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International Business Council urges to ease tax burden for investors in KR

Investors are loaded with taxes in Kyrgyzstan. The Chief Operating Officer of the International Business Council Askar Sydykov said at the board meeting of the State Committee of Industry, Energy and Subsoil Use.

According to him, tax payments account for 17.9 percent of the proceeds of mining companies.

If we compare this with mining countries, for example, with Kazakhstan and Mongolia, they have a tax burden of 15 percent. We have loaded the industry to the maximum and demand from them work and development.

Askar Sydykov

He also noted the wrong attitude towards investors. «Some state bodies ask what the investor can give, except for taxes. And what they should? The fact that they pay taxes is already a contribution to the budget. In addition, the constant changes in tax policy, criminal cases — all this only discourages investors. Now, there are three criminal cases in relation to one company,» Askar Sydykov said.

According to the State Committee, there are 2,537 licenses for deposits now. In 2017, there were announced auctions for the right to use subsoil for 34 objects, only 14 auctions were held.