News and Offers of ARTY LLP

The National Bank of Kazakhstan has decided to keep the base rate at 14.25% per annum with a corridor of +/- 1 percentage point. This decision is related to the ongoing decline in inflation, but monthly inflation remains above the historical average. External risks include rising food prices and high inflation in Russia. Tight monetary measures are needed to achieve the goal of reducing inflation to 5% in the medium term. The next decision on the base rate will be announced on November 29, 2024.

For an accountant in Kazakhstan, it is not enough to know accounting entries and reporting forms. The profession requires constant attention to changes in legislation, tax accounting, financial reporting standards, and real business practice. ARTY, an accounting company, has selected five useful professional books published in Kazakhstan that can become practical reference materials for both beginner and experienced accountants. 1. “Million-Dollar Accountant. An Ultra-Modern Guide to Financial and Career Growth for Accountants” Authors: Alexey Rozinkin, Elena Rozinkina. This book is useful for those who want to look at the accounting profession more broadly. An accountant is not only a specialist who works with reports and documents, but also an expert who influences financial discipline, business stability, and company development. The book helps readers understand which skills increase an accountant’s value in the market and how to build further professional growth. 2. “Commentary on the Tax Code of the Republic of Kazakhstan” Author: National Chamber of Entrepreneurs of the Republic of Kazakhstan. This publication is especially important for accountants who work with taxes on a daily basis. The commentary helps readers better understand the logic of the Tax Code provisions, see how individual rules are applied in practice, and reduce the risk of mistakes when preparing tax reports. 3. “Accounting for the Activities of Individual Entrepreneurs and LLPs under National Financial Reporting Standards. A Practical Guide” Author: V. P. Proskurina. This book will be useful for accountants who maintain records for small and medium-sized businesses, individual entrepreneurs, and limited liability partnerships. The guide presents practical approaches to accounting, tax policy, and the recording of business transactions under national financial reporting standards. 4. “Collection of Accounting Exercises” Author: V. P. Proskurina. This collection is a good tool for strengthening practical skills. It helps readers better understand the chart of accounts, prepare accounting entries correctly, and work through typical accounting situations using specific examples. The book is especially useful for students, beginner accountants, and specialists who want to refresh their basic knowledge. 5. “Collection of Accounting Entries by Sections of the Standard Chart of Accounts” Author: V. P. Proskurina. This publication is particularly valuable for practicing accountants. It helps correctly reflect business transactions in accounting accounts and quickly find the necessary solutions in daily work. For an accountant, this is not just a reference book, but a practical assistant for everyday accounting tasks. According to ARTY, a strong accountant is a professional who continues learning throughout their career. High-quality professional literature helps not only to perform current tasks correctly, but also to see accounting as a complete system. In this system, every figure can affect the stability and effective management of a business.

From January 1, 2025, new rules for public procurement, approved by the order of the Minister of Finance of the Republic of Kazakhstan, will come into force. These changes are aimed at increasing transparency and optimizing the public procurement process.Key innovations include procurement planning, selection of organizers, qualification requirements for suppliers and a mechanism for determining dumping. Rules for holding competitions, auctions and purchases through online stores are also introduced.The order was signed on October 9, 2024 and comes into force at the beginning of next year.

The National Certification Authority of the Republic of Kazakhstan informs that from October 12, 2024, the procedure for delegating authority to confirm applications and revoke electronic digital signature (EDS) keys for legal entities has been changed. Now the first head of the organization can delegate authority to a specific employee with valid EDS keys through the personal account of the NCA of the Republic of Kazakhstan. To do this, go to the "Delegation of Rights" menu, select the "Employee with Signing Authority" template and specify the employee's IIN.

Amendments are being prepared in Kazakhstan to simplify the conditions for opening foreign banks. Madina Abylkasymova, head of the Agency for Regulation and Development of the Financial Market, announced this at a meeting of the Majilis. The amendments will reduce the list of documents for banks with a high rating and reduce asset requirements for branches. It is also planned to expand the permitted types of activities for foreign banks, including foreign exchange transactions and issuing payment cards. The changes are aimed at attracting foreign banks and increasing competition in the sector.

The National Bank of the Republic of Kazakhstan has prepared a draft resolution on amendments to the accounting rules. The main objective of the draft is to improve the accounting of transactions with insurance contracts and make editorial amendments to regulations. In connection with the entry into force of IFRS 17 from January 1, 2023, the Accounting Instructions for insurance and reinsurance organizations, mutual insurance companies and branches of non-residents of the Republic of Kazakhstan were updated. Amendments were also made to the documents approved by the resolutions of the Board of the National Bank, including the accounting rules and the standard chart of accounts for insurance companies. The changes will come into force after the approval of the draft. Public discussion of the draft is open until November 1, 2024 on the egov.kz portal.