On ratification of the agreement on the Hungarian-Kyrgyz Development Fund
On September 7, 2021, the President of the Kyrgyz Republic Sadyr Japarov has signed the Law of the Kyrgyz Republic “On ratification of the Agreement between the Government of the Kyrgyz Republic and the Government of Hungary on the Hungarian-Kyrgyz Development Fund” dated April 8, 2021, in Bishkek.
It is assumed that the Fund will finance self-sustaining projects in the priority sectors of the economy of the Kyrgyz Republic by providing loans, equity and other financial instruments in relations with business entities registered and operating in the country.
The Fund will be an international organization, with a charter capital of 16 million USD, with the intention of the Hungarian side to increase the authorized capital to 50 million USD. Contributions to the authorized capital are provided by Hungary.
On submition of a draft Tax Code for public consideration
The Ministry of Economy and Finance of the Kyrgyz Republic has submitted a draft Tax Code for public discussion. The purpose and objective of this draft law is to adapt the tax legislation of the Kyrgyz Republic to modern economic conditions, to further improve the digitalization of tax procedures, to create a level playing field for entrepreneurship, and to reduce the shadow component of the economy.
On the signing of the Decree “On support for small and medium-sized businesses”
On September 2, 2021, the President of the Kyrgyz Republic Sadyr Japarov signed a decree “On providing support to small and medium enterprises.”
In order to further support small and medium-sized businesses in the Kyrgyz Republic and remove them from the unobserved sector of the economy, the Cabinet of Ministers is instructed within two months:
– to reduce insurance contribution rates for small and medium-sized businesses from 27.25 % to 22 and 14 % depending on the number of employees and accrued wages for a period of three years from 2022 to 2024;
– to submit for consideration of the Jogorku Kenesh of the Kyrgyz Republic draft regulations necessary to implement this Decree.
On the establishment of the State Agency for Personal Data Protection
On September 14, President of the Kyrgyz Republic Sadyr Japarov signed a decree amending the presidential decree “On the Cabinet of Ministers of the Kyrgyz Republic” dated May 5, 2021, according to which the State Agency for Personal Data Protection was established under the Cabinet of Ministers of the Kyrgyz Republic.
The document was signed in order to optimize the system of management and implementation of the Law of the Kyrgyz Republic “On Personal Information”.
In accordance with this Law, the Agency will ensure protection of personal data, protection of rights of personal data subjects, registration of personal data holders (holders), maintenance of the Register of holders of personal data arrays, as well as the newly established body will perform other tasks and functions.
On the draft bill on the issuance of residence permits to foreign citizens
The Ministry of Digital Development of the Republic submitted for public discussion a draft regulation on the issuance of residence permits to foreign citizens. The draft regulation also envisages the creation of an automated information system “Residence Permit”. In the case of adoption of this provision, the current one will lose its force.
When using the system “Residence Permit” it is proposed to produce residence permits in the form of Id-card.
On the bill on operations with precious stones
Since September 24, the Ministry of Economy and Finance of the Kyrgyz Republic will submit for public discussion the draft resolution of the Cabinet of Ministers of the Kyrgyz Republic “On Approval of the Regulations on the Procedure of Special Accounting of Legal Entities and Individual Entrepreneurs Conducting Operations with Precious Metals and Precious Stones in the Kyrgyz Republic”.
On Draft Resolution of the Cabinet of Ministers of the Kyrgyz Republic “On Amendments to Some Decisions of the Government of the Kyrgyz Republic on the Non-Banking Financial Market
Since September 30, the Ministry of Economy and Finance of the Kyrgyz Republic submitted for public discussion the draft Resolution of the Cabinet of Ministers of the Kyrgyz Republic “On Amendments to Some Decisions of the Government of the Kyrgyz Republic on the Non-banking Financial Market”.
This draft Resolution of the Cabinet of Ministers of the Kyrgyz Republic “On Amendments to Some Decisions of the Government of the Kyrgyz Republic on the Non-Banking Financial Market” was developed by the State Service for Regulation and Supervision of the Financial Market under the Ministry of Economy and Finance of the Kyrgyz Republic in order to increase the minimum amount of the authorized capital to improve the financial stability of pawnshop activity.
The Ministry of Economy and Finance of the Kyrgyz Republic proposes to introduce online insurance.
Since September 20, the Ministry of Economy and Finance of the Kyrgyz Republic will submit a draft law “On amendments to the Civil Code of the Kyrgyz Republic” for public discussion.
The draft Law of the Kyrgyz Republic “On Amendments to the Civil Code of the Kyrgyz Republic,” in terms of the introduction of the insurance policy in electronic form is designed to increase accessibility and convenience for the population to use insurance services, the introduction of the possibility of the insurance contract not only in writing but also in electronic form.
Given the pandemic caused by COVID-19 in 2020, effective digital services are more important than ever. It is necessary to introduce online insurance, which will make it possible for the population to conclude insurance contracts electronically through the Internet resources of insurance companies without visiting an office or involvement of an agent.
On invalidating the decree on the use of money from Kumtor
To bring in line with the Civil Code of the Kyrgyz Republic, the Law of the Kyrgyz Republic “On Non-Profit Organizations”, the Decree of the President of the Kyrgyz Republic dated May 5, 2021 No. 114, implementation of the Decree of the President of the Kyrgyz Republic dated March 19, 2021 No. 77, guided by Articles 10 and 17 of the Constitutional Law of the Kyrgyz Republic “On the Government of the Kyrgyz Republic”, the Cabinet of Ministers of the Kyrgyz Republic has decided the following:
- To declare null and void the Resolution of the Government of the Kyrgyz Republic “On Approval of the Regulations on the use of funds from the closed joint stock company “Kumtor Gold Company” dated October 8, 2019, No. 529.
- The State Committee on Environment and Climate of the Kyrgyz Republic within a month to form an expert commission to assess and select projects for environmental protection and conservation of natural wealth of the Kyrgyz Republic.
- Control over the implementation of this resolution shall be entrusted to the Department of the Agro-industrial Complex and Environment of the Presidential Administration of the Kyrgyz Republic.
- This decree shall come into force from the day of its official publication.