The week for the business community of Kyrgyzstan was a continuation of the previous one. To a greater extent, the flow of information was associated with the results of the past pandemic 2020. But at the same time, it was marked by a number of important events. The National Bank of the Kyrgyz Republic submitted for discussion a draft law on cryptocurrency, which is increasingly strengthening in the financial market, the Tax Service presented its results on tax collection, despite the fact that food prices have risen in the country, it was announced that Kyrgyzstan is expanding the export of meat by air. In addition, the structure of the public debt was clarified - external and internal, the volume of foreign trade, the volume of the country's GDP on the results of 2020 and the explanation of the Ministry of Agriculture on the reasons for the increase in food prices were known.
In general, the events of the week showed that the country's economy is still on the way of promotion and there is potential for this.
Tax status. This week, the function of confirming the tax status (residence) of individuals transferred to the State Tax Service of Kyrgyzstan.
According to the Decree of the Government of the Kyrgyz Republic dated December 8, 2020, the relevant changes were made to the Regulation on the procedure for the execution of agreements on avoidance (elimination) of double taxation and prevention of tax evasion on income and capital (property) concluded by the Kyrgyz Republic with foreign states.
The Certificate of Residence of the Kyrgyz Republic grants taxpayers the right to be taxed in only one country, excluding double taxation of the same income.
Contribution to the budget. The State Tax Service of the Kyrgyz Republic collected KGS 62 billion 958 million of taxes in 2020.
At the same time, the plan was fulfilled by 100.2% or exceeded by KGS 107.3 million.
Compared to 2019, tax receipts to the republican budget increased by KGS 324.7 million.
About milk. Milk production was significantly increased in 2020 in all regions of the republic and amounted to 1 million 444.5 thousand tons.
According to data of the Ministry of Agriculture, this is 33 thousand 765 tons or 2.4% more than the same period last year.
The increase in milk production in the republic is due to an increase in the number of cows by 22.6 thousand heads and an increase in the average milk yield per 1 cow in the republic by 2.3 kg (911.3 kg-909.0 kg), the report said.
Country’s GDP. The volume of gross domestic product of Kyrgyzstan on the results of 2020 amounted to more than KGS 598 billion.
Chairman of the National Statistics Committee Akylbek Sultanov said that it is 8.6% less compared to 2019.
"Excluding enterprises on development of Kumtor deposit, the volume of GDP made KGS 53 billion and decreased by 9%. The volume of industrial production made up KGS 319 billion in a year, and declined by 6.6% due to reduction of oil products production by 59.3%, textile production, production of clothes, footwear, leather and leather goods by 21.5%, wood and paper products, printing activities by 13, 2%, rubber and plastic products, other non-metallic mineral products, including beverages and tobacco products - by 6.6%, basic metals and finished metal products, except machinery and equipment - by 4.4%, as well as in the mining of minerals - by 22.4%," Sultanov said.
Collection of insurance fees. The State Tax Service of the Kyrgyz Republic in 2020 collected 33 billion 190.8 million soms of insurance fees.
According to data of the tax service, the plan was fulfilled by 100.5%, or exceeded by KGS 163 million.
Compared to 2019, the insurance fees were collected for KGS 766.1 million more.
Foreign trade. The volume of foreign and mutual trade of Kyrgyzstan for 11 months of 2020 amounted to USD 5.1 billion, chairman of the country’s National Statistics Committee Akylbek Sultanov told at a press conference.
He said that the indicator decreased by 19.2 % compared to January-November 2019.
"During this period, export supplies increased by 1.7%, while import supplies, on the contrary, decreased by 27.3%," Sultanov said.
Transactions at the KSE. It was announced this week that in total last year, the Kyrgyz Stock Exchange CJSC registered transactions with securities for a total of KGS 11 billion 830 million.
A total of 1413 transactions with securities of over 100 issuers were registered.
On the primary market, 168 securities transactions were registered for the amount of KGS 11 billion 456 million.
In the secondary market, 1,245 transactions with securities were registered for a total of KGS 374 million 420 million.
Industrial production. The volume of industrial production in January-December 2020 amounted to more than KGS 319 billion.
