Amendments to the Law “On Free Economic Zones in the Kyrgyz Republic”

On May 13, 2019, President of the Kyrgyz Republic Sooronbai Jeenbekov signed the Law “On Amendments to the Law of the Kyrgyz Republic “On Free Economic Zones in the Kyrgyz Republic”.

The law was adopted by the Jogorku Kenesh of the Kyrgyz Republic on April 4, 2019.

The purpose of the Law is to improve the legislation of the Kyrgyz Republic on free economic zones (hereinafter - the FEZ) and bring its norms in line with changes in the tax legislation of the Kyrgyz Republic regarding the tax regime in the FEZ.

The law comes into force on January 1, 2019.

Link: http://www.president.kg/ru/sobytiya/14045_vneseni_izmeneniya_vzakon_osvobodnih_ekonomicheskih_zonah_vkirgizskoy_respublike

Amendments to the Tax Code of the Kyrgyz Republic

On May 13, 2019, the President of the Kyrgyz Republic signed the Law of the Kyrgyz Republic “On Amendments to the Tax Code of the Kyrgyz Republic”.

The law was adopted by the Jogorku Kenesh of the Kyrgyz Republic on April 4, 2019.

The purpose of the Law is to improve the regulation of legal relations related to the tax regime in free economic zones in the Kyrgyz Republic.

The law comes into force on January 1, 2019 and is subject to publication in the media.

Link: http://www.president.kg/ru/sobytiya/14049_vneseni_izmeneniya_vnalogoviy_kodeks_kirgizskoy_respubliki

Procedure for the competition for the transfer of state property in trust management approved

The Government Regulation dated May 13, 2019 No. 223 approved the Procedure for holding a competition for transferring state property to trust management.

The bylaw provides the terms and conditions for an open tender for the selection of trustees in relation to the following state assets:

- state-owned shares of joint-stock companies and LLC;

- state enterprises as property complexes (with the exception of state enterprises operating in the Armed Forces system.

Thus, conditions have been created for the implementation of the mechanism for attracting professional management companies to the public sector as provided for by the Law No. 51 “On the trust management of state property” dated May 22, 2018.

This mechanism will be used to attract professional management teams to state-owned companies and state-owned enterprises. The state will be able to use the potential and resources of the private sector according to the principle of outsourcing.

Link: http://www.gov.kg/?p=132893&lang=ru

President signed the Law “On Amendments to the Law of the Kyrgyz Republic “On Guarantees of the Activities of the President of the Kyrgyz Republic”

On May 16, President of the Kyrgyz Republic Sooronbai Jeenbekov signed the Law of the Kyrgyz Republic “On Amendments to the Law of the Kyrgyz Republic “On Guarantees of the Activities of the President of the Kyrgyz Republic”.

The law was adopted by the Jogorku Kenesh of the Kyrgyz Republic on April 4, 2019.

This Law was adopted in order to bring it in line with the Constitution of the Kyrgyz Republic adopted by referendum on June 27, 2010.

On October 3, 2018, the Constitutional Chamber of the Supreme Court of the Kyrgyz Republic, in the case on verifying the constitutionality of Article 12 of the Law of the Kyrgyz Republic “On guarantees for the activities of the President of the Kyrgyz Republic”, decided to recognize the contested provision as contradictory to part 3 of Article 16 of the Constitution of the Kyrgyz Republicbecause this provision does not envisage a procedure for bringing to responsibility the ex-president for acts committed by him during the period of exercising the powers of the President of the Kyrgyz Republic.

The law enters into force upon the expiration of ten days from the date of official publication.

Link: http://www.president.kg/ru/sobytiya/14077_prezident_sooronbay_gheenbekov_podpisal_zakon_o_vnesenii_izmeneniy_v_zakon_kirgizskoy_respubliki_o_garantiyah_deyatelnosti_prezidenta_kirgizskoy_respubliki

Amendments to the Law on the Securities Market

On May 14, 2019, the President of the Kyrgyz Republic Sooronbai Jeenbekov signed the Law of the Kyrgyz Republic “On Amending the Law of the Kyrgyz Republic “On the Securities Market”.

The law was adopted by the Jogorku Kenesh of the Kyrgyz Republic on April 4, 2019.

The law aims to improve the legislation of the Kyrgyz Republic on the securities market and the implementation of the norm stipulated by part 15 of Article 123 of the Criminal Procedure Code of the Kyrgyz Republic.

The law supplemented the Law of the Kyrgyz Republic of July 24, 2009 No. 251 “On the Securities Market” with a new article 392, defining the procedure for taking actions to redeem securities that have been seized, pay income, convert them, exchange or other actions with them.

According to the adopted law, when an arrest is imposed on securities, their conversion, exchange, redemption and other actions with them are suspended until the decision to impose an arrest is canceled. The law enters into force 15 days after the date of official publication.

Link: http://www.president.kg/ru/sobytiya/14051_vneseni_izmeneniya_vzakon_orinke_cennih_bumag