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Cabinet of Ministers of Kyrgyzstan approves plan of support for business

A plan has been approved to provide fiscal measures to support entrepreneurship. The Information Support Department of the Cabinet of Ministers of Kyrgyzstan reported.

«Today, many entrepreneurs are forced to suspend their activities. This once again proves how vulnerable we are during 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,» the Prime Minister Mukhammedkaly Abylgaziev said.

The Government will provide maximum assistance to business, individual entrepreneurs and citizens through financial and tax incentives after resumption of business activity.

As part of the plan to provide fiscal measures to support entrepreneurship, it was decided:

  • To provide deferrals and installments for the payment of tax debts and social security debts arising from the introduction of the emergency situation regime and the state of emergency from March 22;
  • Not to apply tax sanctions and penalties for late payment of tax obligations until July 1;
  • To recommend local governments to provide a deferral of payments for rent of municipal property for three months from April 1;
  • To extend the terms for widespread introduction of components of the electronic system of fiscalization of tax procedures until July 1;
  • To extend the deadline for submitting a single tax return for individuals and individual entrepreneurs until April 1, 2021;
  • To extend the deadlines for submission of reports by business entities on taxes and social contributions until July 1, subject to timely payment of duties;
  • To extend the moratorium on inspections by state regulatory authorities until January 1, 2022;
  • To introduce a restriction on field tax audits until January 1, 2021;
  • To recommend the relevant organizations not to turn off electricity, water, gas and other utilities, communication and Internet services for three months due to the presence of subscriber arrears;
  • Not to charge penalties, fines for non-payment of utility bills (electricity, water, gas, waste disposal, communication services, Internet and etc.);
  • To provide a deferral of payments for the rent of state property for three months from April 1;
  • To introduce a temporary ban on conducting bankruptcy procedures until January 1, 2021.

Moreover, the ban on inspections does not apply to scheduled inspections of business entities engaged in the production and turnover of excisable groups of goods. It will not apply to unscheduled inspections conducted in case of reorganization, liquidation of organizations and termination of activities of an individual entrepreneur, as well as receipt by the tax authorities of documented information testifying to the facts of incorrect tax calculation by taxpayers after completion of the emergency situation / the state of emergency.