of July 2, 2011 No. HK-21-28/7960
Our company receives interest-free financial aid on returnable basis. How for the purpose of the taxation this financial aid is considered?
According to Item 1 of article 84 of the Code of the Republic of Kazakhstan of December 10, 2008 "About taxes and other obligatory payments in the budget" (Tax code) the gross annual income of legal resident person consists of the income which is subject to obtaining (received) by this person in the Republic of Kazakhstan and beyond its limits during tax period.
The gross annual income of the legal nonresident person performing activities in the Republic of Kazakhstan through permanent organization consists of the income specified in article 198 of the Tax Code.
At the same time by the subitem 7) of Item 2 of article 84 of the Tax Code it is determined that for the purpose of the taxation as the income is not considered, including the income arising in connection with recognition of the obligation in financial accounting according to International Financial Reporting Standards and requirements of the legislation of the Republic of Kazakhstan about financial accounting and the financial reporting in the form of positive difference between the size actually subject to obligation fulfillment and the cost of this obligation recognized in financial accounting.
Based on article 96 of the Tax Code the cost of any property, including works and services received by the taxpayer gratuitously is its income.
According to Item 3 of article 12 of the Tax Code of concept 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.
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