French Development Agency Group Officially Launches Operations In Kazakhstan
Date
10/23/2024 10:09:18 AM
(MENAFN- Trend News Agency)
ASTANA, Kazakhstan, October 23. The lower house
of the Kazakh Parliament has ratified an agreement with France,
marking the official launch of the French Development Agency Group
(AFD) in Kazakhstan, Trend reports.
The agreement was signed on November 1, 2023, in Astana and
establishes the operational framework for AFD within the
country.
The agreement outlines the legal, tax, and financial conditions
applicable to agency's status and activities in Kazakhstan. As
stipulated, the group is authorized to provide funding in euros, US
dollars, or other currencies, alongside various forms of financial
or technical assistance. This includes consultancy services,
technical support, and training for both governmental and private
entities.
The agency has been granted the necessary legal capacity to
operate in Kazakhstan, enabling it to acquire and manage movable
and immovable property, excluding land that is prohibited for
private ownership by foreign legal entities. The group is also
entitled to pursue legal action as needed.
Notably, the agreement exempts AFD from paying corporate income
tax, including withholding taxes, in relation to its activities in
Kazakhstan. Furthermore, the group is allowed to establish a
representative office within the country to facilitate its
operations.
As the parliament noted, AFD and its representative office will
not have the status of a bank or any other financial institution,
meaning local banking regulations will not apply to them.
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