Regulation for regulatory sandbox
The whole process of introduction of financial services based on technological innovation to the financial market is called Fintech. Upon the introduction of new products and services to the market with the help of Fintech, financial institutes become able to conduct a wider range of activities at a lower expense.
Domestic gas market regulatory reform
On 26 January 2021 Kazakhstan’s President, Kassym-Jomart Tokayev, held an Extended Session of the Government at which he stated that the domestic natural gas market is still over-regulated, which hinders increasing the resource base, investment in geological exploration, and construction of gas processing facilities.
Legal Alert: Temporary procedure for determination of level of the Covid-19 pandemic
The Government of Mongolia has approved a “Temporary Procedure for Determination of the Level of COVID-19 Pandemic and Regulation of Activities of Government organizations, Individuals and Legal Entities” on 21 February 2021.
Special Retail Tax Regime of 3%
From 1 January 2021, a number of changes provided for by the Law come into force. Thus, a new Chapter 77-1 of the Tax Code entered into force, which contains provisions on the application of the special retail tax regime (SRTR), which will be an alternative to CIT or IIT for businessmen.
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.