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Kazakhstan Exempts EDRB From Taxes

by Tatiana Smolenska, Tax-News.com, Moscow

13 January 2014

The European Bank for Reconstruction and Development (EBRD) is to enjoy a number of immunities and tax exemptions in Kazakhstan.

The lower house of the Kazakh parliament, the Majilis, ratified an agreement granting exemption from all taxes to the assets, property, revenues, transactions and operations of the EBRD. In addition the agreement guarantees the bank immunity from all forms of litigation on its operations in Kazakhstan, except in specific cases, as well as inviolability of its archives and documents in the country.

The Majilis' Committee for International Affairs, Defense and Security said that the bank's property will be given immunity from "search, confiscation, seizure, or any other form of expropriation or alienation regardless of its location and holder, except for cases when the final court decision is pronounced against the bank by the competent court in relation to cases specified in the agreement."

Kazakhstan will also grant immunities and privileges to the bank's personnel (except for those who are Kazakh citizens) in regard to pensions, medical insurance and repatriation during international crises, as well as exemption from currency restrictions.

The EBRD recently unveiled its strategy for Kazakhstan for the next three years. Its work in the Central Asian country will focus on diversifying and supporting the non-resource sector, balancing the roles of the state and the market, and promoting low-carbon growth and energy efficiency.

In the last 20 years the bank has invested about USD6.5bn in Kazakhstan.

TAGS: court | tax | pensions | energy | insurance | Kazakhstan | construction | currency | Europe

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