Category: Kazakhstan
Cyprus: Double Tax Treaty Between Cyprus And Kazakhstan Ratified; Will Enter Into Force 2021
Cyprus and Kazakhstan sign double taxation agreement with one another. ... - Continue reading
Kazakhstan to accede to convention against tax evasion
Kazakhstan will accede to the Convention on Mutual Administrative Assistance in Tax Matters. ... - Continue reading
An Overview of Taxation on Nonresident Individuals in Kazakhstan
Individuals not resident in Kazakhstan are subject to taxation on certain Kazakhstan-source income. ... - Continue reading
Cyprus aims to become the bridge between Kazakhstan and Europe
Services sector professionals in Cyprus are monitoring Kazakhstan’s emerging market economy for some time now and they have set an ambitious goal. This is no other than turning the Mediterranean island into the bridge between the booming Central Asia country and Europe. This is what Costas Markides of KPMG Cyprus… – Continue reading
Cyprus: Cyprus–Kazakhstan First-Time Double Tax Treaty: Cyprus Ratifies
On 24 May 2019, Cyprus ratified the first-time double tax treaty it had signed with Kazakhstan on 15 May 2019 (the DTT). Certain legal procedures now need to take place in both states following which the DTT will ‘enter into force’. The DTT will be ‘in effect’ as from the… – Continue reading
Cyprus and Kazakhstan sign Double Taxation Convention
The Republic of Cyprus and Kazakhstan signed on Wednesday a Convention for the Avoidance of Double Taxation and for the combating of Tax Evasion with respect to taxes on income. According to a press release issued by the Public Information Office, the Convention was signed in Nursultan, Kazakhstan, by the… – Continue reading
Kazakhstan ratifies protocol amending double taxation avoidance deal with Uzbekistan
President of Kazakhstan Nursultan Nazarbayev has signed the law on ratification of the protocol between Kazakhstan and Uzbekistan on avoidance of double taxation of incomes, the press service of the head of state reported Sept. 18. “The head of state has signed the law of the Republic of Kazakhstan “On… – Continue reading
Russian Finance Ministry Considering Abolishing VAT on Gold
MOSCOW (Sputnik) – Russian Finance Ministry is considering complete abolition of value added tax (VAT) on gold, believing that this measure will help to return the capital worth tens of billions of rubles to the country, Deputy Finance Minister Alexey Moiseev told Sputnik on Thursday. “We receive appeals, including from… – Continue reading
Foreign Investors Council focuses on modernisation efforts
ASTANA – The 31st plenary session of Kazakhstan’s Foreign Investors’ Council themed “Accelerated modernisation” discussed digital transformation, new technologies and prospects for further economic growth at a June 6 meeting here. Kazakh President Nursultan Nazarbayev briefed the session on Kazakhstan’s efforts to ensure the stability of the national economy in… – Continue reading
Kazakhstan May Ban Cryptocurrencies Citing Money-Laundering Concerns
Kazakhstan’s National Bank is considering banning cryptocurrency use, exchanges, and mining, saying virtual currencies are an ideal vehicle for fraud, money-laundering, and tax evasion. “In Kazakhstan, the National Bank is taking a very conservative approach toward the matter, and it welcomes nothing but extremely tough restrictions,” Daniyar Akishev, the chairman… – Continue reading
Kazakhstan ratifies double taxation protocol with Belarus
ASTANA, 29 March (BelTA-Kazinform) – The Senate (upper house) of the Parliament of Kazakhstan passed the law on the ratification of the protocol between the Government of the Republic of Kazakhstan and the Government of the Republic of Belarus on amendments and additions to the agreement on the avoidance of… – Continue reading
Kazakhstan ratifies amendments to double taxation convention with India
ASTANA. KAZINFORM Kazakhstan has ratified the Protocol between the Governments of Kazakhstan and India on introducing amendments to the Convention on the avoidance of double taxation, the press service of Akorda reports. Head of State Nursultan Nazarbayev signed the Law of the Republic of Kazakhstan “On Ratification of the Protocol… – Continue reading
Kazakhstan: President Demands Return of Offshore Funds
Kazakhstan’s President Nursultan Nazarbayev has threatened companies stashing money abroad with ominous consequences unless they repatriate their funds, media reported. The president’s latest sally against the prevalent use of offshore banking accounts is, however, undermined by his own family’s predilection for salting away their riches overseas. Speaking on December 6… – Continue reading
Kazakhstan Signs FATCA Agreement with US
Kazakhstan and the United States have signed a Model 1 FATCA Intergovernmental Agreement (IGA), which will enable the automatic exchange of financial information on each country’s resident taxpayers to support tax enforcement efforts. The agreement was signed in Astana on September 11, 2017. Kazakh Minister of Finance Bakhyt Sultanov emphasized… – Continue reading
Three More Nations Commit To BEPS Minimum Standards
