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.
Legal Alert: Mongolia has shifted to public emergency readiness regime
The Government of Mongolia has decided to shift from Enhanced Readiness Regime to Public Emergency Readiness Regime nationwide for five days from 12 November to 17 November 2020 under the Decree No178 dated11 November, 2020 after a local citizen tested positive for coronavirus.
Lack of political will threatens Kazakhstan’s gas sector reforms
Kazakhstan’s gas sector has vast potential as recoverable gas reserves in Kazakhstan are approved at the level of 3.9 trillion cubic meters, about 1.7% of the world’s gas reserves. A significant part of natural gas resources is concentrated in western regions of Kazakhstan, whereas the biggest and most promising export market for Kazakh natural gas is in the east — China.
Procedure on income taxation for sold and transferred land titles
In accordance with Law of Mongolia on Corporate income taxation and Law of Mongolia on Personal income taxation, income from sold and transferred land titles including possession and use right by individual and legal entity is taxable. Under such legislations of Mongolia, methodology for assessing land possession and use rights and determining tax rates and the procedure on income taxation for sold and transferred land titles has approved by Resolution No 303 by the Minister of Finance dated 31 December 2019.
Exemption on social payments from the wage-fund extended
In April 2020, the Government of the Republic of Kazakhstan adopted a number of measures to support taxpayers, including the exemption of some business entities from taxes and social payments from the wage-fund.
Legal alert: Mongolia acceded to the Asia Pacific trade agreement
On 29 September 2020, Mongolia acceded to the Asia Pacific Trade Agreement (APTA) as its seventh member by depositing the instrument of accession after long negotiation and domestic procedures. Initially, Mongolia expressed its interest to join the APTA in 2009 . As prerequisite for the accession, it had conducted several negotiations with member countries (the People’s Republic of Bangladesh, the People’s Republic of China, the Republic of India, the Lao People’s Democratic Republic, the Republic of Korea, and the Democratic Socialist Republic of Sri Lanka), as well as adopted the Law on Ratification of Asia Pacific Trade Agreement on 12, December 2019 . The Agreement will be effective from 1 January 2021.