On the introduction of temporary external management in the joint stock companies in the event of suspension of the right to use the subsoil
The Law of the Kyrgyz Republic # 62 of 12 May, 2021 provides for the introduction of temporary external management in joint stock companies in the event of suspension of the right to use the subsoil on the grounds of violation by the company of the requirements for the protection of the subsoil, environmental and industrial safety established by the legislation of the Kyrgyz Republic, which created an immediate threat to the life or health of people working or living in the zone of influence of the works, as well as failure by the company to take the necessary measures to eliminate them.
Temporary external management is introduced by the Cabinet of Ministers of the Kyrgyz Republic in order to ensure the continuation of the company’s economic activities for the duration of the decision to suspend the right to use mineral resources. The Law applies to joint-stock companies that exercise their right to use mineral resources on the basis of a concession agreement.
Also, the Criminal Code of the Kyrgyz Republic introduces liability for violation of restrictions for the management bodies of a joint-stock company in the case of the introduction of temporary external management, established by the legislation on joint-stock companies-imprisonment of category III (from 5 years to 7 years 6 months)
The Resolution comes into force on 17 May, 2021.
On the procedure for appointing a temporary external manager in joint stock companies
In order to implement the newly introduced Article 65-1 of the Law of the Kyrgyz Republic “On Joint-Stock Companies”, Resolution # 7 of the Cabinet of Ministers of the Kyrgyz Republic dated 17 May, 2021 approved the Procedure for appointing a temporary external manager, which defines the procedure for appointing a temporary external manager for the period of introducing temporary external management in joint-stock companies operating in the field of subsurface use.
The Resolution comes into force on 7 May, 2021.
On setting zero VAT rate for import of granulated sugar and vegetable oil
In order to stabilize the market prices of food products, support vulnerable people in the Kyrgyz Republic and to implement measures aimed at preventing and controlling the spread of coronavirus infection “COVID-19”, the Resolution of the Government of the Kyrgyz Republic № 176 has established 0% percent rate of the value added tax on taxable imports of granulated sugar and refined vegetable oil, imported (imported) by the State Material Reserves Fund under the Ministry of Agriculture of the Kyrgyz Republic, for the period from 1 April 2021 to 31 December 2021.
The Resolution comes into force from 1 April 2021.
On the temporary state regulation of prices for certain types of socially significant goods
In order to ensure the economic accessibility of socially important food products to the population in connection with the current epidemiological situation in the world, Resolution of the Government of the Kyrgyz Republic # 184 of 4 May, 2021 introduced temporary, with a validity period of 90 calendar days, state price regulation, with the establishment of a maximum surcharge for vegetable sunflower oil and sugar.
The State Agency for Antimonopoly Regulation of the Kyrgyz Republic has been instructed to take measures for state regulation of prices for these food products.
The Resolution comes into force on 20 May, 2021
On reorganization of the Government of the Kyrgyz Republic
By the Decree of the President of the Kyrgyz Republic No. UP 114 dated 5 May 2021, the Government of the Kyrgyz Republic was transformed into the Cabinet of Ministers of the Kyrgyz Republic.
The Cabinet of Ministers in turn is the legal successor of the Government of the Kyrgyz Republic and consists of:
– Chairman of the Cabinet of Ministers of the Kyrgyz Republic;
– First Deputy Chairman of the Cabinet of Ministers of the Kyrgyz Republic;
– Deputy Chairman of the Cabinet of Ministers – Minister of Economy and Finance of the Kyrgyz Republic;
– Deputy Chairman of the Cabinet of Ministers of the Kyrgyz Republic;
– Deputy Chairman of the Cabinet of Ministers – Minister of Digital Development of the Kyrgyz Republic;
– Ministers of the Kyrgyz Republic;
– Chairmen of State Committees.