First-Head Appointment Certification (Kazakhstan) flashcards

32 cards. Read the term and the definition here. The deck at the top of this page is optional.

Constitution supremacy

The Constitution of Kazakhstan has supreme legal force; all laws and normative acts must conform to it, and contradictions are resolved in favor of the Constitution.

Hierarchy of normative acts

Normative acts rank from the Constitution and constitutional laws down to codes, ordinary laws, presidential decrees, government resolutions, and ministerial orders.

Entrepreneurial Code

The Entrepreneurial Code of 2015 regulates business activity, state control and supervision, and protection of entrepreneurs' rights in Kazakhstan.

General meeting of shareholders

The supreme body of a joint-stock company; it adopts the charter, elects the board of directors, and approves major transactions and financial statements.

Board of directors

The body that provides strategic direction and oversight of the executive body in a joint-stock company; it may include independent directors.

First head authority

The first executive officer acts without a power of attorney on behalf of the company, represents its interests, and concludes transactions within charter limits.

Major transaction approval

A transaction involving 25% or more of a company's assets is major and generally requires approval by the general meeting of shareholders unless the charter provides otherwise.

Current ratio

Current assets divided by current liabilities; it measures short-term liquidity, and a value below one indicates a working-capital deficit.

Net present value

The sum of discounted future cash flows minus the initial investment; a positive NPV supports accepting an investment project.

Break-even point

Fixed costs divided by the difference between unit price and unit variable cost; it shows the sales volume at which total revenue equals total cost.

Return on equity

Net income divided by average shareholders' equity; it measures the profitability generated for shareholders relative to their invested capital.

Accrual basis

Revenues and expenses are recognized when earned or incurred, not when cash is received or paid; this is the basis of financial reporting.

Double-entry bookkeeping

Every accounting transaction affects at least two accounts, preserving the accounting equation: assets equal liabilities plus equity.

Financial statements composition

Annual statements include the statement of financial position, profit or loss and other comprehensive income, cash flows, changes in equity, and notes.

Inventory measurement

Inventory is measured at the lower of cost and net realizable value; this prevents assets from being overstated on the statement of financial position.

Corporate income tax rate

The standard corporate income tax rate for resident legal entities in Kazakhstan is 20%; special tax regimes may apply different rates.

VAT rate

The value added tax rate in Kazakhstan is 12%; the taxable base includes the value of supplied goods, works, and services.

Personal income tax

Employment income of resident individuals is taxed at 10%; non-residents are taxed at rates established by the Tax Code.

Budget system

The budget system comprises the national budget, regional budgets, and local budgets; budget execution is reported quarterly to the authorized body.

Employment contract form

An employment contract is concluded in writing and may be fixed-term or indefinite; it defines the rights and obligations of the parties.

Normal working time

Normal working time does not exceed 40 hours per week; reduced hours apply to certain categories of workers under the Labor Code.

Annual paid leave

Annual paid leave is at least 24 calendar days for most employees, excluding public holidays, under the Labor Code.

Probation period limit

The probation period may not exceed 3 months for most employees and 6 months for certain positions established by the Labor Code.

Accident investigation

Accidents at work are investigated by a commission established by the employer with participation of employee representatives, and results are documented.

Personal protective equipment

Personal protective equipment is provided at the employer's expense where working conditions require it, and employees must use it.

Right to refuse unsafe work

A worker may refuse work that poses a danger to life or health, with preservation of the job, and the employer must address the hazard.

Contract essential terms

Essential terms include the subject matter and terms designated as essential by law or by the parties; agreement on them concludes the contract.

Limitation period

The general limitation period is 3 years; the parties may not change it by agreement, and it is used to protect the right to claim.

Ownership rights

Ownership includes the rights of possession, use, and disposal; other real rights include economic management and operational management.

Conflict of interest disclosure

A person in a position of authority must disclose conflicts of interest and recuse from decisions affecting personal interests.

Corruption prevention

The Law on Combating Corruption establishes preventive measures, including restrictions on gifts and disclosure of conflicts of interest.

SMART criteria

Goals must be specific, measurable, achievable, relevant, and time-bound; these criteria guide strategic objective setting.