The State Tax Service of Kyrgyzstan has made an important announcement: there are only 16 days left until March 1 for the legalization of previously imported or produced jewelry made of precious metals that do not have primary documents.
The agency noted that this initiative exempts entrepreneurs from liability and tax obligations related to the functions of a tax agent. Additionally, reduced rates of assay fees for testing and hallmarking are established for legalized items.
For jewelry made of gold, platinum, and palladium, both domestic and foreign production, including used items, the fee is 10 soms for each item. Meanwhile, for silver jewelry, the rate is 8 soms per unit.
To carry out the legalization, taxpayers must submit an electronic document through the electronic invoice information system on the website by the specified date. In the system, they should select the "Acquisition" section, go to the DPBU subsection, and click the "Add" button. Then, they need to choose the option "Entering information about precious jewelry made of precious metals," specifying the name, weight, quantity, and grade of the item.
After selecting the option, the main details are filled in automatically, and the user only needs to specify the product part. The product codes must correspond to the unified Commodity Nomenclature of Foreign Economic Activity of the Eurasian Economic Union. It is also recommended to indicate the type of item and its grade, for example, a gold ring of 585 fineness or silver earrings of 925 fineness.
In each line of the product, it is necessary to specify the unit of measurement, quantity, price per unit, and total cost. The product name must be pre-added to the directory in the "Profile" section, subsection "Goods and Services."
The tax service emphasized that the electronic document cannot be changed or canceled, so all data must be entered carefully and without errors.
After submitting the data into the system, taxpayers must contact the State Tax Service's Precious Metals Department to complete the testing and hallmarking procedure for the items.
Furthermore, according to the decision of the Cabinet of Ministers, the voluntary patent for this area of activity has been canceled. Now, entrepreneurs dealing with precious metals and jewelry must use a simplified taxation system with a tax rate of 0.25%, while necessarily using cash registers.
