Kazakhstan Tightens Rules on Business Assets for Contract Servicemen

Kazakhstan’s military personnel have been restricted in their ability to engage in business after changes were made to the internal service charter of the Armed Forces by presidential decree, Orda.kz reports.

Under the new rules, contract servicemen are required to transfer income-generating property into trust management. They must do so within 30 calendar days from the date they enter service. This applies to businesses, shares and other assets whose use can generate profit. After that, the serviceman must submit a notarized copy of the trust management agreement to the personnel service.

At the same time, military personnel are not completely cut off from income. The decree allows them to receive profit from property transferred into trust management, as well as from other legal sources.

The document also separately lists assets that do not have to be transferred into trust management. These include cash, bonds, investment fund units, shares if their stake does not exceed 5% of voting rights, as well as digital assets.

It also specifies that servicemen have the right to rent out their housing and receive income from it.

Original author: Alexander Smolin

Read also:

• Kazakhstan Plans Unified Register for Military Draft Notices
• Why Kazakhstan’s Army Is Struggling To Win Over Young Recruits
• Kazakhstan Updates Rules on Mobile Phone Use by Military Personnel