12.06.2007, 12:14 2546

Senate approved amendment to Budgetary Code

Astana. June 12. Kazakhstan Today - The deputies at the Senate plenary session approved in the first reading the bill on amendments and additions to the Budgetary Code of Kazakhstan, the agency reports.

As it was informed earlier, the amendments are introduced with the purpose of differentiation of oil and non-oil incomes and their duly transfer to the National fund.

The vice-Minister of Economy and Budgetary Planning Marat Kusainov presenting the bill in the Majilis explained that the introduced amendments extend the concept "oil income". "Now incomes are defined by the norms of the concept of the National fund as receipts from extraction and realization of crude oil and gas condensate. It is offered to define them as receipts from oil operations including the works on exploration, extraction and realization of oil and gas condensate," he explained.

The bill is directed to the profile committee of the chamber for preparation for the second reading.

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