participants of inspection. The

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141
The Committee of financial control will receive 
reports for independent elimination of violations. 
At timely correction of mistakes officials are excused 
from administrative responsibility. 
4) It has been introduced the concept of 
electronic audit - the tool which will allow to use the 
integrated databases and state information systems 
without access to the object. 
5) All inspections will be carried out on the 
basis of the Control System of Risks (CSR). For 
planned inspection of the riskiest spheres of economy 
there will be developed the special criteria on grounds 
of branch and procedural signs.
6) Interaction with the law-enforcement block 
and  introduction of quality control on standards 
compliance. 
For today 30% (1592 inspections) of all inspection 
volume is carried out by orders of law enforcement 
agencies. The involved experts of the Committee of 
financial control issued the conclusions which were 
not subject to quality control. From this point on the 
Committee of financial control will report results of 
all earlier carried out inspections from the Common 
Database without repeated exit. All information within 
the interaction with the law-enforcement block will be 
subject to quality control.
7) The unused capacity of the Internal Audit 
Services will be realized through increase of their 
role and creation of the audit and risks Council.
For example, today the number of the IAS accounts 
for 407 workers (including TsGO – 158, MIO – 249) who 
within 9 months have revealed violations for the sum 
of 50 billion tenge or 4,7% from the inspected sum of 1 
043,8 billion tenge. 
I also would like to tell that the Internal Audit Services 
simply duplicate the work of the Committee of financial 
control on violation identification. IAS generally cover 
financial side, i.e. the main focus is made on the facts of 
inappropriate use of budgetary funds.
On a new format of Service of internal audit will 
help the first head with control of the tasks set for it 
with providing recommendations about the optimum 
solution of the arising problems. 
In all government bodies there will be created the 
audit and risks Council must be heafef by the chief 
executive officer. The Council, being an advisory and 
deliberative body, will be a platform of negotiations for 
the Internal Audit Services on prevention of the same 
mistakes in other divisions.
8) Audit of corporate (quasi-state) sector undergoes 
outsourcing.
9) The national commission will certify auditors 
following the results of examination for appropriate 
application of the adapted international methodology. It 
is expected to certify more than 1000 state auditors. 
The new methodology demands training of future 
auditors. The Ministry of Finance has already been 
implementing it: 600 employees have already been 
trained at various seminars and practical courses.
Hello! Does everybody have to install an 
online cash register, even in the village? What 
if no bottle of alcohol is sold in the whole day? 
What then to do, how to issue pay receipts?
According to item 1 of Art. 645 of the Tax Code 
taxpayers engaged in the wholesale and (or) retail trade 
in petrol (except for aviation gasoline), diesel oil, and 
alcohol products, except for taxpayers operating in the 
places with no public telecommunications networks 
available, in the course of merchandise transactions 
performed through cash settlements shall be obliged 
to use cash register machines with a data recording 
and (or) transmission function.
Thus, the obligation for application of such cash 
registers arises at the taxpayers engaged in the 
wholesale and (or) retail trade in petrol (except for 
aviation gasoline), diesel oil, and alcohol products, 
since July 1, 2015.
Thus, if you besides retail trade in alcoholic products 
are engaged in the trade in other goods, you are 
obliged to apply a cash register with function of fixing 
and (or) data transmission and to issue pay receipts for 
all types of the goods realized by you.
According to item 8 of Art. 263 of the Tax 
Code of RK, an invoice issued in hard copy shall 
be certified for legal entities  by signatures of 
the chief executive officer and chief accountant. 
Also an invoice can be certified by the signature 
of the officer authorized on that by the order of 
the taxpayer. 
We receive invoices with the indication of 
full name of the officer authorized for signing of 
invoices for the chief executive officer and chief 
accountant. Suppliers refuse our requirement to 
indicate full name of the chief executive officer 
and chief accountant, and below the full name 
of the authorized officer, referring to legitimacy 
of their actions. Is it correct from our part to 
demand obligatory filling of the chief executive 
officer and chief accountant’s full names even if 
the authorized officer undersigns for them?
