Kazakhstan Legislation Update. November, 2011
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MONETARY SYSTEM, payments and money transfers
Rules for Issuance, Use and Redemption of Electronic Money, as well as Requirements for Issuers of Electronic Money and Electronic Money Systems in Republic of Kazakhstan are approved by
Resolution № 102 of the Board of National Bank of Kazakhstan of August 26, 2011.
Rules are developed in accordance with the Law of Republic of Kazakhstan On the National Bank of the Republic of Kazakhstan and determine the order of registration, use and redemption of electronic money in the territory of the Republic of Kazakhstan, as well as requirements for issuers of electronic money systems. The rules also include such definitions as “exchange transactions” with “electronic money”, such “electronic purse” and “blocking an electronic purse”.
The new rules are primarily aimed at legalizing the activities of banks and businesses in the area of electronic money in the Republic of Kazakhstan.
TAX AND TAXATION
Draft Treaty between the Government of the Republic of Kazakhstan and the Government of the Socialist Republic of Vietnam for the Avoidance of Double Taxation and Preventing Fiscal Evasion with Respect to Taxes on Income is approved by Resolution № 1230 of the Government of the Republic of Kazakhstan on October 29, 2011.
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The aim of the treaty is to strengthen bilateral relations between two states and creation of legal framework of the states for the further development of economic relations between Kazakhstan and the Socialist Republic of Vietnam.
ACCOUNTING AND FINANCIAL REPORTING
Instruction on Accounting Operations in of Pension Assets Carried out by Pension Funds is approved by Resolution № 69 of the National Bank of July 1, 2011.
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New Instruction is designed to improve accounting operations in pension assets, by pension funds of the Republic of Kazakhstan.
Under the new Instruction it is allowed to make additional accounting records, not inconsistent with the Instruction and legislation of the Republic of Kazakhstan on accounting and financial reporting.
Pensions, benefits, social security, BOND
Guidelines on Payment of Lump Sum Compensation for Injuries of Employer of a Law Enforcement Agency of the Republic of Kazakhstan During the Performance of his Duties, as well as in the Case of his Death to Persons Entitled to Receive it are approved by Resolution № 1192 of the Government of the Republic of Kazakhstan of October 20, 2011.
Lump sum compensation is payable to a law enforcement officer or persons entitled to receive it, in the following cases: in case of death of a law enforcement officer on duty or within one year after separation from service due to injury in the execution of binding official duties; in case of disability of the law enforcement officer, which set as a result of maim (trauma, injury, concussion), disease obtained during the performance of official duties; also in case of acquisition of severe or lung injuries (trauma, concussion), by a law enforcement officer which did no cause a disability.
Such payments are made by financial department on the basis of decision of the head law enforcement officer.
MISCELLANEOUS
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Rules for Transfer of National Assets into Property Lease (Rent) are approved by Resolution № 1102 of the Government of the Republic of Kazakhstan of September 28, 2011.
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The guidelines define the procedure of granting republic property into property lease (rent).
Transfer into property lease (rent) of objects is carried out by the authorized body on state property and its territorial divisions in consultation with balance keeper of the object.
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