CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Kazakhstan Keen On DIFC Tax-Free Zone Model

Kazakhstan Keen On DIFC Tax-Free Zone Model

by Lorys Charalambous,, Cyprus

13 May 2015

The National Bank of Kazakhstan (NBK) is set to collaborate with the Dubai International Financial Centre (DIFC) to explore mutually beneficial investment initiatives as part of a memorandum of understanding (MoU) signed between the two parties.

Under the MoU, the DIFC tax-free zone will share its experiences and expertise to support the Kazakh Government to set up a financial hub in the capital Astana. The two parties will also support businesses looking to launch operations in Kazakhstan and the DIFC.

Essa Kazim, Governor of the DIFC, said: "We are pleased and proud to sign the MoU with National Bank of Kazakhstan. We are confident that the visit and new synergies will only strengthen bonds between our two countries. Notably, the joint cooperation will benefit our enterprises and companies to gain access to Kazakhstan's emerging economy. Institutions in Kazakhstan can also leverage the agreement to enter the Middle East market."

He added: "The MoU lays the foundation for further fruitful cooperation between DIFC and NBK for the successful promotion of the Astana Financial Centre on both the regional and international level."

The Governor of the National Bank of Kazakhstan, Kairat Kelimbetov, met Ian Johnston, the Chairman of the Dubai Financial Services Authority (DFSA), the regulator of the DIFC. They discussed cooperation on the development of regulatory standards for the participants of the Astana Financial Centre based on the DIFC's framework.

As a final part of the visit, the Kazakh delegation met Registrar of the DIFC Courts Mark Beer. Following the meeting, they discussed close cooperation on the establishment of a financial court in the Astana special zone, again using the DIFC framework as a model.

The DIFC offers firms zero percent income tax guaranteed for 50 years, 100 percent foreign ownership, no exchange controls, and a legal system based on English common law.

TAGS: court | Institutions | tax | investment | law | Kazakhstan | standards | regulation | trade | individual income tax | Dubai | free trade zone | Middle East

To see today's news, click here.


Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »

Stay Updated

Please enter your email address to join the mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.

To manage your mailing list preferences, please click here »