Amendments to the law of Mongolia on investment
On the plenary session of the State Great Khural (the Parliament) dated October 7, 2021, the draft law on amending the Investment Law submitted by MP Kh.Gankhuyag was discussed and 51.9 percent of the members who participated at the plenary session voted in favor and transferred to the Standing Committee on Economic Affairs to prepare for the first discussion.
Kazakhstan. Forthcoming Amendments to VAT/GST
for Electronically Supplied Goods and Services
Almost a year ago, Kazakhstan introduced VAT which the foreign companies should pay for goods and services supplied electronically to individuals in Kazakhstan.
Offshore tax in Kazakhstan: from calculation to payment
This article provides a brief overview of the essence and the payment procedure of the so-called offshore tax in Kazakhstan.
Offshore tax in Belarus: from calculation to payment
Working with companies from offshore zones provides additional obligations for Belarusian counterparties and requires certain control.
An offshore zone, for taxation purposes in Belarus, is recognized as a state (territory) that has a preferential tax regime and (or) does not provide for the disclosure and provision of information on financial transactions.
An offshore zone, for taxation purposes in Belarus, is recognized as a state (territory) that has a preferential tax regime and (or) does not provide for the disclosure and provision of information on financial transactions.
Offshore tax in Belarus and Kazakhstan: from calculation to payment
When dealing with foreign markets, companies interact with companies from different territories, including those from offshore jurisdictions. Many countries have approved their own list of such zones.
A minimal price for certain types of imported goods
is set for the purposes of VAT and excise tax calculation
A minimal price for certain types of imported goods is set for the purposes of VAT and excise tax calculation.
Thus, on 27 September 2021 a draft of the Order of the Minister of trade and integration of the Republic of Kazakhstan "On approval of the application rules on minimal price level for certain types of goods, imported from the member-states of the Eurasian economic union to the Republic of Kazakhstan, for the purposes of cost determination in respect of the purchased goods" (hereinafter – the “Rules”) was published on the website of the Ministry of trade and integration of Kazakhstan.
Thus, on 27 September 2021 a draft of the Order of the Minister of trade and integration of the Republic of Kazakhstan "On approval of the application rules on minimal price level for certain types of goods, imported from the member-states of the Eurasian economic union to the Republic of Kazakhstan, for the purposes of cost determination in respect of the purchased goods" (hereinafter – the “Rules”) was published on the website of the Ministry of trade and integration of Kazakhstan.
ALERT. Extended producer/importer responsibility
At present, a draft of the new rules on implementation of extended producer/importer obligations (hereinafter - the "New Rules"), which, presumably, will replace the existing ones (hereinafter - the "Current Rules"), is under public discussion.
A Primer into corporate taxation in Tajikistan
Taxes are among the most difficult issues in any country of the world, and Tajikistan is no exception. Navigating through and understanding the Tax Code of Tajikistan (Tax Code) can prove to be a challenge due to the used language (it can be rather vague) and terminology (it is rather heavy). That leaves a room for tax authorities to provide their interpretation, which, as expected, will be beneficial for the state and not to the taxpayer.
Regulation to prevent and combat the spread COVID-19 and to reduce its negative social and economic impact
The Law on Prevention and Combating the of Coronavirus Infection (Covid-19) and Mitigation of its Social and Economic Impacts was approved on April 29, 2020 and shall be effective until December 31, 2021.
Kazakh Approach to the VAT/GST for Electronically Supplied Goods and Services
In January 2022, Kazakhstan introduces the obligation on the VAT payment by foreign companies that are engaged in e-commerce with goods or provide e-services to individuals. The Law, dated 10 December 2020, No. 382-VI supplemented the Code of the Republic of Kazakhstan ‘On Taxes and Other Obligatory Payments to the Budget’ (hereinafter - the ‘Tax Code’)’ with a new ‘Section 25. Features of Taxation of Foreign Companies When Engaging in E-Commerce with Goods, Providing E-Services to Individuals’.
The legal regulation of cryptocurrency and digital mining in Kazakhstan
Today, cryptocurrency and digital mining are attracting more interest from investors. At the same time, digital mining is expensive and risky business, which has become complicated by the different approaches of states to the legal regulation in this industry. Therefore, investors need to learn the project’s costs and choose a profitable jurisdiction for the implementation of their projects.
21.06.2021
The information herein is based on theoretical and practical information available as of April 2021. The content of this publication is intended for foreign businessmen and companies seeking to do business in the Republic of Kazakhstan.