News / IBC news /
STS writes off fines and sanctions for taxpayers who have paid off debts

IBC
March 24, 2021

From August 2020 to March 1, 2021, the State Tax Service of the Kyrgyz Republic wrote off 150.4 million soms of penalties, sanctions and fines to taxpayers who paid off the main amount of tax debt.

According to the press service of the State Tax Service, a total of 3019 applications for debt restructuring were received from taxpayers. Of these, for 2568 entities, 150.4 million soms were written off, including penalties / interest — 121.5 million soms, tax sanctions — 28.9 million soms. Taxpayers paid 262.8 million soms of the principal amount of the debt.

The cancellation of penalties and sanctions for those who paid off tax arrears became possible thanks to the Law of the Kyrgyz Republic dated August 14, 2020 "On the restructuring of arrears on accrued interest, penalties, tax sanctions, and fines for insurance premiums", which is valid until December 31, 2021.

According to the law, penalties, sanctions and fines will be written off by 100 percent for

those entities who, by July 1, 2021, will repay the main amount of tax and insurance premiums arrears formed before July 1, 2020, and by 50 percent for those whowill pay off the principal amount of the debt until December 31, 2021.

Taxpayers can apply to the tax authority at the place of registration with an application for the restructuring of tax and insurance premiums debts.