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27 Jun 2024 EAEU countries discussed harmonization of financial services legislation Approaches to harmonize the legislation, determining the requirements to participants of the common financial market, were discussed at the Eurasian Economic Commission's Advisory Committee on Financial Markets on June 26-27 in Yerevan. The meeting was chaired by Bakhyt Sultanov, EEC Minister in charge of Economy and Financial Policy. The key topics were unification of requirements to market participants, including the amount of authorized capital and own funds, as well as transboundary interaction in establishing credit relations and rendering services in the common financial market. "The harmonization of legislation in the banking and insurance sectors, and in the securities market is aimed at ensuring conditions for establishing the Union's common financial market. The harmonized requirements to regulation and supervision of financial markets is one of the important conditions for free movement of capital", Bakhyt Sultanov noted. Besides, the Advisory Committee members considered the issues of implementing the Agreement on the procedure for the exchange of information included in credit histories within the Eurasian Economic Union dated December 21, 2021. "The Agreement forms a legal basis for transboundary interaction between financial market participants, provides equal conditions for residents of our countries when applying for credit resources in banks located in the territories of other Union States, and provides an accessible tool for identifying and assessing the credit risk of potential borrowers", the EEC Minister emphasized. The issues under discussion included recommendations on the use of national currencies in mutual trade between the Union States, harmonization of national lists of offshore areas providing preferential tax treatment and opening of brokerage accounts in the Russian Federation.
15 May 2024 Tax authorities of the EAEU countries will exchange information on new standards Amendments to the Protocol on the Exchange of Information in Electronic Form between the Tax Authorities of the Member States of the Eurasian Economic Union on Indirect Taxes Paid dated December 11, 2009 have entered into force. In accordance with the innovations, exchanges between the tax authorities of the Eurasian “five” countries are now carried out every week (previously there was a ten-day frequency). Also, the period for exchanging format and logical control protocols has been reduced from three to one working day. In addition, the Protocol is supplemented with requirements to the composition and structure of information in electronic form on the amounts of indirect taxes. According to Bakhyt Sultanov, Minister in charge of Economics and Financial Policy of the Eurasian Economic Commission, the changes are aimed at increasing the efficiency of information exchange between tax authorities, the effectiveness of tax control and the quality of the collected evidence base on the legality of taxpayers applying the zero rate on value added tax (exemption from excise taxes). “New measures will speed up confirmation of the fact of export of goods by participants in mutual trade, payment of indirect taxes and the application of a zero VAT rate,” the Minister said.
13 Mar 2024 EAEU created a regulatory legal framework for assessing regulation impact on businesses On March 13, the Board of the Eurasian Economic Commission addressed the introduction of a new procedure — actual impact assessment (AIA) of decisions taken by the Commission on entrepreneurship within the Eurasian Economic Union. Draft international treaties within the EAEU will now undergo regulatory impact assessment (RIA), too, in addition to draft decisions of the EEC Board, as was previously the case. “The adoption of this decision made it possible to complete the establishment of the regulatory legal framework necessary for the introduction into the Commission's practice of procedures for assessing the impact of supranational regulation on the conditions for doing business in the Union. The launch of the AIA and the expansion of the RIA to draft international treaties will make it possible to assess the entire life cycle of regulation in the Union. Also, the procedures will allow to identify relationships between the goals of adopting a regulatory legal act and the effect that it entailed,” noted Bakhyt Sultanov, EEC Minister in charge of Economy and Financial Policy. According to Bakhyt Sultanov, the introduction of these procedures will increase the involvement of business community representatives of the Five States in the processes of establishing and improving regulation in the EAEU. For reference The requirement to carry out AIA procedures for decisions adopted by the EEC and RIA for draft international treaties within the EAEU is provided for by the Second Major Protocol on Amendments to the Treaty on the EAEU, signed on March 31, 2022 and effective since February 12, 2024. The procedure for conducting AIA for decisions adopted by the EEC and RIA for draft international treaties within the EAEU is established by amendments to the EEC Rules of Procedure, approved by Decision No. 23 of the Supreme Eurasian Economic Council dated December 25, 2023, which also came into force on February 12, 2024.

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