Tax rates on income from extraction and sale of gold ore and gold concentrate were increased in Kyrgyzstan. The State Tax Service reported.
The law dated August 22, 2020 No. 141 increased the income tax rates for taxpayers engaged in the extraction and sale of gold ore and gold concentrate. The tax rate increases by 7 percent until 2023, and by 10 percent — from 2023.
In addition, in accordance with the law, the tax base for royalties is also the value of chemically pure metal contained in metal-containing ore or concentrate of exchange-traded metal. If the cost of a chemically pure metal contained in a metal-containing ore or a concentrate of exchange metal is lower than the proceeds received from sale of metal-containing ores and concentrates of exchange-traded metals, then the proceeds received from the sale of metal-containing ores and concentrates of exchange metals are used as the royalty tax base.
«Taking into account the amendments introduced, a single royalty rate is set: for gold, silver and platinum, as well as metal-containing ores and concentrates of gold, silver and platinum — at the rate of 5 percent; for metals, metal-containing ores, metal concentrates, with the exception of gold, silver and platinum — at the rate of 3 percent. The law comes into force on November 1 this year,» the State Tax Service said.
