New tax incentives have been introduced in Kyrgyzstan for enterprises operating in the jewelry manufacturing sector. This was reported by the press service of the State Tax Service (GNS).
According to GNS information, the exemption from value-added tax applies to equipment, technologies, reagents, and semi-finished products intended for jewelry production and imported into the country.
In addition, a two-month period is provided for the legalization of stocks of jewelry made from precious metals that were previously imported or produced, during which a moratorium on tax audits is in effect.
Domestic jewelry manufacturers are also given the opportunity, on a voluntary basis, to use their own hallmark for testing and marking products, confirming the assay, except for the state assay hallmark.
Furthermore, liability has been introduced for conducting activities without special accounting for jewelry items. Fines amount to 5,000 soms for individuals and 13,000 soms for legal entities.
These measures are aimed at supporting the jewelry industry, reducing production costs, increasing competitiveness, accelerating modernization, and creating conditions for the implementation of modern technologies and the production of jewelry in accordance with international standards.
