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Imports of gold bullions remain taxable in Kyrgyzstan

Kyrgyz MPs refused to exempt imports of gold bullions from payment of sales and value-added taxes. The decision was taken today at a meeting of the Parliament.

Recall, the document was initiated by deputies from the Social Democratic Party (Dastan Bekeshev and Chynybay Tursunbekov) and Kyrgyzstan (Azizbek Tursunbaev) factions.

They noted that in order to reduce the level of dollarization of the economy of Kyrgyzstan, it is necessary to stimulate the development of the country’s new investment instruments.

In 2015, the National Bank has offered such a tool — gold bullions. The program is popular among the population. However, the problem is that the light weight bars are produced in Kazakhstan. Kyrgyzaltyn state company has no equipment for their production. It produces only bars weighing 100 grams.

To reduce price of the bullions, the initiators of the bill offered to exempt their import of taxes.

However, MPs criticized the initiators and the National Bank. They said that the budget would lose more than 2 million soms, and only a few people would get the benefits.

As a result, 71 deputies voted against the bill.