New tax benefits have been introduced in Kyrgyzstan for enterprises engaged in jewelry production. The press service of the State Tax Service (STS) announced this in its recent statement.
According to the information provided by the STS, the exemption from value-added tax applies to equipment, technologies, reagents, and semi-finished products intended for jewelry production and imported into the country.
Additionally, a moratorium on inspections by tax authorities will be in effect for two months, allowing for the legalization of remaining jewelry items made of precious metals that were previously imported or produced.
Domestic manufacturers of jewelry made from precious metals will also be able to voluntarily use their own hallmark for testing and marking products, confirming the corresponding assay, except for the state assay hallmark.
It is important to note that there is now liability for conducting business with jewelry items without special registration. The fine for individuals will be 5,000 soms, and for legal entities — 13,000 soms.
These measures are aimed at supporting the jewelry industry, reducing production costs, increasing its competitiveness, accelerating the modernization of production processes, and creating conditions for the implementation of modern technologies and the production of jewelry in accordance with international standards.
