Pavlodar: Fines Issued for Non-Repatriation of Foreign Earnings
Photo: Elements.envato.com, ill. purposes
Several enterprises in Pavlodar exported tons of grain, potatoes, and sunflower seeds, but never received payment from foreign buyers, Orda.kz reports.
According to the Pavlodar Region Department of State Revenues, export-import currency control revealed that local agricultural producers had not been paid for shipments of goods abroad. Among the exported but unpaid goods were grain, potatoes, and sunflower seeds.
Foreign partners failed to transfer over $1.6 million in payments.
Under Kazakhstan’s Law on Currency Regulation and Currency Control, companies registered in the country must repatriate foreign currency earnings.
That is, they must ensure funds are transferred to domestic bank accounts within a specified period.
By the decisions of the Pavlodar city and regional courts, the resident enterprises were found guilty under Article 251 of the Code of Administrative Offenses of the Republic of Kazakhstan and were subject to administrative fines in the amount of 215 million tenge. The court decisions have entered into legal force,
the department noted.
As a result, the companies must now pay significant fines.
Original Author: Alina Pak
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