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

of August 6, 2010 No. HK-21-28/9326

The Tax Committee of the Ministry of Finance of the Republic of Kazakhstan, having considered your letter of July 28, 2010 within competence, reports the following.

According to the subitem 6) of Item 2 of article 133 of the Code of the Republic of Kazakhstan of December 10, 2008 «About taxes and other obligatory payments in the budget» (Tax code) the taxpayer has the right to reduction of the taxable income to the income from increase in value in case of implementation of shares and shares in the legal entity or consortium created according to the legislation of the Republic of Kazakhstan.

This subitem is applied if 50 and more percent of cost of the authorized capital or shares (shares) of the specified legal entity or consortium on the date of such realization are constituted by property of persons (person) which are (not being) subsoil users (subsoil user).

At the same time by part two of Item 3 of article 133 of the Tax Code it is determined that for the purpose of application of the subitem 6) of Item 2 of this Article in case of determination of the amount of reduction of the taxable income the income from increase in value in case of implementation of shares and shares in the legal entity or consortium created according to the legislation of the Republic of Kazakhstan, 50 and more percent of cost of the authorized capital or shares (shares) of which on the date of such realization is constituted by property of person (persons) which is (not being) the subsoil user (subsoil users) decrease by the amount of the losses which arose from implementation of shares and shares of participation of the legal entity or consortium created according to the legislation of the Republic of Kazakhstan, 50 and more percent of cost of the authorized capital or shares (shares) of which on the date of such realization are constituted by property of person (persons), not being (not being) the subsoil user (subsoil users).

Based on stated, taking into account subitem part two 6) of Item 2 of article 133 of the Tax Code the taxpayer has the right to reduction of the taxable income to the income from increase in value in case of implementation of shares and shares in the legal entity or consortium created according to the legislation of the Republic of Kazakhstan irrespective of the non receipt fact in accounting tax period of loss from implementation of shares and shares in the legal entity or consortium created according to the legislation of the Republic of Kazakhstan.

At the same time if in accounting tax period according to shares and shares in the legal entity or consortium created according to the legislation of the Republic of Kazakhstan also income from increase in value in case of realization is gained, and losses from realization, the taxpayer has the right to reduce the taxable income by the amount of such income minus such losses.

At the same time, we pay attention that according to the subitem 6) of Item 1 of article 20 of the Tax Code bodies of Tax Service shall provide to the taxpayer (tax agent) information on the operating taxes and other obligatory payments in the budget.

Such explanations and comments do not belong to regulatory legal acts, are not obligatory for execution.

Acting Chairman of the Tax Committee

Ministries of Finance of the Republic of Kazakhstan A. Kipshakov

 

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