The State Tax Service of Kyrgyzstan has announced the introduction of several tax benefits for enterprises engaged in jewelry production. This was reported by the press service of the agency.
According to the new rules, various types of equipment, technologies, reagents, and semi-finished products intended for jewelry production that are imported into the country are exempt from value-added tax.
In addition, there will be a two-month period during which it will be possible to legalize the remaining jewelry items made of precious metals that were previously imported or produced. During this period, a moratorium on inspections by tax authorities will be introduced.
Also, domestic jewelry manufacturers will be able to voluntarily apply their own stamps for testing and marking their products, confirming the appropriate assay (in addition to the state assay stamp).
It is important to note that penalties are now provided for activities with jewelry items without special registration: for individuals, the amount is 5,000 soms, and for legal entities, it is 13,000 soms.
These innovations are aimed at supporting the jewelry industry, reducing production costs, increasing its competitiveness, accelerating the modernization of production processes, as well as creating conditions for the implementation of modern technologies and the production of jewelry items that meet international standards.
