The Parliament passes third reading of the bill banning the prospecting, exploration and development of uranium and thorium deposits

On October 31, 2019, the Parliament adopted third reading of the draft Law of the Kyrgyz Republic “On the prohibition of activities related to the geological exploration of mineral resources for the purpose of prospecting, exploration and development of uranium and thorium deposits in the Kyrgyz Republic.”

On October 31, MPs also adopted the following bills:

In the second reading:

- “On Amending Certain Legislative Acts of the Kyrgyz Republic (the Tax Code, laws On Tariffs for Insurance Contributions for State Social Insurance and On State Social Insurance).” The initiator is the Government, Resolution No. 32 of 01.31.19.

- The Joint Draft Law “On Amending Certain Legislative Acts of the Kyrgyz Republic (in the Labor Code, Laws “On the Licensing and Permitting System in the Kyrgyz Republic ” and On Bankruptcy (Insolvency)”. The initiator is the Government, Resolutions No. 289 of 06/11/19 and No. 395 of 08/01/19.

Link: http://www.kenesh.kg/ru/news/show/8740/zhogorku-kenesh-prinyal-ryad-zakonoproektov-vo-vtorom-i-tretyem-chteniyah

The Economy Ministry submits a bill on the protection of bank deposits for public discussion

On November 1, 2019, the Ministry of Economy of the Kyrgyz Republic submitted for public discussion the draft Law of the Kyrgyz Republic “On Amending the Law “On the Protection of Bank Deposits” and the Draft Government Resolution “On the Draft Law of the Kyrgyz Republic “On Amending to the Law of the Kyrgyz Republic “On the Protection of Bank Deposits.”

The bill was drafted in order to increase the amount of compensation for deposits (insurance coverage) in commercial banks upon the occurrence of guarantee cases, as well as to increase protection for depositors of commercial banks and to strengthen public confidence in the banking system.

If insurance coverage is increased to 300 thousand soms, the number of guaranteed deposits will be estimated at 98% of the total number of all depositors in the banking sector, that is, the overwhelming majority of depositors will be covered.

An increase in insurance coverage will increase public confidence in bank savings and, with proper supervision of commercial banks by the National Bank of the Kyrgyz Republic, will have a positive effect on increasing the overall deposit base.

Link: http://www.gov.kg/?p=139803&lang=ru

MPs consider a bill to create favorable conditions for the clothing industry development

On October 31, 2019, MPs considered in the second reading of the draft law “On Amending Certain Legislative Acts of the Kyrgyz Republic (the Tax Code, the laws “On Tariffs of Insurance Contributions for State Social Insurance” and “On State Social Insurance”).

The amendments are aimed at creating favorable conditions for the development of the clothing and textile industries, the withdrawal of existing entrepreneurs from the shadow economy by reducing the tax burden and the size of social contributions.

Link: http://www.kenesh.kg/ru/news/show/8732/rassmotren-zakonoproekt-o-sozdanii-blagopriyatnih-usloviy-dlya-razvitiya-shveynoy-otrasli

Deputy Bekeshev proposes not to put entrepreneurs in pretrial detention center for economic crimes

On October 31, 2019, during the consideration of the miscellaneous issue at a Parliament meeting, MP Dastan Bekeshev suggested adjusting measures in combating economic crimes. He proposed not to put entrepreneurs in pretrial detention center for economic crimes.

According to the deputy, representatives of law enforcement agencies sometimes close the heads of companies in jail in order to replenish the anti-corruption account.

“It is unacceptable to take such measures against entrepreneurs. There are other measures in the form of a pledge or a recognizance not to leave the country,” he said.

Link: http://www.kenesh.kg/ru/news/show/8719/deputat-d-bekeshev-predlozhil-ne-sazhaty-v-sizo-predprinimateley-za-ekonomicheskie-prestupleniya

The Economy Ministry submits for public discussion a bill on improving tax administration

On October 29, the Ministry of Economy of the Kyrgyz Republic submitted for public discussion the draft Law of the Kyrgyz Republic “On Amending Certain Legislative Acts of the Kyrgyz Republic (Tax Code of the Kyrgyz Republic, Law of the Kyrgyz Republic “On Advertising”) and the Draft Government Resolution “On Amending Certain Legislative Acts of the Kyrgyz Republic (Tax Code and Law “On Advertising").

The draft Law aims to improve the tax administration of excise tax on produced and imported petroleum products, create favorable conditions for taxpayers — individuals obliged to pay local taxes, encourage the use of electric vehicles, and introduce a legal framework in the legislation of the Kyrgyz Republic for the functioning of the Fiscal Data Operator.

Link: http://www.gov.kg/?p=139683&lang=ru