ORDER OF THE GOVERNMENT OF THE REPUBLIC OF KAZAKHSTAN

of January 18, 2024 No. 16

About approval of Rules of forming and accounting of target requirements, target accumulatings and payments of target accumulatings, and also charges of target requirements

According to item 4 of Article 62 of the Budget code of the Republic of Kazakhstan and Item 8 of article 7-4 of the Law of the Republic of Kazakhstan "About the child's rights in the Republic of Kazakhstan" the Government of the Republic of Kazakhstan DECIDES:

1. Approve the enclosed Rules of forming and accounting of target requirements, target accumulatings and payments of target accumulatings, and also charges of target requirements.

2. This resolution becomes effective after ten calendar days after day of its first official publication and extends to the legal relationship which arose since January 1, 2024.

Approved by the Order of the Government of the Republic of Kazakhstan of January 18, 2024 No. 16

Rules of forming and accounting of target requirements, target accumulatings and payments of target accumulatings, and also charges of target requirements

Chapter 1. General provisions

1. Rules of forming and accounting of target requirements, target accumulatings and payments of target accumulatings, and also charges of target requirements (further – Rules) are developed according to item 4 of Article 62 of the Budget code of the Republic of Kazakhstan (further – the Budget code), Item 8 of article 7-4 of the Law of the Republic of Kazakhstan "About the child's rights in the Republic of Kazakhstan" (further – the Law) and determine procedure for forming and accounting of target requirements and target accumulatings, transfers, payments, returns of payments of target accumulatings and their use.

2. For the purposes of these rules the following concepts are used:

1) the current year – year of charge of target requirements to participants of target requirements and implementation of payments of target accumulatings;

2) the single accumulation pension fund (further – ENPF) – the legal entity performing accounting of target assets and target requirements, accounting and transfer of target accumulatings on target accumulation accounts, payments of target accumulatings to the receiver of target accumulatings from target accumulation account to the authorized operator, accounting of returns of target accumulatings;

3) accounting year – the year previous current;

4) global custodian – the custodian performing the activities in the country of the location and also beyond its limits by means of use of local departments, involvement of the legal entities entering with such custodian into group of companies or other persons as sub-custodians;

5) the receiver of target accumulatings – the citizen of the Republic of Kazakhstan who reached eighteen-year age, having the right to target accumulatings;

6) target requirements – the obligations of the Government of the Republic of Kazakhstan to the citizens of the Republic of Kazakhstan who did not reach eighteen years, created annually at the expense of fifty percent from average in eighteen years preceding accounting year, investment revenue of National fund of the Republic of Kazakhstan, and average in eighteen years preceding accounting year, the investment revenue which is annually charged on this amount;

7) target accumulation account – the personal personalized account of the receiver of target accumulatings opened in ENPF according to the Law and the legislation of the Republic of Kazakhstan on which target accumulatings are considered and from which payments of target accumulatings are made;

8) the participant of target requirements – the citizen of the Republic of Kazakhstan who did not reach eighteen years, having the right to target requirements;

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