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Press releases and law firm thought leadership

This page is dedicated to keeping readers informed of the latest news and thought leadership articles from law firms across the globe.

If your firm wishes to publish press releases or articles, please contact Shehab Khurshid on +44 (0) 207 396 5689 or shehab.khurshid@legalease.co.uk

 

Legal Developments Worldwide

Articles contributed by Olympex Advisers

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Court Practice and Tax Risks for Subsurface Users in Kazakhstan

February 2013 - Tax & Private Client. Legal Developments by Olympex Advisers.

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The tax legislation is one of the most dynamically developing areas of law in Kazakhstan. Since the beginning of its formation the taxation system has suffered numerous changes due to both the continuous process of simplification and improvement of administrative procedures, elimination of gaps and ambiguities, the need to regulate new activities, encouragement of the development of certain sectors, and the fundamental change of conditions of taxation and codification of legislation.

Obligation to have Committees within the Board of Directors of Kazakhstan Joint-Stock Companies

February 2013 - Corporate & Commercial. Legal Developments by Olympex Advisers.

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Pursuant to the Law of Kazakhstan «Concerning Introduction of Amendments and Modifications in Certain Legislative Acts of the Republic of Kazakhstan Regulating Banking Activity and Financial Organisations with respect to Risk Minimisation» dated 28 December 2011 (the «Law of 28/12/2011») a number of amendments were made to the joint-stock company legislation, including Article 53-1 of the Law of Kazakhstan «On Joint-Stock Companies» (the «JSC Law»), which regulates the creation and proceedings of the committees of the board of directors:

Overview of Legislation concerning the State Support of Industrial and Innovation Activities

October 2012 - Projects, Energy & Natural Resources . Legal Developments by Olympex Advisers.

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This article is prepared by Miran Maulenov, Cand. Sc Law, Managing Partner of Olympex Advisers LLP. For further information please email to Miran.Maulenov@olympex.kz

Our company continues to keep you informed about the recent important developments in the legislation of the Republic of Kazakhstan.

Apart from subsurface users, this article will also be of interest to other companies engaged in implementing investment projects or intending to invest in the territory of the Republic of Kazakhstan.

Speaking about the domestic investment climate, it should be noted that Kazakhstan improves its positions from year to year, ranking currently 47th by 2012 Doing Business (e.g. Russia is 120th), and 36th by the International Institute of Management Development (Russia is 49th).

Such high performance indicators have been achieved due to the timely decision made by the Head of the State to promote modernization and diversification of the Kazakhstan economy, which served as basis for the adoption of the Sate Programme of Forced Industrial and Innovation Development of the Republic of Kazakhstan in 2011- 2014.

On 9 January 2012, for the purpose of implementation of the above programme, the following laws were enacted: "On the State Support of Industrial and Innovation Activities" and "On Introduction of Amendments into Certain Legislative Enactments Concerning the State Support of Industrial and Innovation Activities", which contain new instruments of support and preferences both for local and foreign investors.

In this article we have attempted to cover the most important and key provisions of these laws in the drafting of which our company's experts were directly involved.

Transfer of the subsoil use right in Kazakhstan: risks and recommendations overview

September 2012 - Projects, Energy & Natural Resources . Legal Developments by Olympex Advisers.

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This article is prepared by Yessen Massalin, Head of Corporate practice. For further information please email to yessen@olympex.kz 

The article analyses the main requirements established by the Subsoil Use Law 2010 in regard to transfer of the subsoil use rights in Kazakhstan. At the same time, a comparison analysis has been done with respect to the previous law that reveals some advantages and complications of the new law while transferring of the subsoil use tights. The article also focuses on exemptions available under Subsoil Use Law that allow for subsoil users to sell the subsoil use right in Kazakhstan without state consent and obtaining waiver of the state priority right.