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of December 14, 2004 No. NK-UM-08-5-18/10270

The Tax Committee of the Ministry of Finance of the Republic of Kazakhstan, having considered your letter, reports the following.

As appears from the letter, the International Kazakhstan agro-industrial exchange (dalee-MKAB) carries out work on creation in Kazakhstan of the futures market. MKAB with participation of the joint-stock company created consortium "Clearing house" (further - Consortium). In the futures market trade futures contracts, i.e. before contract date, obligations are traded. The technology of trade in futures contracts assumes introduction of cash pledges under each contract which is purchased/sold by the client, and also income/losses of the holder of the contract. The income/loss (variation margin) represents difference between the cost of acquisition/sale of the contract and the quoted price. Depending on movement of the quoted price under the contract the variation margin under each contract can be both positive, and negative. The negative margin will be claimed by Consortium from the client, and the positive margin is on the contrary paid to the client.

According to article 206 of the Tax Code objects of VAT liability are:

1) leviable turnover;

2) leviable import.

According to article 212 of the Tax Code leviable turnover is the turnover on sales of goods (works, services) made by the payer of the VAT, except for turnover:

1) exempted from the VAT according to the Tax code;

2) the place of realization of which is not the Republic of Kazakhstan.

As in your case there is no sales of goods (works, services), respectively, turnover on sales of goods (works, services) does not arise, therefore, the VAT for the amount of cash pledge and for difference amount, arising in case of trade at the exchange in obligations according to futures contracts, it is not charged.

According to article 78 of the Tax Code subjects to taxation by the corporate income tax, are including, the taxable income and the income assessed at payment source.

Article 80 of the Tax Code determines the list of the income types included in gross annual income.

Considering that the specified list does not include the income in type of the posted cash bail, and also in the form of the difference arising in case of trade at the exchange in obligations according to futures contracts, therefore, subject to taxation by the corporate income tax does not arise.

Vice-chairman of the Tax Committee of the Ministry of Finance of the Republic of Kazakhstan

A. Bazarbayeva


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