The State Revenue Committee of the Ministry of Finance of the Republic of Kazakhstan together with the National Bank of the Republic of Kazakhstan, from December 12 to 15, 2023, is holding a training seminar on the topic “Issues of transferring certain currency control functions to the State Revenue Committee, in terms of residents’ fulfillment of the requirement for repatriation of national and (or) foreign currency.

       At this seminar, it is planned to train employees of the National Bank of the Republic of Kazakhstan on issues of currency regulation and currency legislation, interaction with authorized banks, conducting administrative affairs, transfer to law enforcement agencies, and use of the National Bank’s information system.

       From January 1, 2024, the State Revenue Committee of the Ministry of Finance of the Republic of Kazakhstan becomes one of the currency control bodies.

       A lot of work has been done in this direction, namely, amendments have been made to the following legislative acts:

       - Law of the Republic of Kazakhstan “On Currency Regulation and Currency Control” in terms of vesting the State Revenue Committee of the Ministry of Finance of the Republic of Kazakhstan with the functions of currency control and its competencies, including the implementation of inspections;

      - Code of the Republic of Kazakhstan on administrative offenses in terms of transferring the function of attracting persons for violation of currency legislation in terms of repatriation of foreign currency earnings;

      - Law of the Republic of Kazakhstan “On the National Bank of the Republic of Kazakhstan” in terms of vesting the State Revenue Committee of the Ministry of Finance of the Republic of Kazakhstan with the function of implementing currency control;

      - Entrepreneurial Code regarding the non-extension of the procedure for analyzing the regulatory impact on draft regulatory legal acts of the State Revenue Committee on issues of currency regulation.

     - joint Rules for the implementation of export-import currency control in the Republic of Kazakhstan with the National Bank of the Republic of Kazakhstan were approved;

     - amendments and additions were made to the Decree of the Government of the Republic of Kazakhstan dated April 24, 2008 No. 387 “On some issues of the Ministry of Finance of the Republic of Kazakhstan” in terms of assigning functions to monitor the repatriation of currency for export-import transactions.

      - currently in the Mazhilis of the Parliament of the Republic of Kazakhstan there are amendments to introduce amendments and additions to the Code of Administrative Offenses in Articles 244, 244-1 and 251 “Violation of the procedure for obtaining an account number”, “Failure to submit or submit information and (or) documents in violation of the established deadline” and “Failure to comply with the requirement to repatriate national and (or) foreign currency.”

       During the seminar, employees of the National Bank will reveal the main topics of currency regulation and control, national legislation in this area, as well as forms of currency control, including for the State Revenue Committee as a currency control body.

      Issues of legislative delimitation of powers in the field of currency control for the National Bank and the State Revenue Committee will also be considered. Interaction in the processing of information on alleged violations. Powers of the State Revenue Committee within the framework of currency control.

      Control over the repatriation of national and (or) foreign currency. Implementation of documentary checks and other forms of currency control, under export or import contracts, in practice.

       The practice of holding accountable for violations of the requirement for the repatriation of national and (or) foreign currency, as well as the deadlines for providing information and supporting documents in currency matters, including transfer to law enforcement agencies.

       In addition, relevant work is underway to automate processes, and the issue of further integration into the Keden IS will also be considered.