Law review for March 25-29, 2019

The Law "On Auditing" amended

On March 25, 2019, the President of the Kyrgyz Republic Sooronbai Jeenbekov signed the Law of the Kyrgyz Republic “On Amendments to the Law of the Kyrgyz Republic “On Auditing Activities.”

The law was adopted by the Jogorku Kenesh of the Kyrgyz Republic on February 6, 2019.

The Law aims to expand the institutional capacity in the field of corporate financial reporting and audit regulation, as well as to increase the effectiveness of audit control.

The law enters into force three months after the date of its official publication.

Link: http://www.president.kg/ru/sobytiya/13675_vzakon_obauditorskoy_deyatelnosti_vneseni_izmeneniya

The Economy Ministry submits to the public discussion a draft resolution on accounting and control of oil and oil products

On March 26, 2019, the Ministry of Economy of the Kyrgyz Republic submitted for public discussion a draft Government Resolution “On Accounting and Control of Oil and Petroleum Products in the Territory of the Kyrgyz Republic”.

According to the regulation, the tax authorities are responsible for monitoring the accounting procedures for control seals and controlling the movement of oil and oil products in the Kyrgyz Republic.

To control the turnover of petroleum products on the territory of the Kyrgyz Republic when importing, shipping, and selling oil and petroleum products, it is envisaged to use electronic consignment notes with a QR code in the attached form.

Currently, there are 244 oil wells and 8 refineries in the Kyrgyz Republic.

Link: http://www.gov.kg/?p=131253&lang=ru