Draft law “On Amending the Law “On Investments in the Kyrgyz Republic” submitted for public discussion
On February 3, 2020, the draft Law of the Kyrgyz Republic “On Amendments to the Law of the Kyrgyz Republic “On Investments in the Kyrgyz Republic” was initiated for public discussion. Initiator: MP Aisuluu Mamashova.
The draft law proposes to abolish the rule of law enshrining the principle of prior open consent of the Kyrgyz Republic to international arbitrations in claims of investors.
Currently, a series of arbitration proceedings on investment disputes has been initiated against the Kyrgyz Republic. “Analysis of arbitration cases against the Kyrgyz Republic in 2015-2019 shows a systemic tendency when almost none of the initiated claims the Kyrgyz side was able to successfully challenge the jurisdiction of the Tribunal.”
The bill proposes to establish a higher threshold of jurisdictional protection, as well as to study existing bilateral investment agreements for the indicated issues. The next step should be the optimization of bilateral investment agreements.
The Economy Ministry submits for public discussion a draft NPA on a system for marking goods with identification tools
On February 7, 2020, the Ministry of Economy of the Kyrgyz Republic submitted for public discussion a draft Government resolution “On Approving the Temporary Regulation on the Selection of a National Technical Operator (Administrator) of the Identification System of Goods in the Kyrgyz Republic”.
The draft resolution was developed in order to implement the requirements of the Agreement on the labeling of goods by means of identification within the Eurasian Economic Union, signed on February 2, 2018 in Almaty, as well as the Decision of the Council of the Eurasian Economic Commission “On the introduction of marking of shoe goods” dated August 8, 2019 No. 72.
In accordance with the Decision of the ECE Council, in order to ensure unimpeded circulation of labeled shoe products by means of identification, national operators (administrators) should be determined or appointed by March 1, 2020.
Footwear is a sensitive category of goods for the Kyrgyz Republic, which has export interest in cross-border trade with EAEU member states.
Considering that the Russian Federation will introduce the labeling of shoe products in March 2020, there are risks related the export of shoe products to Russia and the possible loss of the national budget revenue.
The Economy Ministry submits for public discussion a draft NLA on the implementation of the Tax Code requirements
On February 7, 2020, the Ministry of Economy of the Kyrgyz Republic submitted for public discussion a draft Government resolution “On Amending the Resolution of the Government of the Kyrgyz Republic “On Measures to Implement the Requirements of the Norms of the Tax Code of the Kyrgyz Republic” dated December 30, 2008 No. 736
The NPA has been drafted to optimize the taxation of entities operating on the basis of a voluntary patent.
National Bank submits for public discussion a draft Digital Payment Technology Development Concept for 2020-2022
On February 5, 2020, the National Bank of the Kyrgyz Republic submitted for public discussion a draft Digital Payment Technology Development Concept in the Kyrgyz Republic for 2020-2022. The document is available on the official website of the National Bank in the section “Normative acts of the National Bank” / “Projects for discussion”.
The Economy Ministry submits for public discussion a draft NLA on the introduction of the Registered Exporter System
On February 7, 2020, the Ministry of Economy of the Kyrgyz Republic submitted for public discussion a draft Government resolution “On some issues of introducing the Registered Exporter System (REX) in the Kyrgyz Republic”.
At present, domestic producers, especially small and medium-sized businesses face many problems when exporting their products to foreign markets due to insufficient information on import procedures in other countries and foreign market requirements.
At the same time, a number of necessary conditions have been created for exporters aimed at improving activities in the field of foreign trade. The country's membership in the EAEU and WTO provides improved access to international markets.
To enter the EU markets, it is necessary to integrate the REX system. This is a new system of certification of origin of goods, which the EU is introducing for the purposes of its preferential trade agreements / arrangements, including Generalized System of Preferences, GSP+.
The Jogorku Kenesh (Parliament) passes a bill on non-tax revenue collection
On February 6, MPs adopted the second reading of the draft law “On Amending the Legislative Acts of the Kyrgyz Republic in the Field of Collection of Non-Tax Incomes”. The initiator is the Government, Resolution No. 319 of 06/27/19.