GRATA International in Azerbaijan held a webinar on: "Doing Business"
On February 3, 2022, the online webinar on Doing Business in Azerbaijan was held, which covered issues from the corporate, labor, migration and tax points of view of doing business.
Partners of GRATA International spoke at the Business Briefing on Doing Business in Kazakhstan
On November 22, 2021, at RIXOS Almaty, a Business Briefing on Doing Business in Kazakhstan, organized by the Wallonia Export & Investment Agency (AWEX), was held.
Investors will be granted a tax deferral in Uzbekistan
By the Decision of the President of the Republic of Uzbekistan “On improvement of mechanisms of tax deferral by domestic and foreign Investors” No.ПП-5274 dated from November 2, 2021 (the “Decision No.ПП-5274”), the business entities have been granted tax benefits in the form of a deferral.
Adoption of the Rules regarding implementation of Article 111.3 of the Tax Code
On September 22, 2021, the Cabinet of Ministers of the Republic of Azerbaijan (“CabMin”) adopted Resolution #276 on approval of the Rules “On deduction of amounts attributable to the creation of special reserve funds for taxation purposes” (“Rules”).
Tax and customs incentives for subsoil users in Uzbekistan
On 6 October 2021, the President of the Republic of Uzbekistan signed the Decree “On measures for further stimulation of geological exploration works and improvement of the taxation procedure of subsoil users” No.УП-6319 (the “Decree No.УП-6319”).
There have been adopted measures to improve the record keeping system of taxpayers in Uzbekistan
On September 22, 2021, there was adopted the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan “On measures to further improve the record keeping of taxpayers and simplify the procedure of refunding value added tax” No.529 (the “Resolution No.529”).
New framing for Holdings activities
Since April 10, 2021 the new Presidential Decree on Holdings activity is entering into force. It widens the powers of the Holding’s managing companies such as approval of business-plans on development of subsidiary companies.
Uzbekistan plans to reduce the VAT rate from 2023
In the Х Congress of the Liberal Democratic Party, the President of Uzbekistan, in his election programme, stated that the VAT rate would be reduced from 15% to 12%.
Uzbekistan provides new preferential conditions for the participants of SEZ
According to the Resolutionof the President “On measures to further support the participants in special economic zones” No.ПП-5243 dated September 14, 2021, it was established that in connection with the cancellation of income tax benefits for participants in special economic zones (the “SEZ”) from January 1, 2020, the unused part of these tax benefits will be fully applied for participants in SEZ included in the register of participants in SEZ as of October 1, 2020, for a period of 3 to 10 years from the date of their inclusion in the register based on the volume of investments they made.
New measures to support participants of special economic zones are adopted in Uzbekistan
There was adopted the Resolution the President of the Republic of Uzbekistan “On measures to further support the participants of special economic zones” No.ПП-5243 (the “Resolution No.ПП-5243”) dated September 14, 2021.
On July 23, 2021 was adopted a Law of the Republic of Azerbaijan dated July 9, 2021 #360-VIQD on making Amendments
On July 23, 2021 was adopted a Law of the Republic of Azerbaijan dated July 9, 2021 #360-VIQD On making Amendments to the Labor Code, Civil Procedural Code, Family Code, Civil Code, Tax Code, Criminal Procedural Code, Administrative Procedural Code and Code on Administrative Offences, Law “On Social Insurance”, Law “On Health Insurance”, Law “On State Duty”, Law “On Judicial-Legal Council” and the Law “On Administrative Proceedings”.
Change in taxation
When determining the tax base of income tax from individuals, income received in the form of insurance compensation and (or) insurance coverage in connection with the occurrence of insurance events under voluntary life insurance and voluntary insurance of additional pensions concluded before January 1, 2021, for less than 3 years.