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Kazakhstan vests EBRD with immunity and tax privileges

09 january 2014, 13:39
0
©Yaroslav Radlovsky
©Yaroslav Radlovsky
Kazakhstan Majilis (the Lower Chamber of the Parliament) has ratified an agreement between Kazakhstan and the European Bank of Reconstruction and Development (EBRD) that specifies terms of the bank's operations in Kazakhstan, Tengrinews reports.

According to the Majilis Committee for International Affairs, Defense and Security, the agreement specifies the bank's status, immunities and privileges in Kazakhstan. The privileges and immunities include inviolability of the archives and documents that the bank owns or holds regardless of their location and form.

The agreement vests the EBRD's official operations in Kazakhstan with immunity from all forms of litigation proceedings at the territory of Kazakhstan except for cases specified in the agreement.

"The bank's property is vested with immunity from search, confiscation, seizure or any other form of expropriation or alienation regardless of its location and holder, except for cases when the final court decision is pronounced against the bank by the competent court in relation to the cases specified in the agreement," the Majilis Committee's report says.

Besides, according to the agreement, the bank itself, its assets, property, revenues, transactions, operation and incomes get the privilege of being except from direct taxes and all other duties and levies.

"The bank's (foreign) personnel is vested with immunities and privileges in pension and medical insurance sectors, exception from currency restriction and immunity from repatriation during international crises. These privileges do not apply to the employees who are the citizens of Kazakhstan," the report says.

Privileges, immunities and benefits are provided in the best interests of the bank, and not for the benefit of any particular individuals. The bank has a right and is obliged to deprive any of its employees from the immunity if the bank believes that such immunity prevents the course of justice and the deprivation does not infringe on the goals with which the immunity was initially provided.


By Renat Tashkinbayev

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