In order to create more favorable conditions, stimulate activity, increase the availability of financial resources and ease the financial burden on business, by the Decree of the President of the Kyrgyz Republic dated March 1, 2024 PD No. 49, the Cabinet of Ministers of the Kyrgyz Republic was instructed to submit for consideration by the Jogorku Kenesh of the Kyrgyz Republic draft regulatory acts providing for:
– reduction of the rate of insurance premiums from 27.25% to 12.25% for business entities, with the exception of budgetary organizations and highly profitable industries;
– liability of employers for concealment of wages (income) paid to employees;
– determination of requirements for the establishment of wages (income) for the purposes of taxation and calculation of insurance contributions.