In case if the order of the taxpayer provided the 
authorized officer to assure invoices, the requirement 
for obligatory filling of the chief executive officer and 
chief accountant’s full names does not correspond to 
the tax law of the Republic of Kazakhstan.
COMPETENT ANSWER

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142
 Dana URALOVA,  
the chief expert of the budget loan provision 
department of the RK National fund and 
interaction with financial sector
The budget loan provision is one of the forms 
of the budget expenditure financing, which 
provides legal entities or other budget with 
financial resources on a returnable and paid 
basis.  
As a new form of the centralized of financial 
resources redistribution the budget loan provision 
appeared after World War II and quickly turned 
into an active tool of the state on economy 
reconstruction. The greatest popularity the budget 
loan provision gained in Great Britain where they 
are given to state corporations and local self-
government institutions for a period of 5, 10, 15 and 
25 years at very high interests (13–14% per annum) 
from the National fund of loans.  
In France the budget loans are given to debtors 
through the Fund for Economic and Social 
Development, which formation is considerably 
based on the expense of budgetary funds. The 
Fund accommodates long-term loans for 7-20 years, 
and not only to the state corporations, but also 
to private monopolies; especially gross loans are 
accommodated to agricultural producers. 
In Kazakhstan the budgetary loan provision has 
been used rather recently – after transfer of the 
national economy to market bases of economy 
management. The loans are mainly available for 
investment purposes and serve as one of forms 
of the state financial support of the enterprises 
which are carrying out production restructuring, 
modernization of equipment, etc.  
Both state and non-state enterprises and 
organizations can be subjects of the budgetary 
loan provision. The budgetary loans can be 
accommodated to: 
1) specialized organizations –banks, organizations 
which carry out special types of bank operations 
and also to organizations which controlling block of 
shares belong to the state, national holding or the 
national operating holding, which are the residents 
of the Republic of Kazakhstan;
2) local executive bodies; 
3) foreign states; 
4) private individuals. 
The performance of obligations under the budget 
loan is secured by a pledge, guarantee, surety ship 
or other means, provided by the legislation of the 
Republic of Kazakhstan or the contract. 
In its turn, in line with Article 292 of the Civil code 
of the Republic of Kazakhstan, The execution of an 
obligation may be secured with damages, pledge, 
lien on the debtor’s property, sureties, guarantee, 
advance payments, and other methods provided for 
by legislation or the agreement. 
The budget loans from the republican budget 
can be allocated to the local executive bodies and 
the financial agencies, the list of which is determined 
by the Government of the Republic of Kazakhstan 
without the enforcement of obligations.
The order for inclusion of the financial agencies in 
the list of financial agencies that receive the budget 
loans from the republican budget without security 
is determined by the Government of the Republic of 
Kazakhstan. 
Thus the cost of enforcement for returning 
the budget loan should not be less than the 
amount of the budget loan with the amount of the 
remuneration. 
Sureties and guarantees of the legal entities, 
which have arrears on obligatory payments or 
liabilities to the certain budget, and also sureties and 
guarantees of legal entities, which net assets value 
ESSENCE OF THE BUDGET LOAN PROVISION 
IN THE REPUBLIC OF KAZAKHSTAN

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143
is less than a value equal to the sum of the granted 
loan taking into account the remuneration sum, 
cannot act as ensuring performance of obligations.
A budget loan can be granted only to those legal 
entities, which have no arrears to budgetary funds 
which were allocated on a returnable basis earlier.
Appraisal of ensuring performance of obligations 
on a budget loan is carried out in accordance with 
the legislation of the Republic of Kazakhstan. 
Service payment on appraisal of obligations 
ensuring performance on a budget loan is made by a 
borrower or a subborrower.
Granting conditions of public funds on a 
competitive basis are: recoverability, availability 
for a price, urgency, target granting of funds and 
economic security. Budget loan planning is carried 
out in the course of formation of the budget for the 
next fiscal year. The government analyzes parameters 
of the draft project of budget loans provision on 
a returnable basis on each type of expenses at 
consideration of the draft budget in the legislative 
(representative) body. 
