On taxes and other obligatory payments to the budget (Tax Code)

Article 41. Features of fulfillment of tax obligations in transfer of state institutions’ assets into trust management

1. When state institutions transfer property into trust management, tax liabilities on property tax, land tax and vehicle tax shall be executed by the trustee, unless otherwise established by the property trust management agreement or the act on the establishment of property trust management, with the exception of electric power networks that are on the right of economic management or in operational management of state legal entities, transferred into trust management or gratuitous use of energy transmission organizations, to whose electrical networks they are directly connected in accordance with Article 13-1 of the Law of the Republic of Kazakhstan On Electric Power Industry.

2. A trust manager fulfills tax obligations, unless otherwise provided for by a trust management agreement or an act on the establishment of trust management of assets, with regard to the calculation and payment of taxes, drawing up and filing tax returns from the date:

of state registration of the right to trust management - in the event that this right is subject to state registration in accordance with the legislation of the Republic of Kazakhstan,

of conclusion of a trust management agreement or an act on the establishment of trust management of assets - in the event that the right of trust management is not subject to state registration in accordance with the legislation of the Republic of Kazakhstan.

3. A trust manager:

fulfills tax obligations, unless otherwise provided for by a trust management agreement or an act on the establishment of trust management of assets, for the calculation and payment of taxes, drawing up and filing tax returns on his/her/its behalf, at rates and in accordance with the procedure set forth in the Special Part of this Code for persons, including this trust manager;

shall maintain separate accounting in accordance with Article 194 of this Code in order to fulfill a tax obligation in case of transferring assets into trust management.

4. If at the property transfer by state institutions to trust management the property of a state institution is not accounted for by the trustee as part of fixed assets, investments in real estate in accordance with international financial reporting standards and (or) the requirements of the legislation of the Republic of Kazakhstan on accounting and financial reporting , then the deed of acceptance and transfer of such property should reflect the book value of such property as of the date of its compilation.

Footnote. Article 41 as amended by the Law of the Republic of Kazakhstan dated December 10, 2020 No. 382-VI (enforcement, Article 2).