World Monitor Magazine, Feb, 2015

 

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Investment and Finance

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№1 |47| 2015 Investment & Finance

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Скидки до 15%, неограниченный бесплатный доступ в аквапарк Aquaventure, двое детей до 12 лет проживают с родителями бесплатно.*

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ПАРТНЁРСТВО И ДОВЕРИЕ. ЭФФЕКТИВНОСТЬ И МОЩЬ. MITSUBISHI. ДОСТОЙНЫ ДРУГ ДРУГА. Айдар Мусаев, 36 лет. Специалист по хозяйственному обеспечению ТОО «Грундфос Казахстан» Сотрудники нашей компании уже более 8 лет используют автомобили Mitsubishi. Пикапы L200, благодаря своим характеристикам, используются для самой тяжелой работы отделами логистики и сервиса нашей компании. Для данного автомобиля доставка сотрудников с ремонтной оснасткой и грузов из пункта А в пункт Б является каждодневной работой, несмотря на удалённость объектов, состояние дорог и погодные условия. За указанный период эксплуатации автомобилей Mitsubishi у нас не было ни одной серьёзной поломки. Мы доверяем автомобилям Mitsubishi! 8-800-070-7000 www.MITSUBISHI-MOTORS.kz

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Rare. Faultless. Discerning Республика Казахстан, г.Алматы, 050020, улица М.Оспанова 401/2 401/2 M.Ospanov street, Almaty, Republic of Kazakhstan T +7 727 3000 100 F+7 727 3000 111 concierge@royaltulipalmaty.com www.goldentulip.com www.royaltulipalmaty.com www.grandballroom.kz Мы в социальных сетях: We are at the social pages: Используйте приложение HotelsForYou (IOS, Android) Use the application HotelsForYou (IOS, Android) royaltulipalmaty.com

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Romantic Package / Романтический пакет Романтикалық қоржын* • Welcome assorted fruit and bottle of wine / Фруктовое ассорти и бутылка вина в номер при заезде/ Номерге кіру кезінде ұсынылатын жеміс-жидектер ассорти және шарап • “Aroma Relax” massage for two / “Aroma Relax” массаж на двоих/ Екі адамға арналған “Aroma Relax” массажы • Complimentary access to Wellness and SPA “Aquarius”/ Доступ в Wellness and SPA “Aquarius”/ Aquarius Wellness and SPA –ға тегін кіру • Romantic dinner at «Royal Cafe» restaurant for 2 guests/ Романтический ужин в ресторане «Royal Cafe»на двоих/ «Royal Cafe» мейрамханасында екі кісіге романтикалық кешкі ас For more information please call to За дополнительной информацией обращайтесь по телефону Қосымша мәліметтер үшін: Reservation/ Отдел бронирования/Брондау бөлімі +7 727 3000 084 Superior King Room – 53 400 тг/tg Deluxe King Room –70 200 тг/tg (rate is for 2 guests and inclusive of 12% VAT/ цена указана за 2 персоны и включает 12% НДС/ екі кісіге берілген 12% ҚҚС-ті қосылған баға) *The dates of this package is from: Срок акции по данному пакету с: Ұсынылған пакет бойынша акция мерзімі: 13.02.15 – 08.03.15 Республика Казахстан, г.Алматы, 050020, улица М.Оспанова 401/2 401/2 M.Ospanov street, Almaty, Republic of Kazakhstan T +7 727 3000 100 F+7 727 3000 111 concierge@royaltulipalmaty.com www.goldentulip.com www.royaltulipalmaty.com www.grandballroom.kz Мы в социальных сетях: We are at the social pages: Используйте приложение HotelsForYou (IOS, Android) Use the application HotelsForYou (IOS, Android) royaltulipalmaty.com

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CONTENTS СОДЕРЖАНИЕ 12 DESTINATION KAZAKHSTAN ВЕКТОР КАЗАХСТАН State Revenue Committee: new initiatives Комитет государственных доходов: новые инициативы Framework of legal procedures Совершенствование правовых основ судопроизводства 22 INVEST TO KAZAKHSTAN ИНВЕСТИРУЙ В КАЗАХСТАН Investment climate reload Перезагрузка инвестиционного климата 26 EXPERT OPINION ЭКСПЕРТНОЕ МНЕНИЕ A wildly swinging ruble: will Kazakhstan get hit? Экономика Казахстана и неконтролируемое колебание рубля The most interesting IPOs of 2015 Самые интересные IPO 2015 года New standards of TALANted execution Новые стандарты ТАЛАНтливого исполнения 8 world monitor “ “ The ruble`s instability is not an ideal situation for Kazakhstan, but neither is it indicative of a coming crisis. 46 digit's truth ЦИФРЫ НЕ ЛГУТ The top ten banks in Kazakhstan earned over 90% of total profit of the bank market Более 90% всей прибыли банковского рынка заработали банки первой десятки 48 LEGAL BLOG БЛОГ ЮРИСТА New rules for driving in KZ Актуально за рулем

