Tracing Beneficial 📃 Ownership 🕴️

The Milli Maclis passed the bill of amendments at first reading on 7 March 2025 – the amendments introducing virtual assets as a taxable object under the Tax Code also aim tracing beneficial ownership.

Under the bill, Law No. 560-IIQ, On State Registration of Entities and State Registry, dated 12 December 2003, will have the concept of:

• a beneficial owner, an individual who ultimately owns or controls an entity, benefits from transactions or agreements, or exercises effective control thereof, including:
  (i) an individual holding, directly or indirectly, at least ten percent of a charter capital or voting rights, or exerting significant influence over decisions, of an entity, (ii) an individual who exercises control of an entity in any other way, or (iii) if none can be identified, a manager of an entity; and