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Small business exempted from taxes in Kyrgyzstan

The President of Kyrgyzstan Sadyr Japarov signed a decree on support of small business, creation of a favorable tax climate. Presidential press service reported.

The document provides for tax exemption for business entities with an annual turnover of up to 8 million soms. But at the same time, they must necessarily use online cash registers, electronic invoices in their work. Entrepreneurs are obliged to pay income tax, land tax, property tax (if any) and insurance premiums. In addition, a businessman should not conduct export-import operations.

To implement the decree, the Cabinet of Ministers must submit to the Parliament for consideration draft laws providing for the exemption of entities that supply goods, provide works and services to the population with an annual turnover of up to 8 million soms from all taxes. It is also necessary to create a single taxpayer card and an analytical system for monitoring payment of the value added tax and the excise tax.