Cabinet of minister of Kazakhstan suggested receipts mechanism of National Fund

/IRBIS, March 27, 01/ - REUTERS informs that the government of Kazakhstan sent a draft law on introducing special mechanism of taxation of raw materials oriented companies due to the creation of the National Fund, and that this law is meant to make some changes into some other laws. First vice-minister of finance, Bolat Djamishev said that government intends to introduce a special way of forming the revenues of the budget for certain taxes received from the companies that work in raw materials sector. It is said that the National Fund has been established by the decree of the president and it has already $660 mln received from the sales of 5% stake in Tengizchevroil JV. He said that main source of revenues to the National Fund would be the income taxes collected from legal entities of raw material sector and this money would be accumulated in the budget within the limits set by the law on the budget and used for the expenses of the budget. Excessive funds are said to be sent to the National Fund. The revenues of the National Fund will also be formed from the VAT, tax on extraordinary gains, as well as bonuses, royalties and the stake of Kazakhstan in product partitioning under the contracts signed. It is added that the government is preparing the list of the companies for whom this special mechanism will be used. These are Aktobemunaigas, Kazakhoil-Emba, Tengizchevroil, Karachaganak Petroleum, Hurricane, Turgai Petroleum, Mangistaumunaigas, Uzenmunaigas, Karazhanbasmunaigas and three metallurgical companies, Donskoi GOK, Kazzinc and Kazakhmys. These companies depend directly on the world market situation, was added. He mentioned that the list could be expanded later on. It is believed that the National Fund will function as a stabilizer and compensate the national and local budgets for the loss due to the price drops. The chairman of the finance committee of the Majilis, Karatai Tursynov, the amendments could be examined at the Majilis till April 4, and adopted by the parliament till March 20. The funds of the National Fund are controlled by the National Bank, is said.