Dear Readers,
The Ministry of Finance plans to introduce amendments to the Rules1 for Monitoring Transactions to align them with the amendments in the Law on Transfer Pricing related to the expansion of the scope of transfer pricing control.
The amendments remove the reference to the list of goods, works, and services approved by Order2 No. 194 of 19 March 2015 from the sections of the rules that specify the transactions monitoring scope. These changes are aimed at bringing the Rules in line with Article 6 of the Transfer Pricing Law, under which transaction monitoring is conducted for international business operations regardless of the list of goods, works, and services established by the order.
The obligation to submit transaction monitoring reports continues to apply only to participants in international business operations for goods, works, and services in accordance with the aforementioned list, if the total annual income (expenses) or liabilities for them reached a minimum threshold of 250,000 times the Monthly Index Factor for the reporting year.
1 Order No. 176 of the Minister of Finance of the Republic of Kazakhstan on Approving the Rules for Monitoring Transactions, dated 16 March 2015
2 Order No. 194 of the Minister of Finance of the Republic of Kazakhstan on Approval of the List of Goods (Works, Services) Subject to Transaction Monitoring in International Business Operations, dated 19 March 2015