Main amendments to the legislation

1.Regarding ratification of the Agreement on promotion and mutual protection of concluded investments between the Republic of Kazakhstan (further – the "RoK") and Macedonia

On May 16, 2016 the President of the RoK has signed the Law of the RoK "On ratification of the Agreement between the Government of the RoK and Government of Macedonia on mutual promotion and protection of investments" (further – the "Law").

The Law provides a number of provisions and updates on investment terms taking into account common interests and capabilities of the parties of the agreement.

Additionally, the Law contains provisions governing procedure of formation of the international Arbitration court which isorganized to settle disputes between the states.

Currently, the text of the Law has not been published yet.

2. Regarding ratification of the Convention for the avoidance of double taxation between the RoK and Saudi Arabia

On May 18, 2016 Majilis of the Parliament of the RoK at the plenary session approved the Draft Law "On 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").

The Convention, which aims to strengthen and expantion of economic cooperation between the states, will allow to eliminating double taxation on incomes of legal entities and private individuals of the two states.

Additionally, the Convention stipulates the solution to the issue of tax evasion through information interchange on tax matters between the authorized bodies of both states.

It shall be noted, that the Convention itself and Protocol to the Convention were signed in Astana on June 7, 2011.

3. Regarding approval of tax declaration forms and its filing rules

State Revenue Committee of the RoK (further – "SRC of the RoK") has made changes to the Order of the Ministry of Finance of the RoK №587 dated December 25, 2014 "On approval of tax declaration forms and its' filing rules" (further – the "Changes").

Such, according to the Changes, the following tax declaration forms were updated: 100.00, 150.00, 200.00, 220.00, 230.00, 300.00, 400.00, 421.00, 590.00, 700.00, 701.00, 701.01, 910.00, and 920.00.

It shall be noted that in tax declaration forms 100.00, 150.00, 910.00, and 920.00 only the filing rules were updated.

The changes become effective in 10 calendar days from its' first official publication.

As of today, the text of the Changes has not been published yet.

4. Regarding approval of a list of representations of foreign states subject to restricted value added tax (further – the "VAT") refund

In accordance with paragraph 2 article 276 of the Tax Code, restrictions on the volume and terms of VAT refund may be established in relation to certain representations of foreign statesbased on the principle of reciprocity.

The list of representations subject to restricted VAT refund shall be approved by the Ministry of Foreign Affairs of the RoK in agreement with the authorised state body (further – the "List").

So, under the order of the Ministry of the Foreign Affairs dated July 16, 2015 № 11-1-2/295 "On approval of the List of authorised state bodes in relation to which the limits on VAT refunds shall be established" (further – the "Order").

Embassy of the Republic of Armenia, Embassy of the Republic of Austria and others were included to this List.

This Order becomes effective in 10 calendar days from its first official publication. – May 15, 2016.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.