Нийтлэл

Modeled on the Dubai International Financial Centre, the Astana International Financial Centre (AIFC) was officially launched on the 5th July this year, established with the aim of bridging the gap between the world’s major financial centers and a regional gateway for capital and investments.

By the end of June of this year Kazakhstan signed the Multilateral convention to implement tax treaty related measures to prevent base erosion and profit shifting (MLI).

Kazakhstan authorities have come to recognize that they cannot fi nance the necessary investments in public infrastructure from current budgets and that a major part of future fi nancing must fl ow from the private sector.

The well-known and free-accessed ICLG (International Comparative Legal Guide) series provides current and practical comparative legal information on a range of practice areas, including Mining Law.

As the Central Asia’s largest and richest country, Kazakhstan has a lot of natural advantages for the development of renewables, including 3,000 hours of solar radiation a year and the average annual wind speed of nine meters per second in some parts of the country.

Rules relating to statute of limitation contained in the Civil Code of the Republic of Kazakhstan (the “Civil Code”) may seem relatively straightforward.

The insurance market in Kazakhstan is mainly regulated by two legal acts, namely, the Civil Code of the Republic of Kazakhstan dated 27 December 1994 (the “Civil Code”) and the Law of the Republic of Kazakhstan “On Insurance Activity” No.126-II dated 18 December 2000 (the “Insurance Law”).

The President of Kazakhstan, Nursultan Nazarbayev, signed, on 28 December 2017, the Law No. 128-VI on Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of Information and Communication (‘the Law’). Marina Kahiani and Lola Abdukhalykova, Partner and Associate at GRATA International, provide an analysis of the obligations under the Law, including user identification, data retention and data localisation provisions, applicable for telecommunications operators and website operators.

As it is known, Kazakhstan adopted a new Code on Subsoil and Subsoil Use dated 27 December 2017 (“Code"), which comes into force on 30 June 2018.

The Code will replace the current Law on Subsoil and Subsoil Use dated 24 June 2010 (except for certain provisions).

As the Central Asia’s largest and richest country, with a Muslim-majority population of around 18 million people, Kazakhstan wants its local Islamic banking industry, as an alternative source of capital for SMEs, to reach 3-5% of its total banking assets by 2020 from 0.08% in 2015.