The chapter of the National Bank of Kazakhstan has confirmed cancellation of obligatory sale of exporters currency proceeds on KASE in near future

/IRBIS, Nov.03, 99/ - Today at a press-conference the Chapter of the National Bank of Kazakhstan has confirmed, that the obligatory sale of half of exporters foreign exchange earnings will be cancelled in the near future. "It will be cancelled within the nearest several weeks", - has told Grigory Marchenko. In the IRBIS analysts opinion, most probable date of cancellation is December 01. Some currency dealers do not exclude, that it will take place even earlier. Besides Marchenko has declared, that the National Bank has agreed with the Ministry of Finance concerning cancellation of the one-percentage tax from the natural persons at the foreign currency purchasing. This tax was established on September 18, 1999 as an additional source of the public finance of Kazakhstan. In opinion of Marchenko, this taxation has given twice less than it has been expected by the government. The share of declare turn-over of the exchange points has decreased sharply. Dollars has started to move to the black market. "If one will calculate the banks' profit tax underpay because of reduction of the turnover in the legal market, and will subtract this money from the money collected by our taxing authority, a fiscal result will appear very low. The probable consequences of it are extremely negative", - has told Marchenko. It was informed earlier that the cash transaction tax, most likely, will be cancelled in the beginning of 2000. The chapter of the National Bank not deny this assumption.