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EUROBAK Secretariat Office: Julie Kussidi EUROBAK Executive Director Artyom Belenkov Elena Kudryashova Mariya Fridman Секретариат ЕВРОБАК: Юлия Кусиди Исполнительный директор ЕВРОБАК Артем Беленков Елена Кудряшова Мария Фридман 42 TRAVEL ПУТЕШЕСТВИЯ Julie Kussidi Юлия Кусиди Editor – in – Chief Главный редактор Editor of English version Редактор английской (volunteer): версии (волонтер): Wendy Moore Вэнди Мур Marketing: Отдел маркетинга: Anna Ter-Pogossyan Анна Тер-Погосян wmdevelop@eurobak.kz wmanager@eurobak.kz Do MICE as we do. do MICE with us Делай MICE как мы. Делай MICE с нами 54 TASTE OF LIFE ВКУС ЖИЗНИ Yelena Chichibabina Елена Чичибабина Design: Anna Denisova Дизайн: Анна Денисова Published since February Издается с февраля 2006 2006 г. Address: Rahat Palace Hotel, 10 th Floor, 29/6 Satpaev Str., Almaty, 050040 Tel./Fax.: 298 02 33, 250 34 76/77/78/79 E-mail: executive@eurobak.kz Website: www.eurobak.kz Printed by print house "Sprinter", 16 Baitursynov str., tel. +7 (727) 233 83 52 (62,64), office@sprinter.kz, Almaty, Republic of Kazakhstan Адрес: Гостиница Рахат Палас, 10 этаж ул. Сатпаева 29/6 г. Алматы 050040 Тел./Факс: 298 02 33, 250 34 76/77/78/79 E-mail: executive@eurobak.kz Website: www.eurobak.kz Типография Sprinter, ул.Байтурсынова 16 тел. +7 (727) 233 83 52 (62,64), office@sprinter.kz г. Алматы, Республика Казахстан French cuisine by French chef Laurent Tourondel Французская кухня от шеф-повара из Франции Лорана Туронделя 58 BOOKS corner КНИГИ Circulation – 3500 copies. Тираж– 3500 копий. Issued on bi monthly basis. Выходит один раз в два месяца. No. 1(47) 2015 No. 1(47) 2015 Registration certificate No. 8037 Ж, dated 10 January 2007, issued by the Ministry of Culture, Information & Sport of the Republic of Kazakhstan Publisher: Kussidi o wner - Еsipova N.А. The opinions of the authors may not always coincide with the opinions of the editors. The editors are not responsible for the contents of the advertisements placed and the reliability of the information from the information agencies. Reprinting of materials published in this magazine in any form including electronic mass media is only with permission of the editors. 59 TREND LOCATOR 61 EUROBAK PAGES Редакционное свидетельство No. 8037 Ж, от 10 января 2007 г. (повторно), выдано Министер ством культуры, информации и спорта Республики Казахстан Издатель: Кусиди Ю.Я. Собственник ИП Есипова Н. А. Мнен ия ав торов не всегда сов па дают с м нен ием ре дакци и. Ре дакция не несет от ветс т вен нос т и за содержан ие рек лам н ы х материа лов и дос товернос т ь соо б щен и й и нформацион н ы х агенс т в. Перепечатка материалов, опубликованных в данном журнале, и их использование в любой форме, в том числе и электронных СМИ, допускается только с согласия редакции. TRANSLATION PARTNER ПАРТНЕР ПО ПЕРЕВОДАМ Insel 3 79 84 89 ACCOUNTING БУХГАЛТЕРСКИЕ OUTSOURSING PARTNER УСЛУГИ Intercomp 3 34 06 57 78 Airlines Hotels Restaurants DELIVERY PARTNER ДОСТАВКА FedEx 3 56 38 00

