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.
Alert. Enactment of the new rules on issue of accompanying notes was postponed
The enactment of the new rules on issue of accompanying notes was postponed for the fourth time.
Legal Alert: Amendments to Laws
In connection with the COVID-19 pandemic, and in order to support individuals and business entities and reduce the negative impact of the pandemic (1) the law on the exemption from social insurance premiums and support from the Unemployment Insurance Fund and (2) the law on tax relief and exemption from corporate income tax was adopted on 9, April 2020. These laws were amended on 28, August 2020.
Registration of ultimate beneficial owner information
Financial Action Task Force (FATF) announced that Mongolia included in the FATF grey list considering as a favorable country for supporting money laundering and terrorism financing on 18 October, 2019.
Russia denounced agreement for avoidance of double taxation with Cyprus
Implementing the instruction of the President of the Russian Federation on the adjustment of agreements to avoid double taxation (AADT) the Ministry of Finance of Russia held talks with the Ministry of Finance of Cyprus, but the agreement never came.
MONGOLIA: Approval of package laws on exemption and credit of Tax and Social insurance premium during Covid19
Approval of package laws on exemption and credit of Tax and Social insurance premium during Covid19
The brochure provides you with the comprehensive information about the main forms of doing business in Kazakhstan, including a detailed comparison table of such forms, information on the tax structure, bankruptcy, PPP and frequently asked questions for starting and doing business in Kazakhstan.
ALERT of the amendments to the Regulatory ruling of the Supreme Court of the Republic of Kazakhstan on tax legislation
The Supreme Court of the Republic of Kazakhstan drafted the amendments to the Regulatory ruling ‘On judicial practice on application of tax legislation’ dated 29 June 2017 No. 4. The amendments affected the provisions on recognition of transactions as invalid on the basis of the claims from the state revenue authorities.
Additional Measures to Support Taxpayers in a view of Imposing the State of Emergency in Kazakhstan
On 20 April 2020 the Government of the Republic of Kazakhstan adopted the Resolution introducing additional measures to support taxpayers
Enactment of the new rules on issue of accompanying notes was postponed
The Order of the First deputy of the Prime-Minister of the Republic of Kazakhstan – the Minister of finance of the Republic of Kazakhstan dated 13 April 2020 No. 379 “On amendment of the order of the First deputy of the Prime-Minister of the Republic of Kazakhstan – the Minister of finance of the Republic of Kazakhstan dated 26 December 2019 No. 1424 “On approval of the List of goods subject to accompanying notes issue as well as the Rules on their issue and circulation” (hereinafter – the ‘Order’) was published on 15 March 2020.