Business • 16 April, 2020

Business inspections suspended due to pandemic

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The deadlines for inspections carried out by the state revenue authorities for the period of emergency were suspended (1,406 inspections). Inspections that have already begun will be suspended during the state of emergency, after completion of the emergency, inspections will be resumed.

 

Microfinance organizations of Kazakhstan, in view of the announced emergency situation, are introducing concessions similar to banks for borrowers. The main condition is the absence of an overdue debt from the borrower until March 17, 2012. Separate conditions will be determined individually by each micro financial institution. MFIs are ready to provide the following support to borrowers:

  1. During the emergency in Kazakhstan, fines and penalties for late payments incurred by borrowers as a result of a deterioration in the financial situation related to the state of emergency in Kazakhstan will not be charged. Applies to MFI borrowers who are past due later than March 17, 2020.
  2. After the adoption and entry into force of the relevant amendments to the legislation of the Republic of Kazakhstan for the period of emergency, the accrual of interest will stop on unsecured consumer loans to individuals for which the delay in payment is more than 90 days.
  3. For individual entrepreneurs and small and medium-sized businesses whose financial condition worsened as a result of the introduction of restrictions related to the state of emergency in Kazakhstan, individually, the possibility of granting a delay in the performance of obligations and other individual measures for loans for up to 90 days and revision will be considered debt repayment schedule. The readiness to support anti-crisis measures was exclusively expressed by the members of the Association of Microfinance Organizations, whose share in the microfinance services market is 90%.
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