Deloitte News - January, 2017

Cloud technology: calls for legal regulation. The time to store information on plug-in devices has passed

Please read the article for Kapital.kz written by Viktoriya Tyan, Deloitte Tax & Legal Department Senior, on the topic of “Cloud Technology: Calls for Legal Regulation”. The article covers several theoretical and practical aspects of the regulation of cloud technology from the perspective of Kazakhstan law, taking into account experience in the given sphere.

More details on http://bit.ly/2h4ehsm

Special Tax Alert for January 2017

Organization for Economic Co-operation and Development (OECD) has announced that Kazakhstan has joined the Inclusive Framework developed by OECD members and G20 countries for implementation of the Base Erosion and Profit Shifting (“BEPS”) Project. Read more 

Meeting of the Council to attract Investors and improve the Investment Climate in Almaty, chaired by the Almaty Akim

The first meeting of the Council to attract Investors and improve the Investment Climate in Almaty, chaired by the Almaty Akim Baibek Baurzhan was held on 7 December. The council is composed of 42 representatives from international financial organisations, associations, foreign companies, consulting and legal companies, major foreign and Kazakhstan entrepreneurs.

The meeting heard the results of the Akimat’s efforts to attract investors and improve the investment climate in Almaty for 2016, recommendations to improve the investment climate, new approaches to financing in Kazakhstan, and the principles behind the new strategy for attracting investment.

Mark Smith, Deloitte Caspian Region Managing and EUROBAK Deputy Chairman, made recommendations for improving the investment climate. Mark touched on four main points:

1. investment solutions – risks vs capabilities

2. avoidance of competition among cities

3. Almaty’s strengths

4. do not neglect existing investors

Mark emphasised that "when attracting investments it was important not to overlook local investment and do everything to ease further reinvestment by existing investors.”

He also advised Almaty not to compete with other cities in Kazakhstan, but rather to play an important role in the collective success of the country. "Almaty needs programs that do not contradict the country’s overall strategy. It is clear that the Almaty Akimat is limited in how it can influence changes in legislation, which is why it has to be more creative,” Mark said.

In conclusion, Mark expressed certainty that Almaty will continue on its successful path for many years to come, given its international reputation and wealth of resources.

Roundtable for Swedish companies in Kazakhstan

8 December 2016 saw a roundtable for Swedish companies in Kazakhstan, organised by the Swedish Embassy in Kazakhstan. Deloitte was represented by Agaisha Ibrasheva, Tax & Legal Department Partner and Leader of Deloitte Caspian Region’s Legal Practice.

Simplification of tax document flow between Russian and Kazakhstan taxpayers

Please read the article "Simplification of tax document flow between Russian and Kazakhstan taxpayers” by Olga Kryzhanyuk, senior Deloitte Tax & Legal Department specialist, especially for Курсив.kz

Read the article at: http://bit.ly/2jrveyH  

2016 Closure Information bulletin

Deloitte experts have prepared an information memo “2016 Closure: IFRS News”. In it we explain financial reporting issues that may be significant for annual periods ending 31 December 2016 or after this date, based on priority areas of legislation, the current economic situation, or changes to accounting standards. Read more 

Sales tax instead of VAT: do we need it?

In May 2015, President Nazarbayev asked the Ministry of Finance to study the issue of replacing value added tax with sales tax. Maral Kuanysheva, Deloitte Tax & Legal Department senior consultant talked to Kapital.kz about whether Kazakhstan needs sales tax instead of VAT. Further, see: http://bit.ly/2k9KhR0 

Global Powers of Retailing 2017. The art and science of customers.

This year's report focuses on the theme of "The art and science of customers," and considers the impact that living in the customer-driven economy is having on the shopping experience and retail industry business strategies. Read more

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