According to data of chairman of the country’s National Statistics Committee Akylbek Sultanov, in comparison with January-December of 2019, the volume of industrial production fell by 6.6% due to reduction of production of oil products by 59.3%, textile, clothing and footwear, leather and leather products by 21.5%, wood and paper products, printing activities by 13, 2%, rubber and plastic products, other non-metallic mineral products - by 7.0%, food products (including beverages) and tobacco products - by 6.6%, basic metals and finished metal products, except machinery and equipment - by 4.4%, as well as in the mining of minerals - by 22.4%.
Negative trends were observed in construction, where the decline in volumes amounted to 15.9%, wholesale and retail trade - 16.1%, while in agriculture, on the contrary, there was an increase in volumes by 1.1%.
Increased prices. The largest increase in prices in 2020 was observed for sunflower oil by 52%.
According to head of the department of prices and tariff statistics of the National Statistics Committee of the Kyrgyz Republic Ainura Nurbaeva, vegetable oils are not produced in the country. “Perhaps the increase is due to the closure of borders this year, which is why there was no import for these products. The dollar exchange rate also affected. Previously, the oil rose to a maximum of 20%. Oil is mainly imported into the country from Kazakhstan, Russia and Azerbaijan,” Nurbaeva informed.
She also noted that the largest price increase in 2020 occurred for mutton - 34%, for beef - 26%, rice - 18.4% and for sugar - 31%.
In addition, she added that over this period, a decrease in prices is noted for AI-92 gasoline - 14% and diesel fuel - 22%.
State debts. It was announced this week that as of Nov. 30, 2020, the size of the public debt (external + internal) of Kyrgyzstan amounted to USD 4 billion 887.46 million, or KGS 414 billion 448.46 million.
According to data of the Ministry of Finance of the Kyrgyz Republic, of them:
- 86.3% is state external debt: USD 4 billion 218.38 million (KGS 357 billion 711.54 million);
- 13.7% is state. domestic debt: USD 669.08 million (KGS 56 billion 736.92 million).
The cryptocurrency is being legalized. The National Bank of the Kyrgyz Republic submitted for public discussion this week the draft laws “On Amendments to Certain Legislative Acts in the Field of Virtual Assets” and “On Cryptocurrency Turnover”.
According to the document, the technological feature of cryptocurrencies presupposes anonymous, cross-border and decentralized nature of operations / transactions.
In addition, most cryptocurrencies simultaneously combine the properties of money, property, assets, payment systems. These circumstances significantly increase the risks both among users (fraudulent actions by market participants, high exchange rate volatility) and, in general, risks for the state (capital withdrawal, financing of criminal activities, etc.).
In Kyrgyzstan, there is a growing interest of the population in cryptocurrencies as one of the means of investment.
Also, the bill provides for the consolidation of the powers of the National Bank as an authorized body in the field of cryptocurrency turnover.
Explanation of the Ministry of Agriculture. It was announced this week that the rise in food prices in the country is not related to elections or the New Year holidays.
Minister of Agriculture and Food Industry Tilek Toktogaziev said that prices should be considered separately for individual food products.
“If we are talking about imported products, for example, vegetable oil, then about 12% is domestic production, and the rest is imported products. Several factors influenced the rise in prices for vegetable oil: the first is an increase in the dollar exchange rate; second - 2020 was a difficult and crisis year in the production of sunflower, the raw material base was less than in 2019, so the exchange price for this product was increased. It turns out that these two factors just led to an increase in oil prices,” he explained.
Export of meat. It was announced this week that 2-3 tons of mutton and goat meat are exported from Kyrgyzstan to Dubai per week.
At the same time, the Ministry of Agriculture of the Kyrgyz Republic reported that the delivery of meat products to the Arab Emirates is carried out by plane.
“Now there are 2 meat processing plants in the country that meet the ISO standard. 2 more plants of this standard are under construction and are at the completion stage. In addition, there are 5 more meat processing plants that meet the HACCP standards. If a company has an ISO standard, then the meat can be exported, ”said Minister of Agriculture and Food Industry Toktogaziev.
Kabar News Agency
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