Voluntary legalization and amnesty of assets of individuals have been extended until December 31st. This was announced by the Ministry of Economy and Commerce.
It is noted that the department has developed a corresponding bill.
The main goal of the Law of the Kyrgyz Republic "On Voluntary Legalization and Amnesty of Assets of Individuals" is to bring shadow assets into legal circulation for their further declaration within the framework of the general population declaration (submission of a Unified Tax Declaration).
The department emphasizes that currently, voluntary legalization and amnesty of assets allow a portion of shadow assets to be brought into legal circulation, which, as a result, leads to an increase in legal economic activity.
"The goal of the law is to attract the property and income of individuals into legal economic circulation by creating a legal mechanism for legalization through voluntary declaration by individuals of assets belonging to them, including those nominally registered to other persons and/or located outside the Kyrgyz Republic at the time of declaring the assets; increasing domestic and foreign investments in the economy of the Kyrgyz Republic; reducing the share of the shadow economy; ensuring the preservation of assets and protecting their owners from persecution by state authorities of the Kyrgyz Republic for violations of legislation requirements that may have occurred before the introduction of voluntary asset declaration provided by this law," - stated in the department.
Currently, around 2 thousand declarants have gone through the declaration campaign, and funds continue to flow into the state budget.
The Ministry of Economy also added that comprehensive work is being carried out to create mechanisms for full traceability of economic activities in the country. For example, regulatory legal acts are being adopted to create conditions for non-cash payments, and activities based on patents are being excluded.
"This is related to the fact that a significant number of taxpayers conduct activities based on patents, making it difficult to track the accounting and transparency of activities. Typically, the actual turnovers of taxpayers significantly exceed the turnovers declared by them," - said in the department.
Voluntary legalization and amnesty of assets of individuals are part of the preparatory stage before transitioning to general declaration.
"Thus, taking into account the goals of the mentioned law, as well as a set of measures aimed at bringing the country's economy into legal economic circulation, it is proposed to extend the deadline for voluntary declaration of assets until December 31, 2024," - concluded in the department.
