Kazakhstan: Kazakhstan
December 01, 2000
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Owing to its heavy dependence on exports of natural resources,
the issue of transfer pricing is an important political and legal
issue in Kazakhstan. On November 10, the lower chamber of the
central Asian nation's parliament passed, and sent to the upper
chamber, a draft law On State Control Over Transfer Pricing. The
law aims to give the country's tax and customs authorities great
power to monitor and adjust the taxation of all transactions where
prices deviate from market prices.
The announced aim of the Kazakhstani government is to stabilize
the domestic petroleum products market, and to monitor more closely
exports of crude oil, thereby preventing losses which the country
is allegedly experiencing owing to exports of petroleum products at
less than world prices. The government claims that $500 million in
tax revenues were lost...
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