PRESIDENTIAL DECREE OF THE KYRGYZ REPUBLIC

of March 1, 2024 unitary enterprise No. 49

About creation of the favorable tax circle for subjects of entrepreneurship and increase in interest of insured persons in the state social security

In the light of the current challenges facing national economy, special attention is paid to stimulation and support of the subjects of entrepreneurship which are the important engine of economic growth and social development. However many entrepreneurs continue to work in the unofficial sector that creates obstacles to development of competitiveness and innovative capacity of the country.

The effective rate of rates of insurance premiums is one of the most burning problems which representatives of business face. The social assignments paid by the employer considerably exceed the amounts of tax assignments, thereby creating the bases for understating of the sizes of the salary of workers and promoting emergence of difficult economic environment for development of entrepreneurship.

For the purpose of creation of more favorable conditions, stimulations of activity, increase in availability of financial resources and simplification of financial burden for business, according to article 71 of the Constitution of the Kyrgyz Republic I decide:

1. To the Cabinet of Ministers of the Kyrgyz Republic:

- submit the drafts of the laws of the Kyrgyz Republic providing for consideration of Jogorku Kenesh of the Kyrgyz Republic:

1) decrease in rate of insurance premiums from percent 27,25 to percent 12,25 for subjects of entrepreneurship, except for state-financed organizations and high-profit industries (mining; providing (supply) with the electric power, gas, vapor and the conditioned air; information and communication; realization of excise goods (alcoholic, tobacco products and fuels and lubricants); commercial banks, specialized financial and credit or credit institutes);

2) responsibility of employers for concealment of the salary (income) paid to workers;

3) determination of requirements for establishment of the salary (income) for the purposes of the taxation and calculation of insurance premiums;

4) establishment of the standard rate of contributions from the income tax to the republican budget;

- provide in the republican budget additional assignments to Social fund of the Kyrgyz Republic under the Cabinet of Ministers of the Kyrgyz Republic.

2. To impose control of execution of this Decree on management of control of execution of decisions of the President and the Presidential Administration Cabinet of Ministers of the Kyrgyz Republic.

3. This Decree becomes effective from the date of official publication.

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