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Electronic fiscalization system to increase tax revenues in Kyrgyzstan

After the introduction of the electronic system of fiscalization of tax procedures in Kyrgyzstan, more than 10 billion soms can be annually received from the collection of VAT. Economy Minister Artem Novikov stated this at the session of the Parliament today.

Deputies discuss draft law on the introduction of this system. Deputy Bakyt Torobayev asked how many taxes would be collected additionally if the law is adopted. It turned out that violations in the invoices for 446 million soms were detected at 423 business entities. «This money will definitely come into the budget, because the system will not allow manipulating invoices,» Artem Novikov said.

He added that, according to various sources, 39 percent of the Kyrgyz economy is in shadow, that is about 200 billion soms. «After the introduction of the electronic system of fiscalization of tax procedures, it will be possible to collect on average about 10 billion soms of VAT per year. We do not expect that this amount will be received in the first year, because it can only be talked about after the full introduction of the system. It will take time,» stressed the head of the Ministry of Economy.