Kyrgyzstan proposes to amend the procedure for the state registration of the termination of the activities of legal entities and individual entrepreneurs working with precious metals and stones.

According to the draft decree, when closing a business in this area, it will now be necessary to provide a certificate of absence of debts on the assay fee - the fee charged for testing and branding of jewellery. The certificate will be issued by the Department of Precious Metals under the Ministry of Finance.

According to the initiators, this change will help eliminate a legal gap that is now being exploited by unscrupulous entrepreneurs. Some business entities, without paying the fee, manage to officially liquidate the company, after which it is impossible to collect the debt.

The new measure is aimed at preventing evasion of non-tax revenues and ensuring the flow of funds to the budget. It is implemented within the framework of the development plan of the precious metals market for 2023-2024.

The government emphasises that the innovation will not entail additional costs and will not cause negative consequences for businesses and citizens. The draft decree will be posted on the public discussion portal.