Analysis of Tajikistan's evolving law

From the 2022 Tax Code to crypto regulation, sovereign Eurobonds to data protection — original commentary from the firm that often helps draft the legislation itself.

28 Articles
January 2026Crypto

The Regulatory Architecture of Crypto Assets in Tajikistan

After years of a regulatory "grey area," Tajikistan has enacted a dual-track framework for crypto assets. A comprehensive analysis.

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September 2025Banking

Green Bonds Market Framework in Tajikistan and What's On Offer

An internationally aligned framework for sovereign green bonds — and the opportunities it opens for international investors.

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September 2025Energy

Powering Reform: Tajikistan Sets New Course for Barki Tojik

Decree No. 477 launches a comprehensive financial and operational reform of the state power utility. What it means for investors.

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August 2025Energy

The Escrow Account Reform in Tajikistan's Energy Sector

A sweeping reform of the energy sector's financial management — and the new escrow architecture behind it.

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August 2025Litigation

AAA Selected to Draft Tajikistan's New Insolvency Law

Chosen by ADB — alongside Norton Rose Fulbright — to help prepare the draft of Tajikistan's new law on insolvency.

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August 2025Investment

Tajikistan Adopts a 16-Year Strategy for Attracting Investments

A long-horizon plan to attract investment, create jobs and diversify the economy. What's actually in it.

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June 2025Banking

Taking Security Over the Bank Account in Tajik Law

Tajik law offers no straightforward way to take security over a borrower's bank accounts. How lenders work around it.

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June 2024Data Protection

Personal Data Protection in Tajikistan: An Overview

In force since 2018 but still untested in practice — what the Law on Personal Data Protection requires of businesses.

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May 2024Tax

Public-Private Partnership in the Republic of Tajikistan

The PPP Law (No. 907) and the legal architecture for structuring public-private projects in Tajikistan.

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April 2024Crypto

Crypto and Tajikistan: Recognized and Outlawed?

Two years on from our first crypto article — where Tajikistan now sits on recognition, regulation and prohibition.

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April 2024Banking

Advising IFC and EBRD on Loans Totalling USD 70 Million

Counsel to IFC and EBRD on several loans to local credit institutions and businesses across Tajikistan.

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March 2024Banking

China Development Bank Finances Amonatbonk — USD 35 Million

Advising China Development Bank on its loan transactions with Tajikistan's State Savings Bank, Amonatbonk.

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February 2024Tax

IFC's Inaugural Subscription to a Privately Issued Green Bond

Advising IFC on its subscription to the first USD 10m green bond issued by Eskhata Bank — an ICMA-compliant private placement.

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February 2024Banking

English-Law-Governed Financing Agreements and Tajik Law

The recurring issues an English-law financing agreement meets in Tajik law — drawn from hundreds of reviews.

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March 2023Corporate

The New Civil Code of Tajikistan: A Lost Opportunity?

A first read of the new Civil Code, signed December 2022 and in force from July 2023 — and what it changes.

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April 2022Crypto

Cryptocurrency and Tajikistan: Last and Least, or the Majority?

Where Tajikistan sits on the global scale of crypto adoption and regulation — compared with its neighbours.

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January 2022Tax

New Tax Code of Tajikistan — Key Changes

The Tax Code adopted in December 2021, in force from January 2022 — the changes that matter for business.

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July 2021Employment

Grounds for Terminating an Employment Contract by an Employer

Termination is practicable for employers under Tajik labour law — but only on specific statutory grounds.

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April 2021Corporate

Operating a Foreign NGO / NPO / IO in Tajikistan

The legal aspects of running a foreign not-for-profit with an office in Tajikistan — set-up and operation.

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February 2021Tax

Preliminary Draft of the New Tax Code Published — Key Changes

An early look at the inter-governmental working group's draft of the new Tax Code.

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February 2021Tax

Taxation of Companies in Tajikistan

The major taxes payable by companies — corporate income tax, VAT, social, excise, land, property and more.

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January 2021Tax

"Google Tax" Reached Tajikistan

Tajikistan joins the post-Soviet "Google tax" expansion — taxing digital services from abroad.

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January 2021News

Guide: Construction in Post-Soviet Union Countries 2021

Our contribution to the 2021 construction guide, alongside peer firms across the region.

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July 2020Corporate

Setting Up a Representative Office or Branch of a Foreign NGO/NPO

The registration process, documents and considerations for a foreign not-for-profit branch in Tajikistan.

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July 2020Banking

Secured Financing: Pledges and Mortgages in Tajikistan

How security interests (zalog) work in Tajik law — pledges, mortgages and enforcement.

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July 2020Natural Resources

Land Use Rights

Land is owned exclusively by the state — how alienable and non-alienable land-use rights actually work.

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July 2020Employment

Hiring Local Staff

Tajik labour legislation remains broadly pro-employee — what international employers should know.

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February 2020News

Contracting Services of Individuals in Tajikistan

Engaging individuals as service providers rather than staff — when it works, and the risks it carries.

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