ARTICLE · 27 JULY 2016

Legislation Alert - June 2016

Grant Thornton

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On March 28, 2016 the Revenue Committee of the Ministry of Finance published letter № NK-24/2470-I, with an outline of frequent tax violations made by oil and gas companies (further – the "Letter").

KazakhstanTax

Main amendments to the legislation

1. Ratification of the Convention for the avoidance of double taxation between the Republic of Kazakhstan (further – the "RoK") and Saudi Arabia

On June 16, 2016 Senate of the Parliament of the RoK at the plenary session approved the Law "On the 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").

As it was mentioned in previous tax alerts, the Convention and Protocol to Convention was signed in Astana on June 7, 2011.

The Convention provides, among others, the reduced withholding taxes on interest, dividends, royalty.

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