Legal News

Legal News Review from Grata International
(November 2019)

Table of contents:

  • On approval of the Temporary Rules for Regulation of Prices for Pharmaceutical Products in the Kyrgyz Republic
  • On the approval of the Code of Ethics for Professional Accountants and Auditors in the Kyrgyz Republic
  • On signing by the President of the Kyrgyz Republic of the Law on Ratification of the Paris Agreement on the UN Framework Convention on Climate Change
  • On ratification of the Agreement between the Governments of Kyrgyzstan and Turkmenistan on elimination of double taxation and prevention of tax evasion with regard to income taxes
  • On the amendments and supplements to certain regulatory legal acts of the National Bank of the Kyrgyz Republic and approval of the Regulation on the requirements for information disclosure on the activities of commercial banks

On approval of the Temporary Rules for Regulation of Prices for Pharmaceutical Products in the Kyrgyz Republic

In order to ensure effective implementation of the state policy on regulation of prices for pharmaceutical products, Temporary Rules for Regulation of Prices for Pharmaceutical Products in the Kyrgyz Republic have been approved.

It is noted that prices for medicines by the state have not been regulated so far. The state pricing policy contemplated free formation of prices for medicines, which were influenced by supply and demand.

In order to provide the population with quality and affordable medicines, as well as to reduce prices for medicines, it was decided to introduce mechanisms to regulate prices for medicines in the Kyrgyz Republic.

In order to avoid negative consequences of the introduction of price regulation (withdrawal of some medicines from the market), it was decided to test this mechanism at the initial stage on a limited list of 58 medicines.

It has been established that prices for medicines in circulation in the Kyrgyz Republic prior to the entry into force of this resolution shall be brought by pharmaceutical entities in accordance with the registered price within 90 days from the date of their first entry into the electronic catalogue of prices for medicines.

The Resolution shall enter into force upon the expiration of two months from the date of official publication.

On the approval of the Code of Ethics for Professional Accountants and Auditors in the Kyrgyz Republic

The Resolution of the Government of the Kyrgyz Republic dated October 31, 2019 No. 586 amends the Resolution of the Government of the Kyrgyz Republic dated August 26, 2008 No. 470 “On International Audit Standards in the Kyrgyz Republic”.

The Code of Ethics for Professional Accountants and Auditors, issued by the Committee on International Ethical Standards for Accountants of the International Federation of Accountants, New York City, was approved as the new Code of Ethics for Professional Accountants and Auditors in the Kyrgyz Republic.

The resolution comes into force after fifteen days from the date of official publication.

On signing by the President of the Kyrgyz Republic of the Law on Ratification of the Paris Agreement on the UN Framework Convention on Climate Change

The President of the Kyrgyz Republic Sooronbay Zheenbekov signed the Law of the Kyrgyz Republic “On ratification of the Paris Agreement on the United Nations Framework Convention on Climate Change, signed on 12 December 2015 in Paris.

The Law was adopted by the Jogorku Kenesh of the Kyrgyz Republic on 17 October 2019.

In accordance therewith, the Ministry of Foreign Affairs of the Kyrgyz Republic is to deposit the instrument of ratification by the Kyrgyz Republic of the Paris Agreement on the UN Framework Convention on Climate Change, signed on 12 December 2015 in Paris to the depositary – the UN Secretary General.

For reference:

The Paris Climate Agreement was adopted on 12 December 2015 in Paris and entered into force on 4 November 2016. It aims to strengthen the global response to the threat of climate change. The document was signed by 175 countries, including Kyrgyzstan. It is the first time in history that the world powers have joined forces to contain climate change.

On ratification of the Agreement between the Governments of Kyrgyzstan and Turkmenistan on elimination of double taxation and prevention of tax evasion with regard to income taxes

The President of the Kyrgyz Republic Sooronbay Zheenbekov signed the Law of the Kyrgyz Republic “On ratification of the Agreement between the Government of the Kyrgyz Republic and the Government of Turkmenistan on the elimination of double taxation and prevention of tax evasion with regard to income taxes, signed on August 23, 2018 in Ashgabat.

The Law was adopted by the Jogorku Kenesh of the Kyrgyz Republic on September 11, 2019.

The agreement defines the rules for delimitation of the rights of each of the contracting states on taxation of subjects of one state that have an object of taxation in another state. In addition, this Agreement serves as a protection of a resident of one state from discriminatory taxation in the other contracting state, prevents tax evasion or abuse of the provisions of the Agreement through the exchange of information between the competent authorities of the contracting states.

In accordance with this Law, the Ministry of Foreign Affairs of the Kyrgyz Republic is required to notify the Turkmen side in accordance with the established procedure on the implementation by the Kyrgyz Republic of the domestic procedures necessary for the entry into force of the above-mentioned Agreement.

The Law comes into force after 10 days from the date of its official publication.

On the amendments and supplements to certain regulatory legal acts of the National Bank of the Kyrgyz Republic and approval of the Regulation on the requirements for information disclosure on the activities of commercial banks

The President of the Kyrgyz Republic Sooronbay Zheenbekov signed the Law of the Kyrgyz Republic “On ratification of the Agreement between the Government of the Kyrgyz Republic and the Government of Turkmenistan on the elimination of double taxation and prevention of tax evasion with regard to income taxes, signed on August 23, 2018 in Ashgabat.

The Law was adopted by the Jogorku Kenesh of the Kyrgyz Republic on September 11, 2019.

The agreement defines the rules for delimitation of the rights of each of the contracting states on taxation of subjects of one state that have an object of taxation in another state. In addition, this Agreement serves as a protection of a resident of one state from discriminatory taxation in the other contracting state, prevents tax evasion or abuse of the provisions of the Agreement through the exchange of information between the competent authorities of the contracting states.

In accordance with this Law, the Ministry of Foreign Affairs of the Kyrgyz Republic is required to notify the Turkmen side in accordance with the established procedure on the implementation by the Kyrgyz Republic of the domestic procedures necessary for the entry into force of the above-mentioned Agreement.

The Law comes into force after 10 days from the date of its official publication.

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