IBC Committee discusses the initiative to increase the income tax for mining enterprises

On September 18, 2019, the IBC Mineral Resources Committee discussed the Economy Ministry’s initiative to increase the income tax for mining enterprises.

IBC Executive Director Askar Sydykov presented a brief review of the results of the work performed.

MRC Chairperson Aicholpon Aliyeva proposed to discuss the initiative of the Ministry of Economy of the Kyrgyz Republic to increase the income tax for mining enterprises. The proposed amendments to the Tax Code of the Kyrgyz Republic provide for an increase in the income tax for mining companies by 3% in the case of the sale of gold-bearing ores and concentrates.

The meeting also considered problems related to the recounts of previously calculated and paid payments (license retention fees and bonuses), the progress of the inventory of the legislation on mineral resources, and other issues.

The heads of the IBC new members, BiAst LLC and A&A LLC, were awarded certificates of the IBC membership.