Note on the Law of the Republic of Uzbekistan “On International Commercial Arbitration”
On February 16, 2021 President of the Republic of Uzbekistan has approved the Law “On International Commercial Arbitration” (hereinafter – the “Law”). As a result, Uzbekistan became 85th country and 118th jurisdiction to enact legislation based on the Model Law of the United Nations Commission on International Trade Law(UNCITRAL) on International commercial arbitration (hereinafter – the “UNCITRAL Model Law”). The Law was approved by the UNCITRAL.
Legal Alert: Amendment to the law of Mongolia on banking
The State Great Khural (the Parliament) of Mongolia approved a draft of a law on amendment to the Law on Banking on its regular meeting on 28 January 2021. The law includes the following key changes.
Investment Tax Credit
On 1 January 2021, a number of changes in the tax legislation came into force , which are aimed at improving the investment climate. One of thу important changes is the introduction of provisions on an investment tax credit granted to taxpayers (hereinafter - the ‘ITC’).
This is to inform you that on 19 December 2020, the Law of the Republic of Kazakhstan ‘On the Introduction of the Amendments to Some Legislative Acts of the Republic of Kazakhstan on outstaffing services’ (hereinafter – the ‘Law’). Pursuant to the Law, the Labour Code of the Republic of Kazakhstan
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.