SIGNUM regularly provides Legislative/Regulatory Alerts to keep Clients informed about important laws and regulatory changes in the Republic of Kazakhstan (“RK”). This Alert includes recent developments introduced in May – June 2019 related to:
1. Avoidance of the Double Taxation and the Prevention of Fiscal Evasion in Respect of Income and Property Tax between Kazakhstan and Cyprus
The Government of the RK approved the Convention between the Government of the Republic of Kazakhstan and the Government of the Republic of Cyprus on Avoidance of the Double Taxation and the Prevention of Fiscal Evasion in Respect of Income and Property Tax .
The Convention applies to income taxes of residents of both countries. Income taxes are defined as all types of taxes imposed on total income or certain elements of income, including taxes on income gained from the alienation of movable or immovable property, taxes on total salaries or wages paid by legal entities, as well as taxes on capital gains.
2. Commercial Gas Wholesale
Minister of Energy of the RK approved the limit prices on commercial gas wholesale in the domestic market of the RK for the period from 1 July 2019 to 30 June 2020 .
Prices can be viewed in the following link.
3. Changes in Renewables (RES) Legislation
Minister of Energy of the RK signed the Decree amending the Rules for sale and purchase of electricity :
4. Compulsory Social Health Insurance System Updates
Kazakhstan Government approved the medical assistance list in the compulsory social health insurance system (“SHIS”), which will come into effect starting from 1 January 2020.
Medical assistance in the SHIS will include various medical services and drug assistance aimed at preserving and restoring the health of the population
The following medical assistance services will be provided as part of the SHIS:
5. Petroleum Products Supply Plan
Minister of Energy of the RK approved the Rules for the petroleum products supply plan formation .
The petroleum products supply plan will be formed on a monthly basis to ensure that the needs of the domestic market in petroleum products are met. Petroleum products producers by 22nd day of the month preceding the reporting month must provide oil suppliers and the authorized body with the expected volume of production of petroleum products for the upcoming month. Petroleum products producers by 23 day of the month preceding the reporting month must file the petroleum products supply application with the authorized body.
Ministry of Energy approves the plan and publishes the respective information on its website based on the volume of petroleum products production for the planned month and applications of oil suppliers.
Information contained in this Client Update is of general nature and cannot be used as legal advice or recommendation. Please note that Kazakhstan is an emerging economy, and its legislation and legal system are in constant development. Should you have any questions or want to discuss matters addressed in this Client Update, please contact us.