Law on “Voluntary legalization of assets” comes into force in Kyrgyzstan

A new law on voluntary legalization of assets came into force in Kyrgyzstan on June 20, 2023. The law allows individuals to declare their assets, even if they were illegally obtained, without fear of prosecution, Turanews.kz reports.

The law was passed by the Kyrgyz Parliament in May 2023. It was designed to attract assets into the legal economy and reduce the shadow economy.

Under the law, individuals can declare their assets by submitting a declaration to the State Revenue Service. The declaration must include information about the type of asset, its value, and where it is located.

Individuals who declare their assets will not be prosecuted for any crimes related to the assets. However, they will be required to pay taxes on the assets.

The law is valid for one year. After one year, individuals who have not declared their assets will be subject to prosecution.

The government hopes that the law will help to reduce the shadow economy and increase tax revenue. It is also hoped that the law will help to improve the transparency of the Kyrgyz economy.