The new tax to be collected from next year is based on 'The higher the world gold price, the higher tax rate' policy.
BISHKEK(BullionStreet): "Months after passing a new mining law, central Asian republic Kyrgyzstan said it will also impose a new tax on incomes from gold ore sale.
"The new tax to be collected from next year is based on 'The higher the world gold price, the higher tax rate' policy.
"As per the new tax a subsoil user has to pay tax for “license withholding or its resale”, which is imposed “subsoil users not to keep licenses for years, but start mine development”.
"There used to be serious problems with the mining licensing process in Kyrgyzstan as some mining companies would just sit on the land once they’d bought it, and avoid making ..."