70% of tax revenues in Kyrgyzstan remain shadowed, says minister

Bishkek, July 20, 2022. /Kabar/. About 70% of the volume of tax revenues in Kyrgyzstan are in the shadow, Daniyar Amangeldiev, the Minister of Economy and Commerce said at a briefing on Wednesday. According to statistical data, the level of shadow economy is about 20-30%, and according to the estimates of rating agencies, it is 40-50%. "About 70% of the volume of tax revenue is in the shadows. This is indirectly, this is the volume that is written off on the patent and hidden behind it. The economy must move to another level of taxation. The new tax code provides support for small and medium business, but large businesses must move to a fair taxation,” the minister added. Amangeldiev noted that wages should be raised, as well as real income level of the population. "But if society does not want fair taxation, there will be no development of the economy," the official said.