Legislation Alert - May 2016

Main amendments to the legislation

1. Regarding ratification of the Agreement on promotion and mutual protection of concluded investments between the Republic of Kazakhstan (further - the "RoK") and Macedonia

   On May 16, 2016 the President of the RoK has signed the Law of the RoK "On ratification of the Agreement between the Government of the RoK and Government of Macedonia on mutual promotion and protection of investments" (further - the "Law").

   The Law provides a number of provisions and updates on investment terms taking into account common interests and capabilities of the parties of the agreement.

   Additionally, the Law contains provisions governing procedure of formation of the international Arbitration court which isorganized to settle disputes between the states.

   Currently, the text of the Law has not been published yet.

2. Regarding ratification of the Convention for the avoidance of double taxation between the RoK and Saudi Arabia

   On May 18, 2016 Majilis of the Parliament of the RoK at the plenary session approved the Draft Law "On ratification of the Convention between the Government of the RoK and the Government of the Kingdom of Saudi Arabia for the avoidance of double taxation and prevention of fiscal evasion and the Protocol to the Convention" (further - the "Convention").

   The Convention, which aims to strengthen and expantion of economic cooperation between the states, will allow to eliminating double taxation on incomes of legal entities and private individuals of the two states.

   Additionally, the Convention stipulates the solution to the issue of tax evasion through information interchange on tax matters between the authorized bodies of both states.

   It shall be noted, that the Convention itself and Protocol to the Convention were signed in Astana on June 7, 2011.

3. Regarding approval of tax declaration forms and its filing rules

   State Revenue Committee of the RoK (further - "SRC of the RoK") has made changes to the Order of the Ministry of Finance of the RoK №587 dated December 25, 2014 "On approval of tax declaration forms and its' filing rules" (further - the "Changes").

   Such, according to the Changes, the following tax declaration forms were updated: 100.00, 150.00, 200.00, 220.00, 230.00...