What applies to foreign currency operations on export or import?
Export - export of goods from the territory of the Republic of Kazakhstan, delivery of works, provision of services, a partial transfer of exclusive rights for intellectual property items, property lease by a resident of the Republic of Kazakhstan to a non-resident of the Republic of Kazakhstan.
Import - the import of goods into the territory of the Republic of Kazakhstan, delivery of works, provision of services, a partial transfer of exclusive rights for intellectual property items, property lease by a non-resident of the Republic of Kazakhstan to a resident of the Republic of Kazakhstan.
What does accounting registration of foreign exchange agreement on export or import mean?
Accounting registration is the procedure for assigning an registration number to a currency agreement which is followed by submission of information, documents and reports.
Are all foreign exchange operations on export or import subject to the registration?
No, there is a threshold for the amount below which export or import operations are not subject to accounting registration, as well as exceptions established by a regulative act of the NBRK.
Who should apply for the accounting registration?
Legal entities in Kazakhstan, its branches, as well as individual entrepreneurs. At the same time, accounting registration does not apply to branches of foreign non-financial organizations (which are recognized as residents)!
What is the threshold amount above which the foreign exchange agreement is subject to accounting registration?
In the amount of more than 50 thousand US dollars in equivalent, or a contract with no specified value.
Where should a resident-participant of a foreign exchange contract apply for the accounting registration?
1. To an АB when the exporter / importer makes payments:
- via a bank account in Kazakhstan;
- via a bank account in Kazakhstan and a foreign bank account.
2. To the TB NBK, when crediting national and (or) foreign currency to the resident's foreign bank accounts.
When to apply?
Before commencing fulfillment of obligations under the agreement by one of the parties.
What documents to submit?
When applying to the AB - an application in the established form, original foreign exchange agreement or a copy.
When applying to the TB NBK- an application in the established form, original foreign exchange agreement or a copy , signature samples
Time frames for accounting registration
Within two business days from the day when an exporter or importer submits all necessary documents.
What are provisions for refusal to assign a registration number?
1. Presence in the currency contract on export or import conditions that contradicts to the requirements of legislation
2.Inconsistency in the signature of the exporter or importer in the application with the signature samples
3. In case of existence of suspicions that business relations shall be used by the client for legalization (laundering) of incomes received by illegal means or financing of terrorism.
Are there any prohibitions on conducting foreign exchange operations on export and import?
No, but there exists a repatriation requirement of the domestic and/or foreign currency. The repatriation of the domestic and/or foreign currency means return to country of origin 1) the proceeds in the domestic and/or foreign currency from exports and 2) unused import advance payments by crediting to bank accounts in Kazakhstan, within the repatriation time frames.
Is there any liability for violation of the procedure for receiving the registration number and the submission of information, documents and reports on it?
Yes, subject to administrative liability.
Is there any liability for violation of the deadline for repatriation of national and (or) foreign currency?
Yes, subject to administrative and criminal liability.
What reports are required to be submitted by exporters or importers?
"Information on the fulfillment of obligations under foreign exchange agreements on export or import through a foreign bank account" in accordance with the established form
What are the conditions for withdrawing a contract from accounting registration?
AB, TB NBK withdraws a foreign exchange agreement on export or import from the accounting registration after completion of procedure for the monitoring of the fulfillment of the repatriation requirements on the basis established by a regulative act of the NBK