The State Tax Service of Kyrgyzstan once again reminds that the deadline for the legalization of remaining jewelry items, which were previously imported or produced without primary documents, expires on March 1. There are only 16 days left to complete this campaign.
The agency noted that legalization allows entrepreneurs to avoid liability and the obligation to be tax agents. Reduced rates of assay fees for testing and hallmarking also apply to legalized items.
For jewelry made of gold, platinum, and palladium, both domestic and foreign production, including used items, the rate is 10 soms for each item. For silver items, the rate is set at 8 soms per unit.
To legalize the items, taxpayers must submit an electronic document through the electronic invoice information system on the website by the specified deadline. In the system, it is necessary to open the "Acquisition" section, go to the DPBU subsection, and click the "Add" button. Then, you need to select the option "Entering information about precious jewelry made of precious metals," specifying the name of the item, its weight, quantity, and fineness.
When selecting this option, the main details are generated automatically, and the user only needs to fill in the product part. 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 fineness, for example, "gold ring 585 fineness" or "silver earrings 925 fineness."
Each product line must contain a 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 Tax Service's Precious Metals Department to undergo the testing and hallmarking procedure.
It is worth noting that the cabinet of ministers' decision abolished the voluntary patent for this sector. Now, entrepreneurs working with precious metals and jewelry are required to apply a simplified taxation system at a rate of 0.25% with mandatory use of cash registers.
