Government approves measures of financial support for entrepreneurship

On March 31, the Prime Minister of the Kyrgyz Republic held a meeting, which resulted in the adoption of a Plan to provide fiscal measures to support entrepreneurship.

Within the framework of the Plan, the Government decided:

- To provide deferrals and installments for the payment of the amounts of tax debt and social security debt arising from the introduction of the state of emergency from March 22, 2020;

- Not to apply tax sanctions and penalties for untimely fulfillment of tax obligations until July 1, 2020;

- Recommend that local governments provide a deferral of payments for rent of municipal property for three months from April 1, 2020;

- Extend the terms for the widespread introduction of components of the electronic system of fiscalization of tax procedures until July 1, 2020;

- Extend the deadline for submitting a single tax return for individual entrepreneurs until April 1, 2021;

- Extend the deadlines for submission of reports by business entities on taxes and social contributions until July 1, 2020, subject to timely payment of payments;

- Extend the moratorium on inspections by state regulatory authorities until January 1, 2022;

- Introduce a restriction on field tax audits until January 1, 2021, with the exception of:

a. Scheduled inspections of business entities engaged in the production and turnover of excisable groups of goods;

b. Unscheduled inspections conducted in cases of reorganization, liquidation of organizations and termination of activity of an individual entrepreneur;

c. Unscheduled inspections and cross-checks carried out in the case of receipt by the tax authorities of documented information indicating the facts of incorrect tax calculation by taxpayers after the completion of the emergency / emergency mode.

- Recommend to the appropriate organizations within 3 months:

a. Not to cut off electricity, water, gas and other utilities, communications and Internet services due to the presence of debts of subscribers;

b. Not to charge penalties for non-payment of utility bills (for electricity, water, gas, garbage collection, communication services, Internet, etc.)

- Provide a deferral of payments for the rental of state property for 3 months, from April 1, 2020;

- Introduce a temporary ban on conducting bankruptcy proceedings until January 1, 2021.