Business Kenesh discusses proposals for improving legislation governing business activities

On June 24, a meeting of the Business and Entrepreneurship Development Council under Parliament speaker was held.

Deputies of the Jogorku Kenesh (Parliament) of the Kyrgyz Republic, heads of ministries and departments, and representatives of business associations took part in the meeting. IBC Executive Director Askar Sydykov is a Council member.

Parliament Speaker Dastanbek Jumabekov reported on the results the Council’s activities. Seven bills aimed at developing the country's economy and attracting investments were initiated, and 28 issues in the field of entrepreneurship were considered.

Executive Director of the Association of Foreign Investors, a Council member Iskender Sharsheev spoke about the possibilities of transition to a funded pension system in Kyrgyzstan. Council members discussed the possibility of introducing changes to the Law of the Kyrgyz Republic “On State Social Insurance” in terms of removing the mandatory pension insurance from organizations and companies, authorizing the creation of private pension funds, allowing banks to create private pension accounts.

The bill initiators agreed on the need to allow citizens to independently decide on the creation of pension savings or the rejection of them.

The meeting participants also discussed the issue of fair tariffs for a voluntary tax patent and social insurance contributions for regional entrepreneurs.

Patent tariffs for all types of services in Tokmok are equal to Bishkek tariffs, while the revenue of Tokmok businesspeople is less than in Bishkek.

The relevant authorities were invited to consider this issue and ease the conditions for running small and medium-sized businesses in the regions.

The Council reviewed the results of the regulatory impact analysis of norms and regulations in agreements and in national legislation introducing additional regulators in the jewelry industry.