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Kyrgyzstan increases tax rates on export of gold ore

Kyrgyzstan increases tax rates on the export of gold ore and concentrates. The head of the Fiscal Policy Department of the Ministry of Economy Kuban Aidaraliev told at a press conference.

According to him, Article 221 of the Tax Code is amended. Now the price of gold ore and concentrate is determined separately from gold alloy and fine gold.

The tax on the export of gold ore and concentrates is increased by 3 percent. Rates on gold alloy and refined gold remain at the same level.

Kuban Aidaraliev

The goal of the changes, Kuban Aidaraliev believes, is to encourage mining companies to open processing plants in Kyrgyzstan.

«Except for Kumtor, all companies export gold ore and concentrate from Kyrgyzstan. Ore is processed in Kazakhstan, China and Turkey. We want our gold to remain here or return to the country,» said Kuban Aidaraliev.

There are seven gold mining companies in Kyrgyzstan. In 2017, at least 53,000 tons of ore were exported, including 3 tons of gold, for 9 months of 2018 — 55,000 tons of ore, including 3.8 tons of gold.