Publications

Edict No. 29 “On Taxation” signed by the head of state on 25 January 2018 has brought a number of new amendments

On 1 January 2018 Belarus addopted the so-called "tax on Google". This unofficial term in our country is used for VAT in cases when services are rendered by a foreign organization in electronic form and the country of rendering such services is Belarus. For example, it includes provision of rights to software, advertising services on the Internet, provision of domain names, hosting services and some other types of services.

On 29 January 2018 the Management Board of the National Bank introduced a number of changes to the Instruction on the bank transfer.

On 14 February 2018 the refinancing rate of the National Bank was reduced from 11% and now stands at 10.5%.

On 16 March 2018, the Government of the Russian Federation adopted several decisions on the establishment of 19 new territories for priority socio-economic development (TPSED) in the following regions of Russia:

The Government of the Russian Federation by its resolution No. 158 of 15 February 2018 approved:

- the Project Finance Factory program which provides for financing of investment projects on the basis of syndicated loan agreements (hereinafter - the 'Program');

- the Rules for Granting Subsidies from the Federal Budget to Compensate for Costs Associated with the Provision of Loans and Credits under the Project Financing Factory Mechanism (hereinafter - the 'Rules').

Uzbek government continues its strive to transform country's legislation and make Uzbekistan more open to foreign investment and international trade.

In keeping with GRATA’s practice of informing clients of important legal developments that might influence their business, we would like to draw your attention to some important upcoming legislative developments regarding the foreign exchange regulation and foreign exchange control.

On 1 February 2018, the Federal Law, dated 31 December 2017, No. 486-FZ 'On Syndicated Lending and Introduction of Amendments to Certain Legislative Acts of the Russian Federation' (hereinafter - the 'Law No. 486-FZ') comes into force.

On 29 December 2017 the Republic of Kazakhstan has ratified the Convention on avoidance of double taxation with Ireland[1] and the Protocol thereto (hereinafter – the ‘Convention’).

As of 1 January 2018, the Instruction No. 181-I of August 16, 2017 of Bank of Russia establishing the procedure for the submission by Russian residents and non-residents to authorised banks of supporting documents and information on the performance of currency transactions, as well as unified forms of accounting and reporting on currency transactions, the procedure and timing of their submission becomes effective. In particular, the requirement to submit a transaction passport by Russian residents with an authorised bank is cancelled, instead, the procedure for registering foreign trade contracts with banks with unique numbers being assigned to them is established.

In general, Kazakh public procurement legislation is based on the provisions of the Civil Code and the Budget Code of Kazakhstan.