The State Tax Service (STS) is developing initiatives aimed at the legalization and development of the jewelry industry. The Deputy Chairman of the Tax Service, Kubanychbek Ysabekov, spoke about these measures in an interview on Ala-Too LIVE.
During the conversation, Ysabekov noted that a comprehensive package of measures is planned to facilitate access to raw materials and increase transparency in the jewelry sector.
Since August of this year, the single tax rate for jewelry has been reduced to 0.25%, which corresponds to the minimum taxation level similar to that of the textile industry. This measure is intended to bring businesses out of the shadows and reduce the tax burden on local producers.
The presidential decree also provides for a two-month period for the legalization of inventory. Thus, entrepreneurs will be able to declare their products without penalties, and taxes will only be collected upon their sale.
One of the key directions will be to simplify jewelers' access to gold. Currently, the Cabinet of Ministers and the National Bank have priority in purchasing it.
Kubanychbek Ysabekov noted: “The presidential decree provides for ensuring easier access to gold for domestic producers with a 2% discount off the market price.”Subsidizing this difference will allow jewelers to purchase gold at a lower price, manufacture products, and pay for raw materials from the revenue generated, including the possibility of installment payments.
Additionally, in response to business proposals, the possibility of delegating powers for the testing and hallmarking of jewelry is being considered, provided that existing requirements are met, which will allow producers to independently apply the hallmark under the supervision of the STS.
There is also discussion about reducing the rates for the testing of jewelry. Currently, the fee is 34 soms per unit for imported products and 17 soms for local ones. This issue is under discussion, while control in the industry will remain at a high level.
Furthermore, a separate directive provides for the establishment of a laboratory for the analysis and testing of jewelry at Manas Airport, which will help reduce logistics costs, speed up processes, and enhance the safety of transportation.
