An interdepartmental working group was formed to develop a draft of a new version of the Tax Code, the Ministry of Economy and Finance of Kyrgyzstan reported.
The main goal is to adapt the tax legislation of Kyrgyzstan to modern economic conditions and create favorable conditions for activities of taxpayers. It is planned to simplify the mechanism for reimbursing and refunding excess VAT, introduce a service approach to servicing taxpayers and develop alternative approaches to resolving tax disputes.
In addition, the procedure for conducting on-site scheduled inspections will be revised, if the taxpayer meets special criteria. Simply put, taxpayers will have their own rating. The tax administration procedure is designed to simplify and eliminate conflicts in legislation, so that any controversial issues are resolved in favor of the taxpayer.
To date, six modular groups have been formed to develop a new Tax Code.
The Ministry of Economy and Finance expects that after completion of the process, fulfillment of tax obligations will become easier, business costs will be minimized, reporting will be simplified and automated, and contact between business and fiscal authorities will be reduced. In addition, unfair competition will be eliminated, domestic business will be protected and there will be an opportunity to increase product exports to third countries and EAEU member countries.
The state expects that the changes will increase tax collection, ensure traceability of goods along the entire supply chain, possibility of detecting illegal trade and will create a favorable investment climate. (24.kg/Business World Magazine)
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