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

of January 8, 2014 No. NK-21/34-I

The Tax Committee of the Ministry of Finance of the Republic of Kazakhstan in connection with changes and additions in the Tax code made by the Law of the Republic of Kazakhstan of December 5, 2013 No. 152-V "About modification and amendments to some legal acts of the Republic of Kazakhstan on the tax matters" (further - the Law), informs the following.

1. On the corporate income tax

1.1 Changes are made to article 147 of the Tax Code according to which the budget subsidies in the directions established in this Article provided to legal entities - to producers of agricultural products, products of beekeeping, products of aquaculture (fish breeding), are recognized income gained from implementation of activities for production of agricultural products, products of beekeeping, products of aquaculture (fish breeding), conversion and realization of the specified self-produced products, that is the income in type of such subsidies is subject to taxation at the rate of 10%. This regulation becomes effective since January 1, 2009.

1.2 The law provides exception of the Tax code of Article 79 and transfer of procedure for the taxation of long-term contracts in the fourth Section of the Tax code "Corporate income tax".

So, by the actual method of determination of the income according to the long-term contract - regulations that the income which is subject to obtaining (received) for accounting tax period, is recognized the amount at least expense amounts suffered for such period according to the long-term contract are kept.

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