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

of March 3, 2009 No. HK-08-17/1791

The Tax Committee of the Ministry of Finance of the Republic of Kazakhstan (further - MF RK Oil Company), having considered the letter concerning determination of date of making of turnover on realization on the turnovers assessed on zero rate.

According to Item 1 of article 216 of the Code of RK "About Taxes and Other Obligatory Payments in the Budget" (Tax code) operating in edition till January 1, 2009 if other is not provided by Items 2 and 2-1 of article 216 of the Tax Code, date of making of turnover on sales of goods is day of shipment of goods.

According to Item 1 of article 211 of the Tax Code existing in edition till January 1, 2009, turnover on realization in relation to goods means assignment of rights of property on goods, including sale of goods.

By item 4 of article 242 of the Tax Code existing in edition till January 1, 2009 it is determined that the invoice is written out no later than date of making of turnover on realization and is certified by signatures of the head and chief accountant of the supplier or other representatives on that officials.

According to article 7 of the Law of the Republic of Kazakhstan of 28.02.2007 No. 234-III "About financial accounting and the financial reporting" (further - the Law on financial accounting) accounting documentation includes source documents, bookkeeping registers, the financial reporting and accounting policy. Accounting entries are made based on source documents. At the same time source documents shall be constituted at the time of making of transaction or event or directly after their termination according to the legislation on financial accounting.

At the same time Item 4-1 of article 251 of the Tax Code existing in edition till January 1, 2009 provides only confirmation of the fact of commodity exportation from customs area of the Republic of Kazakhstan in export regime, provided in form and according to the procedure which are approved by authorized body in coordination with authorized body concerning customs affairs.

Due to the above, the VAT return on the turnovers assessed on zero rate needs to be made in case of observance of all regulations provided by the tax legislation, in particular regulations articles 251 and 252 of the Tax Code existing in edition till January 1, 2009.

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