Legislative News

This Client Update includes amendments to the legislation of the Republic of Kazakhstan in June 2012.

The legal acts, introduced in June 2012, concern both public and private interest.

We would like to draw your attention to some of them:

APPEAL OF COURT DECISIONS

Amendments to Civil Procedural Code are effective from 1 July 2012. These amendments mostly concern the procedure of appeal of court decisions.

In particular, new rules establish that the decision of appeal court comes into legal force form the date of announcement.

Cassation appeal shall be filed within 6 months from the date of coming into force of appealed decision, i.e. from the date of announcement of the decision of the court of appeal or expiration of appealing period of the decision of court of first instance.

Requirement for supervisory appealing is that court decisions may be reviewed only upon following the cassation procedure of appeal, i.e. if the court participant missed the appeal period for cassation, then, court participant may not submit a supervisory claim to the Supreme Court.

Procedural amendments:

• the court participants will receive court notifications by SMS or by e-mail with inclusion of entire information on upcoming court proceedings (address, date, time, case and etc.);

• within the court of appeal hearings, the case participants are entitled to request witnesses participation and submission of new evidences;

• appeal claim are considered within 2 months in case of new evidences.

MAIN PIPELINE

New Law of RoK No.20-V “On main pipeline” is signed on 22 June 2012 and establishes provisions, regulating design, construction, operation, conservation and abandonment of main pipeline and safe operation of main pipeline, etc.

TAX AUDITS SCHEDULE FOR THE 2ND PARTOF 2012

Schedule of tax audits for the 2nd part of 2012 is approved by Order of Minister of Finance of RoK No.236 dated 7 May 2012.

DISCIPLINARY RESPONSIBILITY OF TAX OFFICERS

Order of Chairman of Tax committee of Ministry of Finance of RoK No.211 dated 13 June 2012 “On certain issues of quality improvement of tax inspections” establishes that in the event if notification on the results of tax audit has been cancelled in whole or in part, then, heads of tax departments are subject to disciplinary responsibilityprovided by the legislation of RoK.

REFINANCING RATE DECREASED TO 6%

Under Resolution of National Bank Board of RoK No.184 dated 25 May 2012 «On setting the official refinancing rate of National Bank of the Republic of Kazakhstan», the official refinancing rate of National Bank is 6,0% per annum (effective from 4 June 2012).

MINIMUM THRESHOLD FOR TRANSACTIONS SUBJECT TO FINANCIAL MONITORING IS INCREASED

The minimum threshold for transactions subject to financial monitoring is increased. Such transactions include free of charge payments, transfers to third parties, transactions connected with cultural valuables, financial leasing agreements, real estate transactions. Currency exchange transactions are not subject to financial monitoring anymore.

Information contained in this Client Update is of general nature and cannot be used as legal advice or recommendation. Please seek for a specific advice in relation to any questions. Please note that Kazakhstan and Turkmenistan are emerging economies and their legislation and legal systems are in constant development. Should you have any questions or would like to discuss subjects addressed in this Client Update please contact us.