A further three countries have committed to participate in international base erosion and profit shifting discussions and implement minimum standards, under the OECD’s new “inclusive framework” for countries. The OECD confirmed on January 6 that the three territories are: Bermuda, Côte d’Ivoire, and Kazakhstan. This brings the total number of… – Continue reading
Gov’t keen to tax operations with offshore companies
Azerbaijan’s Taxes Minister Fazil Mammadov announced that operations with offshore companies are planned to be a subject of taxation in the country. Mammadov spoke about the changes to the Tax Code in a meeting of Azerbaijan’s parliamentary committee on economic affairs, industry and entrepreneurship. In tote, some 201 amendments and… – Continue reading
Kazakhstan Amends Its Tax Code
General On 30 November 2016, Kazakhstan adopted certain amendments to its Tax Code (the Tax Amendments). Most of the Tax Amendments take effect on 1 January 2017. Below we summarize some of the most important Tax Amendments: VAT Registration Threshold Under the Tax Amendments, the existing VAT registration threshold (i.e.,… – Continue reading
Kazakhstan ratifies convention with Saudi Arabia to avoid double taxation
Kazakhstan has ratified a Convention with Saudi Arabia on avoidance of double taxation. The agreement will create additional conditions for investment. The trade turnover between Kazakhstan and Saudi Arabia amounted to $268 million in the past 10 years, including $16 million in 2015. Refined copper and copper alloys are Kazakhstan… – Continue reading
Belarus, Kazakhstan update double taxation agreement
Belarus and Kazakhstan introduced amendments and additions to the intergovernmental double taxation agreement and thus updated the tax legislation, Belarus’ Taxes and Duties Minister Sergei Nalivaiko said after a ceremony to sign the protocol, BelTA has learned. The matter is about the protocol between the governments of Belarus and Kazakhstan… – Continue reading
Getting to the crux of Ncell buyout deal
CAN NEPAL IMPOSE CAPITAL GAINS TAX ON NCELL BUYOUT DEAL? This question has been making rounds ever since TeliaSonera, the largest shareholder in Nepali telecom operator, Ncell, announced its decision to sell 60.4 per cent of its stake in the telecom company to Malaysian giant, Axiata, for $1.03 billion. Divergent… – Continue reading
Anguilla Best Flat Tax Country for a Low Tax Lifestyle
Anguilla levies a 3% flat rate of personal income tax and is otherwise a tax haven with a stunning climate and amazing Carribean lifestyle Whilst there are various categories of flat tax, including marginal flat tax and Hall-Rabushka flat tax, in its simplest form flat tax is simply a rate… – Continue reading
Anguilla Best Flat Tax Country for a Low Tax Lifestyle
Whilst there are various categories of flat tax, including marginal flat tax and Hall-Rabushka flat tax, in its simplest form flat tax is simply a rate of tax that remains consistent with a constant marginal rate. What this means is, as an income tax payer in a country with such… – Continue reading
Two Little Known Tax Treaties Will Lead to Substantially More Identity Theft, Crime, Industrial Espionage, and Suppression of Political Dissidents
The Protocol amending the Multilateral Convention on Mutual Administrative Assistance in Tax Matters will lead to substantially more transnational identity theft, crime, industrial espionage, financial fraud, and the suppression of political opponents and religious or ethnic minorities by authoritarian and corrupt governments. It puts Americans’ private financial information at risk…. – Continue reading
Double taxation avoidance
India and Korea on December 9 agreed to suspend collection of taxes during the pendency of Mutual Agreement Procedure (MAP). This MoU will relieve the burden of double taxation for the taxpayer in both the countries. Two days later, India and Japan signed a protocol for amending the existing convention,… – Continue reading
Europe’s money-laundering machine: still spinning
When the first flames of the Arab Spring began to burn, a Tunisia suffering from decades of mismanagement, inequality and abuse broke free from under the long reign of Zine Al-Abidine Ben Ali. As the government fell and the turmoil in the country spread across the region, the sheer scale… – Continue reading
HMRC publishes a policy paper setting out planned negotiations on DTAs and TIEAs
On November 13, 2015 the UK HM Revenue & Customs (HMRC) published a policy paper setting out planned negotiations on Double Taxation Agreements (DTAs) and Tax Information Exchange Agreements (TIEAs). According to the policy paper HMRC will begin negotiations on double taxation agreements with: • Nepal • Romania • Trinidad… – Continue reading
UK: The Use Of UK Holding Companies In International Group Structures
The location of a holding company is a significant consideration in any international corporate structure. Choice of jurisdiction for a group holding company (‘Holdco’) is relevant both from the point of view of tax optimisation (maximising withholding tax free dividend, interest and royalty flow up through the group and minimising… – Continue reading
Chevron tax filings challenged by US tax authorities, report says
