Bill on benefits for the jewelry industry will be historic — Shykmamatov

The bill providing for tax breaks for the jewelry industry is targeted and aimed at supporting domestic producers, not importers. This was stated by the chairman of the State Tax Service, Almambet Shykmamatov, at a joint meeting of the committees of the Jogorku Kenesh held on December 23.

According to him, the jewelry industry is a promising sector that combines high technology and creative potential, and with competent state support, it is capable of reaching a full level of development within three to four years. This will create new jobs, expand the production base, and make a significant contribution to the legalization of the economy.

The head of the Tax Service emphasized that increasing the tax burden on jewelry imports could lead to an increase in the shadow economy, while the proposed measures are aimed at creating stable conditions for the development of domestic production.

"Increasing the tax burden on importers could lead to growth in the shadow economy. That is why we are focusing on supporting and strengthening domestic producers," said Almamet Shykmamatov.

He also stated that the adoption of the bill would be a historic decision aimed at long-term support for national industry and the sustainable development of the Kyrgyz economy.