It is obligatory to prescribe the following 
statements at budget adoption: 
– the purposes on which budget loans can be 
granted;
– conditions and order of their granting; 
– limits of budget loans allocation for a term of a 
year and for the term which goes beyond the fiscal 
year; 
– restrictions on the subjects which are granted 
with a budget loan.
After a fiscal year a report on granting and 
repayment of a budget loan is formed (it is applied to 
the report on budget performance).
Reimbursement of a budget loan, which was 
granted to legal entities, usage charges are equated 
to payments into the budget. If a borrower, 
a guarantor or a surety does not perform the 
obligations on the budget loan repayment, does fail 
interest and other payments provided by the signed 
contract, government bodies or a designated person 
on their obligations take measures for compulsory 
collecting of arrears (including enforcement of a 
charge) from the borrower, the guarantor or the 
surety.  
Restructuring of a budget loan is the change of 
the terms, the financial and other conditions of the 
performance of their obligations by the agreement of 
the parties under the loan agreement. 
The decision on the restructuring of the budget 
loan is made based on the analysis of the financial 
condition of the borrower, if the borrower has a plan 
to improve the financial situation. 
Restructuring of a budget loan is made by: 
1) the changes in the period of repayment of 
principal and (or) payment of remuneration;
2) the capitalization (summary) of debt for the 
budget loan, remuneration and other payments on 
the loan.
Restructuring of a budget loan is based on 
the creditor’s solutions for each loan agreement 
with a positive resolution of the consultation and 
advisory body of the Government of the Republic of 
Kazakhstan and the local executive bodies.
Restructuring of a budget loan may be made not 
more than once.
Restructuring of a budget loan is issued through 
the conclusion of a supplementary agreement to the 
loan agreement.
Restructuring of a budget loan is carried out 
on the basis of the decision of the creditor on each 
credit agreement in the presence of the positive 
conclusion of an advisory advisory body at the 
Government of the Republic of Kazakhstan or local 
executive body. 
Restructuring of a budget loan can be carried out 
no more once.
Restructuring of a budget loan is made out by 
means of the conclusion of the additional agreement 
to the credit agreement.
A creditor’s claim to repay the budget loan 
is terminated in the proper performance of the 
obligations under the loan agreement by a borrower, 
in the case of coincidence of the borrower and the 
creditor in one person or the liquidation of the 
borrower-legal entity under the legislation of the 
Republic of Kazakhstan or on the basis of a judicial 
act.
The creditor’s claim on the state educational and 
student loans are terminated on the basis of the Law 
on the republican budget in the event of death of 
the borrower or declaring him (her) as dead.
In case of liquidation of the borrower-legal entity, 
the termination of the creditor’s claim for repayment 
of the budget loan is carried out after making 
the preliminary procedures for the assessment of 
performance of the obligations, provided by the 
legislation of the Republic of Kazakhstan on:
1) budget loans, granted from the republican 
budget on the basis of the Law on the republican 
budget;
2) budget loans, granted from the local budget, 
based on the decision of maslikhat. 
Budget loans are subject to the mandatory 
registration, accounting and monitoring in the 
manner prescribed by the central authorized body 
for budget execution.
Budget monitoring and evaluation of results are 
carried out for the budget loans in accordance with 
this Code.

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In case of non-performance of loan obligations by 
the borrower or his guarantor the bodies authorized 
by regulations of the Republic of Kazakhstan or the 
designated person on their obligations authorized 
by these bodies take measures for compulsory 
collecting of debt or pledge from the guarantor, the 
borrower or the surety. The loan is considered to be 
repaid from the moment of the last money transfer. 
From this point the obligations on the contract of the 
budgetary crediting are considered to be performed.
For reference:
The internal budget loan is a form of the 
budget expenditures financing which provides 
funding to legal entities or other budget on a 
returnable and a remuneration basis.
At granting an internal budget loan as borrowers 
can act the followings:
• budgets of other levels of the RK budgetary 
system;
• specialized organizations;
• private individuals.
