This CLIENT UPDATE includes amendments to the legislation of the Republic of Kazakhstan in March 2014.
The legislation outlined in this Client Update concern both public and private sectors. Some of them may be of interest to you as it may affect your business in Kazakhstan in certain way.
This month we would like to draw your attention to the following legal acts:
EXPORT OIL CUSTOMS DUTY INCREASED
1) The Resolution of the Government of RK No. 211 dated 11 March 2014 has increased crude oil export duty rates from 60 to 80 US dollars per ton.
Pursuant to the Resolution, export duty applies to all oil exporters, except for those who enjoy the relevant stability under production sharing agreements.
The Resolution came into force on 12 March 2014.
OIL SUPPLY OPERATOR TO THE RUSSIAN FEDERATION (“RF”) APPOINTED
1) On 4 March 2014, the Prime Minister of RK signed the Resolution of the Government of RK “On certain issues concerning oil and petroleum products supplies from the RF”.
Pursuant to the Resolution, JSC “KazMunaiGas” – Refining and Marketing” has been appointed as an operator for oil counter supply to the RF.
The Resolution came into force on 5 March 2014 and will remain effective till 1 January 2015.
Information contained in this Client Update is of general nature and cannot be used as legal advice or recommendation. Please seek a lawyer for a specific advice. Please note that Kazakhstan is an emerging economy and its legislation and legal system are in constant development. Should you have any questions or would like to discuss matters addressed in this Client Update, please contact us.