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.
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 article covers such sensitive topic as tax exemption of dividends distributed by a Kazakh company in address of its foreign shareholders (participants). In particular, the recent tendency in the approach of the Kazakh tax authorities adopted in this regard.
Alert. Agreement on Pension Coverage for Employees of the EEU Member States
On 1 January 2021, the Agreement on Pension Coverage of Employees of the Eurasian Economic Union Member States, ratified by the Republic of Kazakhstan on 7 December 2020 (hereinafter - “Agreement”), entered into force.
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