Kyrgyzstan will have new Tax Code

Bishkek, Aug. 22, 2018. / Kabar /. Kyrgyzstan adopted a law on a new edition of the Tax Code, according to which agricultural producers and agricultural cooperatives are exempt from sales taxes. At a press conference at Kabar News Agency Minister of Economy of the country Oleg Pankratov described the main difference between the new and old code.

He said that according to the new Tax Code, there is an exemption from the profit tax, deliveries made by these entities are exempt from VAT. Also exempt from payment of taxes, regardless of the fact of registration of economic entities as a payer of the tax, import of fixed assets carried out for own production purposes.

"Employers of an agricultural cooperative and a trade and logistics center for agricultural purposes, as tax agents, can withhold and pay a fixed amount of income tax for each employee, calculated on the basis of the minimum estimated income. In addition, they are exempt from sales taxes: agricultural producers, machine-tractor stations, agricultural cooperatives. Buildings, premises and structures owned by the agricultural cooperative and the trade and logistics center for agricultural purposes are exempted from the payment of property tax by 50%," added Pankratov.

In addition, the innovation is that the territorial tax authorities will reimburse amounts up to 500 thousand soms, over this amount will be reimbursed by the republican body.

At the same time, private medical institutions will pay sales tax, previously they were released.

The new version of the Tax Code will come into force at the end of September 2018. Now the law has already been signed by the president, the procedure of official publication remained.