Development of Documents in Field of Economics and Finance Reviewed by MPs and Experts from CIS Countries

On 21 November, the Permanent Commission on Economy and Finance of the Interparliamentary Assembly of the CIS convened a session, attended by representatives of parliamentary delegations from the Republic of Azerbaijan, the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation, and the Republic of Tajikistan.

The event was held under the leadership of member of the Standing Committee of the National Assembly of the Republic of Armenia on Regional and Eurasian Integration Alexey Sandykov.

Chair of the Financial University under the Government of the Russian Federation Lyubov Goncharenko along with researchers from the Tax Policy Center of the Financial Research Institute under the Ministry of Finance of Russia Yulia Steshenko provided updates on the progress of chapters on Property Tax, Land Tax, and Transport Tax within the Special Section of the Model Tax Code for the CIS countries. The Commission resolved to submit the texts of the mentioned documents for consideration by the parliaments of the CIS Member Nations.

Member of the Committee of the Senate of the Parliament of the Republic of Kazakhstan on Economic Policy, Innovative Development, and Entrepreneurship Lyazzat Rysbekova and Deputy Chair of the Commission and member of the Committee of the Jogorku Kenesh of the Kyrgyz Republic on International Affairs, Defense, Security and Migration Kubanychbek Samakov delivered reports on the use of model legislative acts and recommendations developed by the Commission and adopted by the CIS Interparliamentary Assembly in the national legislations of Kazakhstan and Kyrgyzstan.

The Secretariat of the IPA CIS Council receives remarks and comments from the representatives of CIS countries involved in the preparation of the document, experts and representatives of professional communities, which are taken into account by the developers.

Deputy Chair of the Committee of the Federation Council of the Federal Assembly of the Russian Federation on Budget and Financial Markets Andrei Epishin proposed the development of a new Model Law project on Stimulating the Circulation of Infrastructure Debt in CIS Countries.

Currently, there is an urgent need for the development of infrastructure projects in the CIS countries, coupled with a significant shortage of funding for these projects and the rising cost of credit resources.

The new law is intended to define measures to stimulate the influx of investor funds into the infrastructure of the Commonwealth countries, while simultaneously developing and harmonizing the regulation of exchange trading within the CIS. The planned timeline for the development of the document is 2025-2026.

The issue of including the development of the Model Law in the Prospective Plan for Model Legislation in the Commonwealth of Independent States has been added to the agenda of the next commission meeting, which is scheduled for the spring of 2025.