Chevron’s tax filings face repeated challenges from the United States and other global tax authorities, according to a new union-backed report that calls on world governments to crack down on the energy giant’s alleged profit-shifting tactics. The world’s largest trade union body, the International Trade Union Confederation (ITUC), has called… – Continue reading
Malta – the optimum choice for private equity
Malta provides an outstanding opportunity for private equity and venture capital managers. It has a flexible LP structure, an extensive network of double tax treaties, a favourable local tax regime and experienced service providers who can provide a cost-effective solution,” comments Felicity Cole (pictured), Head of the Funds Department at… – Continue reading
Luxembourg performs poorly in anti-money laundering index
In an assessment of money laundering and terrorism financing risks, Luxembourg scored in the bottom half of a ranking of 152 countries carried out by the Basel Institute on Governance, reports the Luxemburger Wort. The institute says that its AML (Anti-Money Laundering) Index is the only such review carried out… – Continue reading
New Russian CFC Rules Will Impact Inbound U.S. Tax Planning
According to recent estimates, the number of wealthy Russians investing in the United States ballooned in 2014 as a result of political turmoil and a disintegrating ruble causing Russians to seek a safe haven for their wealth abroad. The amount of private net capital flowing out of Russia hit $120… – Continue reading
Luxembourg: Luxembourg’s Direct Tax Administration Publishes Circular On Residency Certificates For Funds
Luxembourg’s Direct Tax Administration has published a circular on February 12 clarifying issues relating to residency certificates for Luxembourg funds. These are applicable to both UCITS and non-UCITS funds regulated by Luxembourg’s investment fund legislation of December 17, 2010, which transposed the UCITS IV Directive, as well as Specialised Investment… – Continue reading
Mukhtar Ablyazov’s role in the world’s fight against money laundering
Except for a few family members and a dwindling number of those who consider him a dissident, most people who have followed the Mukhtar Ablyazov story have nothing good to say about him. They see him as an embezzler, swindler and con man par excellence – a guy whose theft… – Continue reading
President ratifies agr’t with Macedonia on double taxation avoidance
ASTANA. KAZINFORM – Kazakh President Nursultan Nazarbayev has signed the law “On ratification of the Agreement between the Government of the Republic of Kazakhstan and the Government of the Republic of Macedonia for the avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income”, Akorda… – Continue reading
Security key to sustainable development, says Cabinet
RIYADH — The Council of Ministers on Monday renewed its commitment to strengthen human rights and their protection, saying that it is part of the Kingdom’s firm approach that is derived from the Islamic Shariah. Custodian of the Two Holy Mosques King Salman chaired the Cabinet’s weekly session at Al-Yamamah… – Continue reading
LEGAL ALERT ON KAZAKHSTAN BANKS M&A
Under Kazakhstan law, generally, both resident and non-resident legal entities may own shares in a Kazakhstan bank. National Bank Pre-Transaction Consent. Generally, there are two thresholds entailing the necessity to obtain the National Bank of Kazakhstan (the ‘NBK’) (financial regulator) pre-transaction consent: (i) “large participant”, whereby an entity controls ≥10%… – Continue reading
Kazakhstan’s Majilis ratifies double tax treaty between Kazakhstan and Qatar
Majilis, a lower chamber of Kazakhstan’s Parliament has ratified the Agreement to Avoid Double Taxation between Kazakhstan and Qatar, Tengrinews reports citing Bnews.kz. Double taxation occurs when tax is levied by two or more jurisdictions on the same declared income in the case of income taxes, asset in the case… – Continue reading
Putin welcomes billionaires back to Russia – but will they come?
President Putin’s surprise amnesty allowing Russians with cash stashed abroad to bring it back home with no penalty may be a windfall, but then maybe not. The US, Mexico, Italy, Kazakhstan, and many others have tried it with varied success. When financial crises hit, governments have tried to reel in… – Continue reading
Senate of Parliament confirms protocol on termination of tax deal with Belarus
ASTANA. KAZINFORM – Senate’s plenary session has adopted the Law “On ratification of the Protocol between the Government of the Republic of Kazakhstan and the Government of the Republic of Belarus for the termination of the Agreement between the governments of the two states on the principles of indirect taxes… – Continue reading
Kazakhstan President Signs Law Ratifying Protocol to DTA with Singapore
July 4 — Kazakhstan’s President Nursultan Nazarbayev signed July 1 a law ratifying the protocol amending the agreement between Kazakhstan and Singapore on the avoidance of double taxation. The two countries signed a protocol April 9, 2013 to amend Article 25 of the double tax treaty to align provisions with the… – Continue reading
