It is proposed to approve the procedure for providing information to the Tax Service for banks, payment organizations/payment system operators. The Ministry of Economy and Commerce of Kyrgyzstan submitted the corresponding draft Cabinet resolution for public discussion.
According to the Ministry of Economy, the previous rule, when information was provided only by court decision, contributed to the growth of the shadow economy and complicated the tracking of taxpayers’ cash flows.
«The exchange of information of the tax authority with banks was carried out only on paper, which increased the number of bureaucratic delays in the preparation of documents. Taken together, all this had a negative impact on the attitude of taxpayers towards the Tax Service authorities in the process of exercising tax control and created a persistent feeling of instability in the functioning of the system as a whole,» the background statement to the draft resolution of the Cabinet of Ministers says.
With the adoption of amendments to the Tax Code of April 3, 2023, opportunities have been introduced and procedures have been simplified for the exchange of information between the Tax Service authorities and banks, payment organizations/payment system operators.
There are now two ways to exchange information — in paper and electronic forms. If information must be provided upon request, then the requirements for it are exhaustive. It is allowed to send one request simultaneously to several or all banks operating in Kyrgyzstan.
When contacting banks, the Tax Service will indicate exactly what information is needed. The Ministry of Economy also sets the procedure for applying for information of various types.