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EDITOR’S ADDRESS welcoming new Members to EUROBAK / Новые компании в Ассоциации: Danone, Dentsu Aegis Network, IE Business School, Nestle Dear Reader, This issue is dedicated to investment and finance, covering a number of interviews and articles on the subject. Daulet Ergozhin, Chairman of the Customs Revenue Committee of the Ministry of Finance of the Republic of Kazakhstan talks about the Committee he is heading, and in particular the new approach and attitude of the Tax and Customs authorities. During the meeting with Karim Massimov, Prime Minister of Kazakhstan, EUROBAK discussed the importance of the Rule of Law and the necessary reforms for Kazakhstan’s juridical system, to further enhance investment attractiveness. A representative of the Supreme Court talks about new changes, initiatives and plans in this regard. We have launched a number of new sections! "Invest to Kazakhstan" covers the latest initiatives and investment opportunities. "Digits’ truth" - analytics to digest. "Legal Blog" - we all know how important it is to know what lawyers know! "Taste of life"- never miss out on how to add more flavor to your life! Learn to cook from leading chefs in the world! The EUROBAK reports cover the events held promoting information exchange, networking and team building opportunities that Members have through the Association. We all know, most likely, that this year is going to be rather challenging, yet, we hope for the best for all of us! Enjoy your reading of the first issue of 2015! Happy to hear your comments! Stay in touch! Sincerely Yours, Julie Kussidi Julie Kussidi, EUROBAK Executive Director, World Monitor Editor-in-Chief Дорогой читатель, Первый выпуск 2015 года посвящен инвестициям и финансам. Мы приготовили ряд материалов освещающих эти темы: Даулет Ергожин - председатель Комитета государственных доходов Министерства финансов РК рассказывает о возглавляемом им комитете и в частности о новом подходе во взаимоотношениях между налоговыми, таможенными органами и бизнесом. Во время встречи представителей ЕВРОБАК с Каримом Масимовым - Премьер-Министром Республики Казахстан, был обсужден вопрос важности верховенства закона и необходимости реформ судебной системы Казахстана. В этой связи представитель Верховного Суда рассказывает о новых изменениях и инициативах, планируемых в Республике. Delivery partner: Мы запускаем ряд новых рубрик! «Инвестируй в Казахстан» охватывает последние Искренне, Юлия Кусиди инициативы и возможности для инвестиций в страну. «Цифры не лгут» - аналитические материалы. «Блог Юриста» - согласитесь, знание Закона - сила! «Вкус Жизни» - не упустите возможность узнать рецепты ведущих шефповаров мира! На страницах ЕВРОБАК вы найдете отчеты о всех мероприятиях, которые были проведены для компаний, входящих в состав Ассоциации. Говорят, что этот год будет непростым, однако мы надеемся на лучшее! Будем рады услышать Ваше мнение о выпуске и новых рубриках! 10 world monitor

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WELCOME to a BRAND NEW HOTEL! Enjoy your stay. Leave the rest to us. © 27/1 Baitursynov Str. (corner Kazybek bi Str.) 050000, Almaty, Kazakhstan T: +7 727 345 01 60 F: +7 727 345 01 57 reservation@ramadaalmaty.com www.ramadaalmaty.com www.ramada.com

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DESTINATION kazakhstan State Revenue Committee: new initiatives Head of Kazakhstan, Mr. N.A. Nazarbayev set as a goal the Kazakhstan 2050 Strategy: Kazakhstan shall be among the top 30 developed countries of the world! In order to achieve this strategic goal, the government authorities set the task of building a new system of interaction with the business community, to make taxpayers feel confident about the future. Thus, there is a need to unify the high-performance state revenue system designed to ensure the required balance between the tasks of payment collection and taxes, the creation of a favourable environment for doing business and encouraging external turnover. A new governmental authority, which is the State Revenue Committee of the Ministry of Finance of the Republic of Kazakhstan was established by the Order of the President of the Republic of Kazakhstan dated August 6, 2014, On Reform of the Public Administration System in the Republic of Kazakhstan by the merger of the Customs Committee and the Tax Committee, transferring functions of investigation for financial and economic crimes from the abolished Agency for Struggle against Economic and Corruption Crimes (Finance Police). Thus, there is a single addressee for local entrepreneurs and foreign investors who is responsible for the creation of equal competitive positions, reasonable taxation, and the most important thing, it is a single service provider for taxpayer assistance on behalf of the government. produce toward the desired result of fiscal administration. The countries that implemented such reforms had similar problems. In order to break this vicious circle, fiscal and customs system integration only enabled the elimination of process desynchronization between various authorities at minimum cost. Taking into consideration international experience, Kazakhstan made the decision to take integration measures and perform the cardinal review of functions and tasks of the fiscal block. Daulet Yergozhin, Chairman of the State Revenue Committee of the Ministry of Finance of the Republic of Kazakhstan Considering international experience, a simple three-level structure of the State Revenue Committee has been developed: Center – Oblast – Region. In the central SRC apparatus, each area is represented by a separate block: customs block, fiscal block, and economic investigation service; each of them includes The stage of the merger for fiscal and customs two departments. The regional-level units do services was preceded by an extensive analytical not have any controlling functions; they only work where international practices in efficient have a taxpayer service function. state revenue administration were studied in the countries that top the Doing Business The establishment of the new agency required rating, such as Denmark, the United Kingdom, to review priorities of its main activities. Now Netherlands, Germany, Austria, Finland, Spain, the priority for creating conditions for the Hungary, Estonia, Latvia, Georgia. According voluntary payment of duties will prevail over to the results of this functional analysis, they criminal proceedings against businesses. established several processes that require an integrated approach. In particular, the payment We are going to implement the positive collection area and taxpayer audit struggle experience gained in auditing systems of the OECD member countries, which is based on against the shadow economy. the principles of self-taxation system, the Isolated implementation of the fiscal and encouragement of voluntary compliance with customs policies did not allow them to the tax legislation through applying the risk 12 world monitor

