Majlisi Namoyandagon endorses amendments proposed to the equity market law

29/10/2015 10:16
Asia-Plus
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DUSHANBE, October 29, 2015, Asia-Plus – Deputies of Tajikistan’s lower house (Majlisi Namoyandagon) of parliament have endorsed amendments proposed by the government to the country’s law on equity market.

A regular sitting of the second session of the Majlisi Namoyandagon of the fifth convocation, presided over by its head, Shukurjon Zuhurov, was held on October 28.

Presenting the bill, Jamshed Nourmuhammadzoda, the head of the National Bank of Tajikistan (NBT), said that the amendments would promote increase in foreign investment inflow into Tajikistan.  “This will allow attracting 200 million U.S. dollars in the country’s equity market,” Tajik central bank head noted.

The Majlisi Namoyandagon yesterday also endorsed amendments proposed by the government to the country’s tax code.

The amendments proposed to the tax code provide for exempting foreign investments and capital involved in the country’s equity market from paying value added tax (VAT) and income tax during five years.

We will recall that the first primary equity market, Central Asian Stock Exchange (CASE), was officially launched in Tajikistan on October 12.

Central Asian Stock Exchange (CASE) is a new financial institute functioning in Tajikistan.  CASE was established in April 2015 as a unique platform for organized securities trading.  CASE has partnered with GMEX Technologies Limited (part of the GMEX Group), a leading provider of multi-asset exchange and post-trade technology through a business enabled partnership approach.  One of the main shareholders of GMEX Group is Deutsche Borse AG which is a leading stock exchange in Europe.

The main objectives of CASE include: formation of a friendly, transparent and reliable investment environment for local and foreign investors; creation of opportunities for additional investment attraction on more favorable conditions in the short- and long- terms; and provision of the advanced equipment for professional securities traders.

The CASE exchange application was granted in 2015 by the securities regulator in Tajikistan.  CASE was launched initially with securities, followed a derivatives market during 2016.  

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