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Friday, September 25th, 2020

Kyrgyzstan’s Economy Ministry on tax incentives for export growth

by January 9, 2020 Market

At the press conference at Kabar News Agency, representatives of the Ministry of Economy of Kyrgyzstan spoke about the tax incentives provided to stimulate exports and economic growth.

Deputy Economy Minister Dastan Kadyrov said that in 2019 tax incentives were presented for three industries.

“Trade and logistics centers of agricultural importance have got benefits, they also are exempt from import tax on fixed assets, which resulted in export growth by 131.2% in 2019. Export of dairy products grew by 146%, fruits and vegetables by 149%, grain beans by 142%,” he said.

Kadyrov noted processors of domestic production’s raw materials also received VAT benefits.

“The right to pay VAT has been granted with a reduction by 80%,” he added.

The deputy economy minister added sewers also received benefits.

“Benefits will be presented to legal entities in the sewign industry. The income tax after benefits per person will be KGS 470 (more than $6), instead of KGS 1,000 (about $ 14). Such privileges are granted if a company employs more than 50 people”, Dastan Kadyrov said.

Source: Kyrgyz National News Agency