On September 23, 2014 the draft Law “On Addition and Amendment to the Tax Code of the Kyrgyz Republic” came in the Jogorku Kenesh. It was proposed by the draft law to exempt imported bank equipment from VAT.
According to the explanatory note, the draft Law was prepared in pursuance of the State Program for Increasing Non-Cash Payments in the Kyrgyz Republic in 2012-2017 approved by the Regulation of the Government and the National Bank of the Kyrgyz Republic N 289/5/1 dated May 14, 2012 and according to Part 3, Article 243 of the Customs Code of the Kyrgyz Republic.
The Program was adopted by the Government and the National Bank of the Kyrgyz Republic in order to provide optimal ratio of the level of cash and non-cash payments in the country, transparency of money circulation, reduction of shadow economy and expansion of payment system infrastructure for making payments in non-cash form on the whole territory of the Kyrgyz Republic.