Canceling VAT invoices, Kyrgyzstan saves about 3 million soms

The abolition of the issuance by the tax authority of VAT invoice form and the switch to assignment of series and numbers to invoices allowed saving 2.8 million soms of budget funds for the year. This was reported by the press service of the State Tax Service of the Kyrgyz Republic.

According to it, before the introduction of the new mechanism, budget funds were spent annually for the production of VAT invoice forms, including transportation, warehousing, and equipment of specially allocated premises. Significant time of employees of tax authorities was also spent on obtaining, maintaining records and issuing forms, processing reports on their use.

The innovation had a positive effect for taxpayers.

It is reported that the rule became effective since November 7, 2016 in accordance with the amendments introduced into the Tax Code by the law of the Kyrgyz Republic dated August 12 of the same year.