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Uzbekistan: insurance market overview
Insurance functions as a tool to optimize financing process of recovery of the resources lost as a result of random events and by this insurance considerably decreases financial load to the budget of the state.
Changes in the Russian currency legislation: repatriation of funds granted to non-residents under loan agreements
On 14 April 2018, the changes to the Federal Law 'On Currency Regulation and Currency Control' (the 'Currency Regulation Law') and the Code of the Russian Federation 'On Administrative Offenses' introduced by Federal Law No. 64-FZ dated 3 April 2018 became effective, which provide for the obligation of Russian residents to repatriate to their accounts in Russian banks funds granted to non-residents under loan agreements and liability for a failure to perform this obligation.
New procedure for qualification of foreign financial instruments as securities in Russia
On 21 April 2018, the Instruction of the Central Bank of the Russian Federation No. 4561-u dated October 2017, which establishes a new procedure for qualifying foreign financial instruments that have been assigned with the security identification code (number) (ISIN code) and the international classification code of financial instruments (CFI code), as securities ('Procedure').
Can Kazakhstan tap Islamic Finance to become a regional Islamic Finance hub?
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.
Easy payment of “Google tax”, invoices for import of goods and other taxation changes
Edict No. 29 “On Taxation” signed by the head of state on 25 January 2018 has brought a number of new amendments
Tax on Google. Now in Belarus
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.
Bank Transfer under the new rules
On 29 January 2018 the Management Board of the National Bank introduced a number of changes to the Instruction on the bank transfer.
The refinancing rate reduced to 10.5%
On 14 February 2018 the refinancing rate of the National Bank was reduced from 11% and now stands at 10.5%.
Incentives for investors in Russia: 19 new territories of priority socio-economic development
On 16 March 2018, the Government of the Russian Federation adopted several decisions on the establishment of 19 new territories for priority socio-economic development (TPSED) in the following regions of Russia:
New state program on project financing in Russia
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').
Uzbekistan review - market opportunities 2018
Uzbek government continues its strive to transform country's legislation and make Uzbekistan more open to foreign investment and international trade.
Upcoming Changes in Foreign Exchange Legislation: branches of foreign companies’ settlements will be converted into Tenge
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.