IBC Mineral Resources Committee discusses changes to the draft Tax Code

At the beginning of the meeting, which took place on December 13, 2022, the IBC Mineral Resources Committee discussed the results of the work done during the reporting period.

As a result of the IBC active work on the issue of approving rates and the Procedure for accruing, paying a fee and collecting debts on a fee for withholding licenses for the subsoil use right, the Cabinet of Ministers of the Kyrgyz Republic adopted Resolution No. 449, which partially took into account the recommendations of the IBC – fees for withholding licenses for the subsoil use right were reduced.

IBC also voiced its comments and proposals to the draft amendments to the Tax Code of the Kyrgyz Republic at various sites, and sent its comments and proposals to the Ministry of Economy and Commerce.

Committee members discussed the changes proposed by the draft Tax Code in terms of taxation of income of mining and processing enterprises selling ore, concentrate and finished products of silver, copper, antimony, mercury, tungsten, and tin. The Committee also considered bills on the sale of precious metals, on amendments to the Tax Code in terms of determining the tax base for royalties and other current issues of the industry.

Following the discussion, the Committee members expressed their readiness to provide the necessary data for the association to submit proposals and comments to the relevant state bodies.