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Kazakhstan's Government continues its policy on attracting the local and foreign investors to develop country's rich mineral reserves. For coordinated working environment, except political stability, investment climate, investors also need well-developed and reasonable legal system.
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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.
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M & A transactions in Kazakhstan, as they are usually defined in
international practice, when two giant companies merge into one global firm,
do not take place in the country. Rather, it is a method of the entrance to
the Kazakhstan market of foreign corporations, which make it through the
purchase of a local company. Today, in connection with the development of
special economic zones that provide attractive tax and customs benefits, the
interest in the establishment of industrial production facilities there
increased. They are also carried out by M & A transactions.
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Kazakhstan's key industrial sectors are oil and gas, mining, electricity,
transport and communications, chemicals and pharmaceuticals. These sectors
were recognised as development priorities in the Government Programme for
Accelerated Industrial-Innovative Development (2010 – 2014) (the
"Programme"), the aim of which is to diversify the Kazakh economy and
modernise industry. Therefore, in 2012, the major changes to the gas sector
in Kazakhstan were a result of the Law on Gas and Gas Supply (the "Law on
Gas") and appointment of KazTransGas JSC as the sole national operator.
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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
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This article is prepared by Yessen Massalin, Head of Corporate practice. For further information please email to yessen@olympex.kz
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In this issue we would like to draw your attention to the review of significant changes
regarding Customs Union and Single Economic Area.
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Hereby we inform you Article 22-1 of Law of the Republic of Kazakhstan No. 461-II dated 2 July 2003
"On securities market" was amended effective from 1 February 2012.
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Ministry of Oil and Gas for the first time to impose the
fines on the companies which are in breach of local content requirements.
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In this issue we would like to draw your attention to recent amendment to the licensing rules.
