The rates of insurance premiums for small and medium-sized businesses with an annual revenue of not more than 30 million soms were reduced from December 2022 until January 1, 2027. The State Tax Service of Kyrgyzstan reported.
The changes were introduced by the law of November 4 to further develop and support small and medium-sized businesses and bring them out of the shadows. The amendments do not apply to organizations financed from the state budget, state-owned enterprises, institutions, enterprises and organizations with a state share of more than 51 percent.
Thus, the rates of insurance premiums for small and medium-sized businesses will be:
- With the number of employees of 5-14 people — reduced from 27.25 to 22 percent (12 percent from the employer and 10 percent from the employee);
- With the number of employees of 15 people or more — reduced from 27.25 to 14 percent (4 percent from the employer and 10 percent from the employee).
In addition, deductions to the Workers’ Health Improvement Fund (0.25 percent) are excluded for small and medium-sized businesses.
For small and medium-sized businesses reporting one to four people, insurance premium rates remain unchanged at 27.25 percent (17.25 percent from the employer and 10 percent from the employee).
Changes have been made to the norms on fines and penalties for state social insurance in accordance with tax legislation. Previously, for non-provision (or delay) of payroll statements by the established deadline, a fine in the amount of 25 percent of the amount of payments established for the previous reporting period, with subsequent recalculation, was charged in case of non-provision (or delay) more than two times during the calendar year. A fine of 25 percent will be charged from December 1, 2022 for the first non-submission (or delay) by the deadline for reporting.
