the controlled markets.

In case of discrepancy to one of the above-stated conditions, the individual entrepreneur shall perform conducting financial accounting and creation of the financial reporting since the month following after month in which there was such discrepancy.

The individual entrepreneur who is corresponding to the above-stated conditions and independently made the decision on conducting financial accounting, having the right to perform conducting such accounting since the month following after month in which such decision is made.

For the specified taxpayers the bill makes changes to the Tax code, namely to Article 56 - on conducting tax accounting policy, to Article 77 - regarding maintaining tax registers, and is entered new Chapter 7-1, of which features of conducting tax accounting by them и.т.д are provided.

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