19. Social tax and Property tax.

Object of taxation for the payer are the charges of the employers paid to the workers as incomes and also incomes of the foreign personnel and payments to the physical persons under the contracts of compensated rendering of services. For the private notaries, lawyers, legal persons – residents of Republic of Kaz object of taxation by social tax is the number of workers, including payers.

Property tax includes: the land tax, property tax of physical and legal persons, tax to vehicles. Property tax acts in the local budgets.

VI. 20. What is the major sector of any modern monetary system?

The central banking system is a major sector of any modern monetary system. It is of great importance to the fiscal policy of national government and the functioning of the private sector.

21. What functions do central banks perform?

Central banks such as the bank of England, the federal reserve board of the US, the Bundesbank of Germany, the Central Bank of Russia, National bank of the republic of Kaz function for the government and other banks7 not for private customers. The are responsible for the implementation pf monetary policy and supervision over the banking system.

22. What kinds of the main instruments the nbk has been using?

In the course of market reforms in Kaz the National Bank (NBK) has been pursuing moderately tight monetary policy aimed at further reduction of inflation and putting an end to direct budget deficit crediting. The NBK has been using the following main instruments of monetary policy:

1) fixed targets for the money supply growth,

2) refinancing of commercial banks,

3) interest rates,

4) open market operations,

5) commercial banks reserve requirements,

6) foreign currency control,

7) direct quantity restrictions

23. What is the structure of the frs?

The Federal Reserve System or “Fed”, as it is known in financial circles, is an independent agency of Congress founded in 1913. The system consists of twelve federal reserve banks and a board of governors has its headquarters in Washington, D.C

24. What functions and services does the “Fed” perform?

The Fed performs there major functions. It provides services to the banking system and the federal government; it stabilizes the banking system; and it controls the quantity of money in circulation. The Fed performs a number of other services for banks and thrift institutions. It provides currency to banks and collects worn currency. It also provides safekeeping for securities. A second function of the Federal Reserve is stabilizing the banking system. Banking panics often took place in the nineteenth century. Preventing such panics was the main reason for setting up the Federal Reserve System. With this in mind, the Fed was given broad powers to regulate banks.

25. What services do banks offer?

Thus, commercial banks are providers of payment services and they act as financial intermediaries. They offer a variety of services such as deposit and current accounts tailored to fit particular savers preferences and they lend the funds they receive on a variety of terms which satisfy the needs of a range of borrowers.

26. What is the nature of banking? 2\How do banks earn a living?

By polling risks by studying the experience of many individuals and by acquiring the expertise to assess the prospect of profit and loss inherent in lending, banks are able to provide their savers with a combination of interest, case of repayment and protection against loss that are better than these savers could obtain by lending directly to the ultimate borrowers.

2\ By definition, banks are institutions which accept money from people for save keeping, lending it out to others, but particularly creating money by lending their credit, i.e. by making loans and advances to customers. Banks make money work at all levels in industry and commerce.