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Kyrgyzstan intends to increase taxes on gold processing abroad

It is planned to increase the tax rate on income of mining and processing enterprises by three percent, if they sell and process gold outside the republic. The Government put forward the initiative.

The Ministry of Economy notes that the proposed amendments to the Tax Code will streamline the management of taxation of income of mining enterprises, will ensure the return of processed ore and precious metal concentrates.

When exporting gold-bearing ores and concentrates under the condition of return of refined metal, the increase in the rate of this tax is not applied to the subsoil user, but remains the same.

Calculations of the Ministry of Economy show that revenues will amount to an average of 300 million soms per year.

 The Committee on Budget and Finances of the Parliament approved the bill in the first reading.