Answers to frequently asked questions
Current issues regarding compliance with the requirements of the currency legislation of the Republic of Kazakhstan
In accordance with clause 10 and clause 19 of Rules No. 78:
An accounting number is assigned to a foreign exchange agreement by an authorized bank in the following cases:
1. Foreign exchange agreement for the export or import of goods in an amount exceeding 50,000 (fifty thousand) US dollars in equivalent;
2. Foreign exchange agreement for the export or import of works/services in an amount exceeding 50,000 (fifty thousand) US dollars in equivalent.
If the foreign exchange agreement for export or import does not indicate the amount of the agreement on the date of its conclusion, then such an agreement is considered as an agreement subject to accounting registration.
According to clause 12 and clause 73 of Rules No. 78
1. An exporter or importer applies for an account number before the commencement of fulfillment of obligations under a foreign exchange agreement for the export or import of any of its parties.
If the non-resident participant is the first to fulfill obligations under a currency agreement for export or import, and such fulfillment is associated with the receipt of money, the transfer of goods, the performance of work, the provision of services, the transfer of partially exclusive rights to intellectual property, the transfer of property for rent in favor of a resident exporter or importer, then such a resident applies for accounting registration before the receipt of money, receipt of goods, performance of work, provision of services, receipt of partially exclusive rights to intellectual property, receipt of property for rent in his
2. An exporter or importer who has accepted a right of claim against a non-resident or has accepted a debt to a non-resident as a result of an assignment of claim or transfer of debt, applies for accounting registration no later than 30 (thirty) calendar days after the day of acceptance of such right of claim or debt, but before the start of fulfillment of obligations under the assigned claim (transferred debt) by any of its parties.
3. If the exporter or importer has a currency agreement valid as of January 1, 2024 for the export or import of goods without assigning an account number, the terms of which do not provide for the movement of goods across the border of the Republic of Kazakhstan and (or) a currency agreement providing for the purchase or redemption of electronic money in an amount exceeding 50,000 (fifty thousand) US dollars in equivalent or without specifying the amount of the agreement:
1) the authorized bank (its branch) refuses to make a payment and (or) transfer of money under such an agreement;
2) the exporter or importer applies for an account number to an authorized bank (its branch) or a territorial branch of the National Bank no later than 3 (three) months after the date of entry into force of the Rules, but before the start of fulfillment of obligations under such an agreement.
In accordance with clause 10 of Rules No. 781:
If the foreign exchange agreement for export or import does not indicate the amount of the agreement on the date of its conclusion, then such an agreement is considered as an agreement subject to accounting registration.
Making payments under such agreements without assigning an account number is not allowed.
According to clause 5) clause 2 of Rules No. 781:
Repatriation period - the period of time during which the exporter or importer ensures, in accordance with paragraph 2 of Article 9 of the Law on Currency Regulation and Currency Control, the fulfillment of the repatriation requirement, between:
§ date of export and date of receipt of currency as payment for export;
§ the date of payment and (or) transfer of money for imports and the date of return of the unused advance payment for imports in the event of non-fulfillment and (or) incomplete fulfillment of obligations by a non-resident;
§ the date of payment and (or) transfer of money for import and the date of import if there is no deadline in the foreign exchange agreement for import for the return of the unused advance payment.
The presence in a currency agreement of only its validity period is not a sufficient condition for fulfilling the requirement to indicate the deadlines for the fulfillment of obligations by a non-resident.
Based on clause 17 of Rules No. 781:
If circumstances arise that affect the terms and conditions for the fulfillment of obligations by the parties under a foreign exchange agreement for export or import, the exporter or importer submits information and (or) supporting documents (copies thereof) to the authorized bank (its branch), which is the bank of registration or the territorial branch of the National Bank, which is the bank of registration.
Information and (or) documents are submitted no later than the last day of the month of expiration of the repatriation period in which the amount of obligations unfulfilled by the non-resident to the exporter or importer exceeded 50,000 (fifty thousand) US dollars in equivalent.
According to paragraphs 5) and 6) of paragraph 1 of Article 7 of the Law of the Republic of Kazakhstan On Currency Regulation and Currency Control dated 07/02/2018.
