Alert on the amendments in the Customs Code of the Republic of Kazakhstan
In January of this year a number of amendments was introduced into the Code of the Republic of Kazakhstan ‘On customs regulation in the Republic of Kazakhstan’ (hereinafter – the ‘Customs Code’). The most important of them were brought into effect from 16 January 2021. Please see below the detailed information on the introduced amendments.
Mining 2021: Kazakhstan
According to the latest official statistics, the "mining and quarrying" sector (excluding the production of oil and gas) plays an important role in the Kazakh economy, with a contribution of 4.9% to the country’s GDP based upon the results of 2019.
Energy law and regulation in Kazakhstan
Kazakhstan is the largest economy in Central Asia and home to more than 18 million people. As a country rich in coal, oil, natural gas and uranium, Kazakhstan’s economic focus remains firmly on its industrial sector and the extraction and processing of its natural resources. There is also enormous potential for renewable energy in Kazakhstan, particularly from wind and small hydropower plan.
10.02.2021
This article covers such sensitive topic as tax exemption of dividends distributed by a Kazakh company in address of its foreign shareholders (participants). In particular, the recent tendency in the approach of the Kazakh tax authorities adopted in this regard.
Alert. Agreement on Pension Coverage for Employees of the EEU Member States
On 1 January 2021, the Agreement on Pension Coverage of Employees of the Eurasian Economic Union Member States, ratified by the Republic of Kazakhstan on 7 December 2020 (hereinafter - “Agreement”), entered into force.
Reformation of the Gas Market in Kazakhstan: Major Problems and Legal Aspects
This article examines the key problems domestic gas market in Kazakhstan faces right now and analyses, among other issues, current and future gas market designs as well as third-party access (TPA), unbundling, gas pricing and pipeline tariff setting regulation.
Cross-border Islamic financing in focus for Kazakhstan
In 2009, Kazakhstan was the first county of the Commonwealth of Independent States (CIS) to introduce Islamic banking and Islamic securities. Still, however, little progress has been made in terms of the development of the Islamic finance industry, apparently because of inherent deficiencies in the Kazakh law which has civil law jurisdiction and does not recognize many international legal concepts.
Lack of political will threatens Kazakhstan’s gas sector reforms
Kazakhstan’s gas sector has vast potential as recoverable gas reserves in Kazakhstan are approved at the level of 3.9 trillion cubic meters, about 1.7% of the world’s gas reserves. A significant part of natural gas resources is concentrated in western regions of Kazakhstan, whereas the biggest and most promising export market for Kazakh natural gas is in the east — China.
Exemption on social payments from the wage-fund extended
In April 2020, the Government of the Republic of Kazakhstan adopted a number of measures to support taxpayers, including the exemption of some business entities from taxes and social payments from the wage-fund.
Alert. Enactment of the new rules on issue of accompanying notes was postponed
The enactment of the new rules on issue of accompanying notes was postponed for the fourth time.