The sale and purchase of oil and gas or mining companies are one of the most complex transactions. There are many nuances in checking the acquired asset, obtaining transaction permits from state authorities, and taxation aspects.
It is unquestionably common knowledge that people with disabilities need special approach and special attitude as a vulnerable category of the population.
Economic globalization and increasing number of cross-border transactions bring forth the objective need for contract documents unification. In the construction domain, this is resolved through FIDIC model contracts representing standardized forms of contracts for diverse construction operations.
Kazakhstan legislation is fairly advanced and recent taxation initiatives for both corporate income and personal income demonstrate that Kazakhstan is in many ways ahead of other post-Soviet countries. For instance, the concept of taxation of income of foreigners at the level of the host local company acting as a tax agent in relation to income tax even for income paid outside Kazakhstan is widely developed in Kazakhstan.
The Position of the Tax Authorities Prevents the Transition to the Terms of a Standard Contract for Subsoil Use#2 (116), April 2019
After the adoption of the new Code "On subsoil and subsoil use" (Code), subsoil users have the opportunity to update their obligations by switching to a standard subsoil use contract (SC). But they are in no hurry to do so because of the uncertainty of taxation.
Effective from 8 June 2018, Kazakhstan introduces a revised procedure for exercising state control and supervision over businesses' compliance with the local legislation requirements.
The amendments are mostly intended to more extensively use preventive measures, without instituting administrative proceedings. The list of the areas of activities subject to control has been reduced (leaving out 20 areas of activities out of 114 and 108 controlling functions of governmental agencies out of 544). The Administrative Code of the Republic of Kazakhstan no longer contains 47 articles previously providing for administrative liability of businessmen.
All permits in oil and gas industry may be conditionally divided into 2 major types: (а) contract or license for exploration and production of hydrocarbons and (b) permissions for activity and facilities related to exploration and production of hydrocarbons.
The legislation on subsoil and subsoil use of the independent Kazakhstan has been forming from the first days of the Republic proclamation, and has a storied history by now. Regulations at the level of laws and Presidential edicts were repeatedly interchanging, being complemented by subordinate legislative acts of different legal force.
Gulnar Bokpayeva, Senior Manager, Tax & Law Services, Corporate Tax, EY
In summer 2015, the Concept of the Code of the Republic of Kazakhstan "On Subsoil and Subsoil Use" (hereinafter, the Concept) was approved in Kazakhstan and it was resolved to draft and adopt the Code. According to the Legislative Drafting Plan for 2017, the Draft Code (hereinafter, the Code or Draft) is to the submitted to the Parliament in September 2017. The Subsoil Code is expected to enter into force from 1 July 2018.
Modern trends of judicial practice on the most common individual labor disputes. Permanent and temporary transfers.
Labor relations are relations between an employee and an employer arising in the exercise of rights and obligations stipulated by the labor legislation of the Republic of Kazakhstan, agreements, labor, collective agreements and internal acts of the employer.
To Work in Kazakhstan. Legal Aspects of Receiving Invitation for Foreign Workers and Their Families in the Republic of Kazakhstan#6 (102), December 2016 special issue
Entering the territory of the Republic of Kazakhstan requires foreign citizens to hold a valid visa for the time of entry, and to acquire visa foreign citizen should hold an invitation from the citizen or the legal entity of the Republic of Kazakhstan.
The procedure of issuing visa is governed by the “Rules on issuing visas in Republic of Kazakhstan, including extension and reduction of its terms” enforced by Joint order of Minister of Internal affairs No. 175 on March 07, 2013 and Deputy Minister of Foreign Affairs No. 08-1-1-1/1 on March 05, 2013 (hereinafter – Rules on issuing visas).
The government has developed a new Tax and Custom code project.
According to Ministry of Energy of Kazakhstan 36 out of 60 oil producing companies of the country have closed 2015 Y with minus. Though the oil price situation has become better in comparison previous year, the sector which is appeared to be the main budget contributor and source of revenue to National fund, is needed in government support actions.
Foreign Legal Entities Engaging in the Licensed Subsoil Use Activities in Kazakhstan: Legal Opportunities vs. Practical Challenges#5 (101), October 2016
Following the general legislative trend towards improving the investment climate and creating favorable regulatory background for foreign businessmen, the licensing legislation has also been changing over the past several years. For instance, on 16 May 2014 Kazakhstan adopted its Law "On Permits and Notifications" (hereinafter, the Permit Law or the Law), putting it into effect starting 20 November 2014.
As business globalizes and Kazakhstan joins the WTO, secondment and other forms of leased labor are going increasingly popular. Leased labor gives companies a number of notable advantages. Using leased labor, the host (receiving) company can cut its staff number, payroll taxes and the costs of opening offices in the regions and focus resources on its core business, outsourcing certain operations that are non-core for the company.