Uzbekistan improves exchange trade regulation system

The Resolution of the President of the Republic of Uzbekistan “On expanding the use of exchange mechanisms in sectors of the economy and improving the system of regulation of exchange trade” No. ПП-430 dated November 24, 2022 (the “Resolution No. ПП-430”) establishes that:

• business entities during state registration will simultaneously undergo accreditation in the exchange system.

On amendments to the tax legislation

Tax legislation in Belarus amends every year. Part of the amendments, which will come into force in 2023, were adopted by the Tax Code of Belarus in 2022, the second part is currently being signed by the President and will be adopted in the near future.

GRATA International China Partner Mrs Gulnur Nurkeyeva gave an interview to the national TV channel Khabar 24 on recognition of foreign judgements and arbitral awards in the People’s Republic of China

As trade between Kazakhstan and China grew by more than 30% in the first ten months of 2022, Kazakhstan’s imports increased by 29 points, and cases, where Kazakh entrepreneurs face problems working with Chinese partners, are rising as well.

Suspension of access to the Beneficial Owners Register for the general public

The Department of Registrar of Companies and Intellectual Property announced yesterday that access to the Register of Beneficial Owners for the general public is suspended.  This comes as a result of the landmark  Judgement of the Court of Justice of the European Union (CJEE) in joined cases C-37/20 and C-601/20, of November 22, 2022.

Subsoil use contracts for “complex” projects

On 24 November 2022 Senate of the RoK Parliament has approved draft amendments to the Code of the Republic of Kazakhstan “On Subsoil and Subsoil Use”.

Amendments, inter alia, provide for the possibility to conclude two new types of subsoil use contracts for hydrocarbons ("HC"):

• contract for exploration and production of HC for a “complex project”;
• contract for production of HC for a “complex project”.

Tax system in the Republic of Moldova

The Republic of Moldova has a very attractive tax system compared to many European Union countries. The Tax Code of the Republic of Moldova provides that legal entities pay Corporate Income Tax in the amount of 12% of taxable income (general taxation system). In addition to the general taxation system, in the Republic of Moldova there are two preferential taxation systems: 1. Moldova IT Park; and 2. Free Economic Zones. 

Parallel import in Tajikistan

Recently one of our clients brought up an interesting issue that I have previously not had an opportunity to review in detail, namely parallel import.

Parallel import refers to the import and sale of non-counterfeit (gray) goods without the right holder’s consent. In this case goods have been manufactured by or under the license of the right holder and therefore by all means are not counterfeit, but they are imported into a non-intended market, which is contrary to the intentions and interests of a right holder.

The procedure for issuing crypto-assets has been approved in Uzbekistan

The director of the National Agency for Perspective Projects of the Republic of Uzbekistan adopted the Order “On approval of the Regulation on the procedure for issuing, registering the issue and circulation of crypto-assets by residents of the Republic of Uzbekistan” reg. No. 3397 dated November 28, 2022 (the “Regulation”).