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  • THE PRESIDENT SIGNED THE LAW “ON GUARANTEE FUNDS IN THE KYRGYZ REPUBLIC”

    THE PRESIDENT SIGNED THE LAW “ON GUARANTEE FUNDS IN THE KYRGYZ REPUBLIC”

    On April 13, 2019, the President of the Kyrgyz Republic, Sooronbai Jeenbekov, signed the Law “On Guarantee Funds in the Kyrgyz Republic”.

    The law was enacted by the Jogorku Kenesh of the Kyrgyz Republic on March 7, 2019.

    The purpose of the enacted Law is to improve the legal regulation for establishment and development of guarantee funds in the Kyrgyz Republic.

    The law defines the legal and economic bases for establishment and activity of guarantee funds.

    With its entry into force, the current Law of the Kyrgyz Republic of July 30, 2013 No. 167 “On Guarantee Funds in the Kyrgyz Republic” will become invalid.

    The law enters into force 15 days after the date of official publication.

    Official website of the President of the Kyrgyz Republic

    Amendments to the Tax Code of the Kyrgyz Republic

    President of the Kyrgyz Republic Sooronbai Jeenbekov signed the Law of the Kyrgyz Republic “On Amendments to the Tax Code of the Kyrgyz Republic”.

    The law was adopted by the Jogorku Kenesh of the Kyrgyz Republic on March 7, 2019.

    In order to improve the tax legislation of the Kyrgyz Republic in terms of taxation of guarantee funds, the adopted Law introduces an amendment to Part 1 of Article 207 of the Tax Code of the Kyrgyz Republic, according to which:

    The amount sent by the bank or the guarantee fund to loan, guarantee and leasing loss provision used only for the purpose of securing bank loans and related assets, including guarantees issued by guarantee funds, shall be deducted from the aggregate annual income.

    The law enters into force in 10 days after the date of official publication.

    Official website of the President of the Kyrgyz Republic