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There is no doubt that Kazakhstan needs new economic drivers to facilitate the launch of innovative new businesses, to disrupt conventional industries and to transform intellectual capital into innovative start-ups.

This Law determines legal conditions of concession, types of state support of concessionaire and regulates social relations arising during conclusion, execution and termination of concession agreements.

Although the Kazakhstan securities market is the most developed in Central Asia, its development has been slow compared to the country’s banking sector.

On 29 July 2018 several Federals Laws were signed off amending the Federal Law 'On Currency Regulation and Currency Control' as follows:

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.

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%.

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.