Legal entities and branches (representative offices) of foreign organizations have the right to withdraw cash foreign currency from their bank accounts for the purposes of:
1) payments by legal entities and branches (representative offices) of foreign organizations of wages to employees;
2) payment of expenses of an individual related to his business trip outside the Republic of Kazakhstan, including entertainment expenses, as well as operations when repaying an unspent advance issued in connection with a business trip outside the Republic of Kazakhstan.
Legal entities and branches (representative offices) of foreign organizations, when withdrawing cash foreign currency, provide the authorized bank with documents confirming the purpose of payments made to individuals and containing an indication of the amount of cash foreign currency being withdrawn.
According to clause 19 of the Rules for carrying out foreign exchange transactions in the Republic of Kazakhstan No. 40 dated March 30, 2019.
Can a legal entity use foreign currency purchased for tenge in an amount exceeding 50,000 (fifty thousand) US dollars in equivalent for settlements with a non-resident under a foreign exchange agreement, use it under additional
- placing a deposit;
- transfer of funds to an account opened in a foreign bank;
- conversion into another currency for payment under another currency agreement?
In accordance with clause 20 of the Rules for carrying out foreign exchange transactions in the Republic of Kazakhstan No. 40 dated March 30, 2019.
An application for the purchase of non-cash foreign currency for national currency by a resident legal entity is accompanied by an instruction to the authorized bank, if it is not used within ten working days from the date of purchase for the stated purposes, to sell this currency for national currency within the next three working days, except for the cases provided for in paragraph 20-1 of the Rules.
It is not allowed to use non-cash foreign currency purchased in accordance with this paragraph of the Rules for purposes not related to the fulfillment of obligations in foreign currency.
Thus, a legal entity can use the purchased currency to pay under another agreement when providing additional.
In accordance with clauses 5 and 6 of the Rules for carrying out foreign exchange transactions in the Republic of Kazakhstan No. 40 dated March 30, 2019.
If the payment document does not contain the necessary data for accounting for received money under a foreign exchange agreement, the authorized bank (its branch) credits it to the account for storing the sender’s instructions, having previously notified the resident in writing of the need to identify the received amounts.
According to paragraph 2) paragraph 2 of Article 1 of the Law of the Republic of Kazakhstan On Currency Regulation and Currency Control dated 07/02/2018.
Capital movement operations are operations related to the transfer of ownership and other rights to currency values, carried out between residents of the Republic of Kazakhstan and non-residents of the Republic of Kazakhstan, providing for:
- financial loans;
- participation in capital;
- transactions with securities, participation interests and derivative financial instruments;
- acquisition of ownership of real estate, with the exception of movable things equal to or classified by the laws of the Republic of Kazakhstan as real estate;
- acquisition of completely exclusive rights to intellectual property;
- transfer of money and other property to fulfill the obligations of a participant in a joint activity, as well as to trust management;
- transfer of money and financial instruments to professional participants in the securities market carrying out foreign exchange transactions on behalf of clients to accounts for accounting and storing money belonging to clients;
- free transfer of money and other currency values
According to clause 9 of the Rules for monitoring foreign exchange transactions in the Republic of Kazakhstan No. 64 dated April 10, 2019.
1) the receipt of property (money) in the Republic of Kazakhstan and (or) the occurrence of obligations on the resident to return property (money) to a non-resident in an amount exceeding 500,000 (five hundred thousand) United States dollars (hereinafter referred to as the USA) in equivalent;
2) transfer of property (transfer of money) from the Republic of Kazakhstan and (or) the emergence of a resident’s demands for the return of property (money) by a non-resident in an amount exceeding 500,000 (five hundred thousand) US dollars in equivalent.
10. If the foreign exchange agreement on the movement of capital does not indicate the amount of the agreement on the date of its signing (in case of its absence, on the date of entry into force), then the foreign exchange agreement on the movement of capital is considered as an agreement subject to accounting registration.
Before the provision of a foreign exchange contract or before the formation of a payment/transfer of money, check the participants of the payment/transfer, goods sold/purchased, services provided for presence in the list of international economic sanctions.
*Types of goods and/or services subject to sanctions are posted on the electronic service at https://www.alta.ru/tnved/forbidden_codes/