In Kyrgyzstan, a draft law is being developed that will establish uniform rules for all sewing enterprises. Kubanychbek Isabekov, Deputy Chairman of the State Tax Service, announced this in an interview with Ala-Too LIVE.
According to Isabekov, the new regulations will help create equal conditions for all participants in the sewing business. Insurance contributions will be 12% of 40% of the average monthly salary, which is approximately 2,200 soms. Additionally, a temporary exemption from income tax may be introduced.
“These measures are aimed at supporting tailors in difficult times and contribute to the legalization of business,” he emphasized.
It is worth noting that the President of the Kyrgyz Republic, Sadyr Japarov, recently signed a decree “On measures to support certain sectors of the economy,” which is focused on assisting entities in the sewing industry and small and medium-sized enterprises (SMEs).
This decree includes key initiatives aimed at stimulating the sewing industry and developing SMEs.
These include:
– reduction of income tax rates for sewing companies;
– reduction of insurance contribution rates for sewing industry enterprises;
– reduction of insurance contribution rates for small and medium-sized enterprises;
– establishment of a single tax of 0.1 percent for operations conducted outside of Kyrgyzstan;
– introduction of a transaction tax of 0.1 percent for operations through banks of foreign states.
The State Tax Service emphasizes that the sewing industry plays an important role in the country's manufacturing sector, providing jobs and contributing to export revenues. In the context of growing competition, tax and insurance concessions are necessary for the sustainable development of this sector.
Under the decree, it is proposed that the Cabinet of Ministers of the Kyrgyz Republic consider the possibility of reducing income tax rates and insurance contribution rates for the sewing industry in order to enhance the efficiency of the pension system and strengthen the socio-economic stability of the sector.
