NEWS

19.11.2024

Overview of regulatory initiatives and personnel changes in Belarus and Central Asian Countries № 18

Edward’s East Strategies has prepared monitoring reports of the most notable regulatory initiatives and personnel changes in Kazakhstan, Uzbekistan, Kyrgyzstan, and Belarus within the period October 15 – November 15, 2024.

In Kazakhstan, the particular emphasis was placed on the development of strategic planning documents during the reviewed period. The Prime Minister approved the Concept of Investment Policy until 2029, demonstrating the state’s commitment to enhancing the country’s attractiveness for investors. Additionally, the authorities of Kazakhstan established a procedure for the development and monitoring of strategic documents, which includes the necessity to assess the impact of proposed decisions on business conditions and the socio-economic situation. Furthermore, discussions are ongoing regarding the adoption of the Concept of Inclusive Policy until 2030 and other documents.

In Uzbekistan, the head of state signed a new Law on Subsoil, which comes into force at the beginning of February. The new version exceeds its predecessor in volume and detail by more than two times and aims to ensure a balance between upholding state interests and providing companies access to resource development. In addition, the country has approved a Strategy for the development of artificial intelligence until 2030, taken measures to promote startups and venture funding, and established an Inspection for the Regulation of the Tobacco and Alcohol Markets.

In Kyrgyzstan, the Parliament adopted the draft law on Standardization, aimed at harmonizing the national standardization system with international practices, improving the quality and competitiveness of products, and eliminating technical barriers to trade. Moreover, a draft law has been developed in the country proposing the establishment of crypto banks, regulating, and legalizing the cryptocurrency market. A draft version of the Environmental Code has been published for public discussion.

In Belarus, amendments to the Tax Code were adopted in the first reading, which significantly change taxation parameters. Specifically, the tax rate on dividends and equivalent income of foreign organizations operating without a permanent establishment is planned to increase from 12% to 25%. The authorities are also discussing a new system of price regulation and simplifying the process of obtaining government services for construction companies. A notable event was the initiative voiced during the Meeting of the Union State Council of Ministers to abolish roaming between Russia and Belarus by March 2025.

The reviews also include other normative legal acts and personnel changes of interest to businesses.

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