Kyrgyzstan's economic week Dec. 4-9, 2017

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Electronic assistant of Tax Service. The State Tax Service of Kyrgyzstan started using an electronic assistant to fill insurance premiums. The Tax Service has developed and implemented electronic assistants in two categories: to fill out a payroll for state social insurance funds, as well as to fill out a sheet of payment of insurance premiums for employees employed in textile and clothing production.

The electronic calculator will facilitate the process of filling the payroll in electronic form for the taxpayer.

Automatized grants. The Ministry of Finance of the Kyrgyz Republic launched a portal https://stimgrant.okmot.kg for automated system of registration, filing, selection and registration of projects for obtaining incentive grants.

This portal was launched pursuant to paragraph 37 of the Government's Plan of Measures for 100 days on the implementation of the 40 Steps to a New Era program and also to ensure the transparency of the system through the use of information technologies.

The best place is for investors. Vice Prime Minister of Kyrgyzstan Tolkunbek Abdygulov, who participated in the Bishkek Investment Forum, told international investors at the Bishkek Investment Forum (BIF-2017) about the benefits of investments in Kyrgyzstan. The vice prime minister urged businessmen from Uzbekistan, Kazakhstan, Tajikistan, Mongolia to invest in Kyrgyzstan, as the country has all the conditions.

"Today Kyrgyzstan has access to the 700 millionth market. This was achieved by the accession of Kyrgyzstan to the Eurasian Economic Union and due to the GSP + status provided by the EU. In the international rating of investment attractiveness, the Kyrgyz Republic ranks 77th out of 189 countries," he said.

Abdygulov said that Kyrgyzstan is making every effort to improve investment attractiveness. In particular, he said that the two main points of the Cabinet of Ministers’ 40 Steps to a New Era program are related to business development. This is the Taza Koom project and the concentration of efforts on creating favorable conditions for business in Kyrgyzstan.

Trade in Central Asia is growing. The trade turnover between Kyrgyzstan and the Central Asian countries in January-November reached $ 950 million. According to data of the Agency for Promotion and Protection of Investments, in 2017 the trade between Kyrgyzstan and Central Asian countries was 4 times more than in the same period in 2016. However, the potential of Central Asia is not fully used.

Central Asia is undergoing a political and economic transformation. It is necessary to establish effective cooperation and prompt definition of common regional interests, the Agency believes.

Stabilization regime. The Government of Kyrgyzstan has introduced a stabilization regime for foreign investors investing at least $ 3 million in the country's economy for three years. This was announced during the Bishkek Investment Forum this week.

"This mechanism allows any investor investing at least $ 3 million over three years in the economy of Kyrgyzstan to take advantage of the stabilization regime, namely, within 10 years to use one tax regime, regardless of changes in the tax legislation," Vive Prime Minister of the Kyrgyz Republic Tolkunbek Abdygulov said the Forum participants.

For a comfortable stay of investors in Kyrgyzstan, the threshold amount in the economy for obtaining an investment visa is reduced from $ 500 thousand to $ 145 thousand.

Uzbek investments are possible. Investors in Uzbekistan are closely following the changes in Kyrgyzstan, Deputy chairman of the Chamber of Commerce and Industry of Uzbekistan Zhamshet Urakov said at the Bishkek Investment Forum. According to him, the results of start-ups and current investment projects were presented at the forum.

"I am glad that Kyrgyzstan has a great potential for the development of small and medium-sized businesses. We arrived with a delegation of 15 people. We want to enter your country’s market. We want to know about your economy and show your own, "the representative of Uzbekistan said.

Kabar News Agency

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