What are the taxes for small and medium-sized businesses in Kyrgyzstan and how to make the right choice when registering a business with the tax service?
Kyrgyzstan currently has general and special tax regimes. When choosing a tax regime, it is necessary to take into account the specifics of the work of the future enterprise – if these are import-export operations, and it is also supposed to work mainly with VAT (value added tax) payers, then it is better to choose a general tax regime, which includes: value added tax, sales tax and VAT profit, as well as insurance deductions for employees.
Otherwise, it is preferable to choose a special tax regime, namely a simplified taxation system based on a single tax that is levied on revenue. Its convenience lies in the fact that a single tax replaces the three above-mentioned taxes at the same time.
It is important to note that at the moment a draft law on amendments to the Tax Code has been submitted to the Housing and Communal Services of the Kyrgyz Republic and in this regard it is necessary to carefully listen to the recommendations of specialists from the CCI on taxes in Kyrgyzstan.
How to keep records in small companies and what programs are there for this?
One of the main requirements of the state in regulating entrepreneurship in our country is accounting from the moment of registration of a business entity. Accounting should be continuous and permanent and fully reflect all business activities of the company.
In the last two or three years, the issue of introducing new digital regulatory tools - electronic invoice, electronic bill of lading, KKM and electronic tax reporting – has been acute. All this is directly related to accounting at the enterprise.
The CCI team provides consultations on accounting, both on individual issues and on the implementation of the accounting system “from scratch". In addition, every year there are new opportunities for automation of accounting, such as 1C: Accounting, etc. The basic version of the program can be purchased for only 8000 SOM, which is very affordable for a startup, even in the regions of our country. And the specialists of the CCI will teach the use of this program and advise on unclear issues.