Informal meeting of IBC members in the format of IBC Meetup

On February 8, 2024 LEX Law Firm took part in a meeting organized by the International Business Council in the format of IBC MeetUp on the topic “Current Issues of Business Environment: Innovations in Tax Legislation and Ways of Settlement of Disputes between the State and Investors”. As of February 2, 2024, the President of the Kyrgyz Republic signed the Law of the Kyrgyz Republic “On Amendments to the Tax Code of the Kyrgyz Republic”, and this will now help numerous entrepreneurs from a wide range of industries to enjoy tax benefits, prevent double taxation and spend less time and effort on tax administration.

In his presentation, Kubanychbek Isabekov, the Head of the Tax Policy Department of the Ministry of Economy and Commerce of the Kyrgyz Republic, reported on the results of the tax policy implemented in 2023. Tax revenues over the past five years have increased from 121.5 billion KGS in 2019 to 294.4 KGS in 2023. This was facilitated by the implementation of decrees by the President of the Kyrgyz Republic to support small and medium-sized enterprises, and to create a favorable tax climate. In response to the appeals of the business community, the Law of the Kyrgyz Republic “On Amendments to Certain Legislative Acts of the Kyrgyz Republic in the Taxation Sphere” dated April 3, 2023, and the Law of the Kyrgyz Republic “On Amendments to the Tax Code of the Kyrgyz Republic” dated February 2, 2024, have been adopted.

Zhalyn Zhenaliev, the Deputy Director of the National Investment Agency under the President of the Kyrgyz Republic, reported on the agency's performance: five complaints were resolved positively and investments of $90 million and about 650 jobs were saved. In addition, the agency has developed procedures for handling investor complaints and their support in order to implement the Law “On Investments in the Kyrgyz Republic”.

The procedure is aimed at assisting investors in resolving issues that arise in their interaction with government agencies and local self-government authorities, as well as minimizing the risks of legal disputes and arbitration proceedings with investors, and as a result - to increase the investment attractiveness of Kyrgyzstan.

Nurlan Umtulov, the Deputy Chairman of the Tax Service, explained technical tax administration issues and answered numerous questions from business representatives and associations. Following the presentations and speeches by the speakers, a lively Q&A session took place, during which all speakers provided detailed answers to the questions.

LEX Law Firm expresses its sincere gratitude to the International Business Council, as well as to all speakers, for organizing the event, delivering informative presentations, and providing the opportunity to participate. We are always interested in legal reforms that can enhance the mechanisms of the business environment in the country.