The State Tax Service of the Kyrgyz Republic has announced that until March 1 of this year, remaining jewelry made of precious metals, imported or produced without primary documents, must be legalized. There are only 16 days left until this deadline.
The agency noted that legalization will allow entrepreneurs to avoid liability and obligations as a tax agent. Additionally, reduced rates of assay fees for testing and hallmarking are provided for legalized items.
For example, for jewelry made of gold, platinum, and palladium, both locally produced and imported, the fee is 10 soms for each item, while for silver items, it is 8 soms.
To legalize the items, taxpayers must submit an electronic document through the electronic invoice system available on the website before the specified deadline. In the system, they should select the "Acquisition" section, go to the "DPBU" subsection, and click the "Add" button. Then, they need to provide information about the jewelry items, including their name, weight, quantity, and grade.
After selecting the necessary options, the main details will be generated automatically, and the user will only need to fill in the product part. Product codes must be indicated in accordance with the unified Commodity Nomenclature of Foreign Economic Activity of the Eurasian Economic Union. It is also recommended to specify the type of item and its grade, for example, "gold ring 585" or "silver earrings 925".
In each line of the product, it is necessary to indicate the unit of measurement, quantity, price per unit, and total cost. The product name must be previously entered into the directory in the "Profile" section, subsection "Goods and Services".
The tax service emphasized that the electronic document cannot be corrected or canceled, so all data must be provided completely and without errors.
After submitting the documents in the system, taxpayers must contact the Tax Service's Department for Precious Metals to undergo the procedure of testing and hallmarking the items.
It is also worth noting that the Cabinet of Ministers has canceled the voluntary patent for this category of activity. Now, entrepreneurs dealing with precious metals and jewelry are required to use a simplified taxation system with a tax rate of 0.25% and to use cash register machines.