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DESTINATION kazakhstan management system (RMS). It should be noted that just a few companies are subject to audits in modern systems. For example, in Germany annual audits cover just 4% of small enterprises and 1% of micro enterprises. Kazakhstan is striving for this same level. Thus, from January 1, 2015, only the entities that have a really high potential to violate legislation will be subject to audits. We are moving off the industrial risk formation as it was before and we are adjusting the risk management system to the subject-oriented approach. In particular, the fiscals will pay close attention to taxpayers with a low tax burden ratio. The procedure of audit assignment was completely reviewed. Previously, it was as follows: audit assignment – violation detection – punishment. Now we are planning to implement the procedure as follows: RMS – in-house audit – notice of violations – taxpayer’s voluntary confession and correction of violation. As an exceptional measure, the audit will be assigned only to confirm a systematic violation detected as a result of RMS analysis! Meanwhile, the committee works on the development of measures aimed at improving the public services and eliminating administrative barriers for business. • The state revenue audit was centralized through transferring functions to the oblast departments, Astana and Almaty (225 regional departments were deprived of auditing function). This resulted in the reduction of fiscal audits by 51% and increasing amounts of additional charges by 62%! • It is planned to implement an electronic audit for large taxpayers who are at the republican monitoring from 2016. E-audit will allow shortened audit periods and reducied costs. The creation of the alternative audit, i.e. transferring audit function to the auditing companies, will enable taxpayers and FEA participants to correct any violations on an independent basis without any penalties charged. • The electronic invoice system was implemented to reduce business costs. The transfer to online data transmission from the cash register machines without the need in auditing small and medium-sized businesses has been started. • Based on the web application, Taxpayer Cabinet, the option of filing both tax returns and customs declarations will be implemented. • The committee will provide the opportunity of getting any required reference information free of charge, including but not limited to the determination of the FEACN code. Now the priority for creating conditions for the voluntary payment of duties will prevail over criminal proceedings against businesses. • We will establish the Feedback electronic service that will enable people to send requests with the use of our information systems and receive responses to the questions concerning customs declaration filing. • A new board, which is the Board for the Entrepreneurs’ Rights Protection, is going to be established this year! Thus, the committee has chosen to be focused on the customers and development of e-services to facilitate doing business significantly and to improve the society satisfaction and to reduce the level of corrupt practices in the area. It is certain that competent and responsible officers of our agency will implement such prospective tasks, as they say, It’s all about the people. In this direction, the committee has closely cooperated with a team of international consultants and the World Bank as a part of the institutional development projects. The major objective of this work is to form a professional core capable of developing and making responsible managerial solutions and decisions. In general, the State Revenue Committee of the Republic of Kazakhstan has determined the Prospective Development Model for the state revenue authorities for the period from 2015 to 2017, where we will have the following objectives: • Promoting trade by reducing barriers, improving foreign trade administration and ensuring customs border security • Ensuring revenue from taxes, levies, and other compulsory payments in full • Taking efficient measures to minimize the shadow economy • Improving satisfaction of the society in the activities of the state revenue authorities The above objectives of the state revenue authorities of Kazakhstan have been fully synchronized with the provisions of the Nurly Zhol – Way to the Future New Economic Policy declared by the President of Kazakhstan Mr. N. Nazarbayev and we will do our best to achieve them. supported by EUROBAK 13

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