In the mid-nineties the republican budget of the 
Republic of Kazakhstan was an active creditor within 
the country. Funding of considerable sums on a 
returnable basis was available both to enterprises 
and subjects of the Republic of Kazakhstan, including 
the funding which was allocated to support of the 
enterprises functioning on the RK territory.
It was supposed that such a form of financing, 
firstly, will stimulate the most effective and rational 
use of the received resources, secondly, will allow 
to enrich the budget income due to interests 
repayment, thirdly, will allow to whittle down 
budgetary expenses as borrowers will try to minimize 
their expenses and by that to use the minimum sums 
of budgetary financing, and fourthly, after a certain 
period of time the allocated loans will be repaid.
Need for budget loan provision was explained 
as well by the fact that commercial banks generally 
allocated loans for the population. Among 
the commercial enterprises only big revenue 
organizations managed to obtain expensive bank 
loans. 
Since the beginning of the XXI century Kazakhstan 
refuses of widespread use of budget loans. On the 
one hand, this results from the fact that in practice 
the system of budgetary crediting did not justify 
itself. The loans were not repaid timely, interests 
of them were not as well. On the other hand, 
commercial banks began more and more actively to 
credit the enterprises, loan interest rates began to 
decrease, need for budget loans disappeared.
Due to these reasons the conditions of budgetary 
crediting become tougher.  It is being introduced 
the requirement according to which budget loans 
can be granted to legal entities, which are not local 
executive bodies or specialized organizations, only 
on condition that the borrower provides ensuring 
performance of obligations on the loan repayment. 
Only bank guarantees, surety ship, pledge of property 
of not less than 100% of the granted loan can be 
ways of providing. 
The purposes on which a budget loan can be 
granted, conditions and order of granting are defined 
at the adoption of the budget for the next fiscal year.
At the present time borrowers of the loans 
granted from the republican budget are generally 
budgets of other levels and specialized organizations. 
External state loans. Under the Budgetary code 
(Art. 177) the foreign states can be borrowers of the 
Government of the Republic of Kazakhstan. 
The principal on budget loans, provided to 
foreign states, forms the foreign debt to the Republic 
of Kazakhstan.
In 1990-s the difficult financial situation did not 
allow the Republic of Kazakhstan to act on the world 
market as an active creditor. However, in 1970-s – the 
first half of the 1980-s USSR played an important role 
on the world scene as one of the leading crediting 
states. In particular the debt volume of the foreign 
borrowers, which still has not been repaid, can prove 
it. So, for instance, according to the data on the 1st 
January, 2005 nearly fifty states remained debtors of 
the former USSR and the Government of the Russian 
Federation on the loans granted by the Government. 
Some of the biggest debtors are India, Cuba, Sudan, 
Syria, Iraq, Afghanistan. There are also Benin, Burundi, 
Guinea-Bissau, Jordan, Madagascar, Morocco, Nepal, 
the Republic of Seychelles and many others among 
debtors. In total debt of the foreign states on loans of 
the USSR and the Russian Federation accounted for 
more than 83 billion dollars according to the data on 
the 1st January, 2005.
Tajikistan and Georgia are registered as debtors 
of the Republic of Kazakhstan from 1990-s. The debt 
of the Republic of Tajikistan made about 12 million 
dollars (8th April, 2002), the debt of the Georgian 
party made about 28 million dollars (1st July, 1996).
In its turn now the Republic of Tajikistan timely 
discharges obligations on these debt relations, and 
the last repayment of the Republic of Tajikistan is 
expected on 31st December, 2015.
The leading crediting states united in the Paris 
Club to simplify collection of debts. The club was 
founded in 1956 when representatives of a number 
of the West European crediting countries gathered 
to discuss a question of settlement of payments 
balances on their calculations with Argentina. Аfter 
the crisis of developing countries debts burst in the 
early eighties, regular meetings of the Paris Club 
became creditors` main form of coordination of 
all financial questions connected with revision of 
conditions of developing countries` official debt 
repayment. Georgia is also the member of the 
Paris Club (club of creditors), and that is why at the 
present time it is held negotiations on Georgia debt 
obligations performance towards the Republic of 
Kazakhstan. 

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