AmCham News

Business Representatives Met with the Deputy Chairman of the Cabinet of the Kyrgyz Republic

On June 7, 2022, business representatives met with the Deputy Chairman of the Cabinet of the Kyrgyz Republic Bakyt Torobaev. During the meeting, topical issues of tax legislation of the Kyrgyz Republic were discussed.

The Executive Director, Dastan Imanaliev, raised the issue of difficulties faced by representatives of the banking sector when opening bank accounts for non-residents of the Kyrgyz Republic.

In accordance with subclause 2 of paragraph 1 of Article 146 of the Tax Code of the Kyrgyz Republic, it is established that commercial banks can open accounts for organizations and individual entrepreneurs with tax registration of a taxpayer in the Kyrgyz Republic.

However, considering that in accordance with the legislation of the Kyrgyz Republic, tax registration is carried out after registration of a legal entity with the justice bodies, the process of obtaining a taxpayer identification number takes a long time. At the same time, not all non-residents of the Kyrgyz Republic fall under the category of a taxpayer, due to the norms of the Tax Code of the Kyrgyz Republic.

According to commercial banks of the Kyrgyz Republic, at the moment there is a large flow of potential clients of non-residents who want to open bank accounts with local commercial banks. However, the above circumstances create unfavorable conditions for non-residents to open bank accounts with commercial banks of the Kyrgyz Republic, and also make it difficult for non-residents to bank in the Kyrgyz Republic.

In this regard, following the meeting, it was decided to discuss this issue at the site of the Ministry of Economy and Commerce of the Kyrgyz Republic in a wide format with the participation of representatives of the banking sector of the Kyrgyz Republic, representatives of the Ministry of Economy and Commerce of the Kyrgyz Republic, the State Tax Service under the Ministry of Finance of the Kyrgyz Republic and the State Financial Intelligence Service under the Ministry of Finance of the Kyrgyz Republic.

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