New Law on Alat Free Economic Zone
The Law on Free Economic Zone of Alat, which came into force on June 5, 2018, contains provisions that create favourable conditions for entrepreneurial activity in Alat Free Economic Zone (hereinafter referred to as the Free Zone) and stimulate attraction of foreign investment to the country.
Pursuant to the Law, competent authority, administrative enterprises, legal entities and their employees and residents of the Free Zone are exempt from all taxes regarding their activities in the Free Zone.Customs duties and taxes are not charged for goods and services imported into the Free Zone.
Moreover, any nationalization, confiscation or any other restriction on private property may not be applied to the legal entities of Free Zone entitled to operate in the Free Zone. Investors, shareholders, residents and legal entities of Free Zone have the right to invest into the Free Zone and transfer their funds to overseas unrestrictedly, as well as to conduct transactions in any foreign currency without any limitation.
Further it should be noted that, competent authority of Free Zone provides establishment of an arbitration center or another dispute resolution body for the settlement of disputes in the Free Zone. Unless otherwise agreed by the parties such dispute resolution bodies shall have the exclusive jurisdiction over settlement of any dispute. Resolutions adopted by dispute resolution bodies of Free Zone may not be canceled, altered or annuled by other courts or tribunals excepts for Free Zone’s appellate bodies.