Empowerment of the State Revenue Committee
As of today, state revenue authorities use the National Bank's information system for conducting currency control. However, there are plans to develop a separate information system specifically for them
Mandatory "assets and liabilities" declaration from 2024 for executives, business owners and their spouses
From January 2024, the III stage of universal declaration in the Republic of Kazakhstan will be introduced, within the framework of which "Declaration of assets and liabilities" must be submitted by managers, founders (participants) of legal entities, individual entrepreneurs, as well as their spouses.
Client alert of GRATA International Azerbaijan
A draft law containing amendments to the Law «On Road Transportation» providing for certain provisions in the regulation of taxi operations, as well as draft laws «On Public Procurement» and «On Payment Services and Payment Systems» are currently under consideration of the Parliament of the Republic of Azerbaijan.
The information herein is based on theoretical and practical information available as of April 2023. The content of this publication is intended for foreign businessmen and companies seeking to do business in the Republic of Kazakhstan. In particular, the brochure allows you to learn about the main forms of doing business in Kazakhstan, including a detailed comparison table of such forms, information on the tax structure, bankruptcy, and it also provides answers to the frequently asked questions for starting and doing business in Kazakhstan. Please note, however, that the legislation in the Republic of Kazakhstan is subject to frequent changes.
Tremendous mineral reserves, agricultural endowments, and proximity to Asia’s vast markets make Mongolia an attractive destination for medium to long-term foreign direct investment (FDI). The Gross Domestic Product (GDP) in Mongolia is worth 10.4 billion US dollars as of September 2021 according to the national statistics of Mongolia.
Legal Alert: Relevant procedures for virtual asset service providers have been approved
In October 2019, Mongolia was placed on the list (by the International Organization for Financial Action Task Force (FATF)) of countries having strategic deficiencies in their regimes to combat money laundering, terrorist financing, and the financing of the proliferation of weapons of mass destruction. 1 year later in October 2020, it was successfully removed from the list.
US sanctions in the context of Russia's invasion of Ukraine
As a result of Russia's invasion of Ukraine, the U.S., E.U., U.K. and their allies have implemented a broad array of sanctions and other economic measures intended to impose on Russia and its allies. The sanctions are intended to further increase the costs to Russia of prosecuting the war in Ukraine by cutting Russian acres to foreign revenue, services that could be used to evade sanctions, and finished goods and inputs used by Russian industry for military purposes.
The six packages of sanctions imposed by EU on Russian Federation
One of the instruments the EU is using to bring about changes and expert pressure on Russia to stop its military attack on Ukraine are sanctions. Sanctions are instruments of foreign policy and are based on Article 29 of the Treaty of the European Union.
The Decree of the President of the Russian Federation No. 81 of March 1, 2022 came into force "On additional temporary economic measures to ensure the financial stability of the Russian Federation"
Since March 2, 2022, additional temporary economic measures have been in effect to ensure the financial stability of the Russian Federation.
Recent updates on the Stock Corporation Act in Switzerland
From January 1, 2023, more flexible formation and capital regulations will apply to stock corporations. At its meeting on February 2, 2022, the Swiss Federal Council enacted the corresponding amendments to the Code of Obligations (CO) and the Commercial Registry Ordinance (HRegV).
Amendments to the law of Mongolia on investment
On the plenary session of the State Great Khural (the Parliament) dated October 7, 2021, the draft law on amending the Investment Law submitted by MP Kh.Gankhuyag was discussed and 51.9 percent of the members who participated at the plenary session voted in favor and transferred to the Standing Committee on Economic Affairs to prepare for the first discussion.
Kazakhstan Data Breach
Data protection in Kazakhstan is mainly regulated by the Law of 21 May 2013 No. 94-V ZRK on Personal Data and its Protection ('the Personal Data Law'), Law of 24 November 2015 No. 418-V on Informatisation ('the Informatisation Law') and relevant subsidiary laws.