THE GOVERNMENT APPROVED A PLAN TO PROVIDE FISCAL MEASURES TO SUPPORT ENTREPRENEURSHIP

The Prime Minister of the Kyrgyz Republic, M. Abylgaziev, held a meeting, which resulted in the adoption of a plan to provide fiscal measures to support entrepreneurship.

As the Head of the Government noted, today many entrepreneurs are forced to suspend their activities.

This, once again, proves how vulnerable we are in the context of global crises. The crisis has affected the whole world, and the current situation is also negatively affecting our economy. I urge employers who still have financial opportunities to show solidarity and social responsibility by ensuring a minimum income level for their employees during the quarantine period. At such a time, we should all come together”, said the Prime Minister.

For his part, as the Prime Minister noted, the Government will provide maximum assistance to business, individual entrepreneurs, and citizens through financial and tax incentives after the resumption of business activity.

As part of the Plan for the provision of fiscal measures to support entrepreneurship, the Government of the Kyrgyz Republic decided:

  • To provide deferrals and installments for the payment of the amounts of tax debt and social security debt arising from the introduction of the state of emergency and state of emergency from March 22, 2020;
  • Do not apply tax sanctions and penalties for untimely fulfillment of tax obligations until July 1, 2020;
  • Recommend that local governments provided a deferral of payments for rent of municipal property for 3 months from April 1, 2020;
  • Extend the terms for the widespread introduction of components of the electronic system of fiscalization of tax procedures until July 1, 2020;
  • Extend the deadline for submitting a single tax return for individuals and sole proprietors until April 1, 2021;
  • Extend deadlines for submission of reports by business entities on taxes and social contributions until July 1, 2020, subject to timely payment of payments;
  • Extend the moratorium on inspections by state regulatory authorities until January 1, 2022;
  • Introduce a restriction on field tax audits until January 1, 2021, with the exception of:

 

  • Scheduled inspections of business entities operating in the production and turnover of excisable groups of goods;
  • Unscheduled inspections carried out in case of reorganization, liquidation of organizations and termination of activity of a sole proprietor;
  • Unscheduled inspections and cross-checks carried out in the case of receipt by the tax authorities of documented information testifying to the facts of incorrect tax calculation by taxpayers after the completion of the emergency / emergency mode.
  • Recommend to the appropriate organizations within 3 months:
    • Do not turn off electricity, water, gas and other utilities, communications and internet services, due to the presence of subscriber debt;
    • Do not charge penalties, penalties for non-payment of utility bills (for electricity, water, gas, garbage collection, communication services, internet, etc.)
  • Provide a deferral of payments for the rental of state property for 3 months, from April 1, 2020;
  • Introduce a temporary ban on conducting bankruptcy proceedings until January 1, 2021.

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