OREANDA-NEWS. December 30, 2013. The International Business Council intends to become an active participant in the Methodological Council on Fiscal Policy Coordination, the IBC Executive Director Aktilek Tungatarov said at a meeting of the Business Development and Investment Council under the Government of the Kyrgyz Republic.

The meeting was chaired by the First Vice Prime Minister Joomart Otorbaev.

The meeting discussed issues related to the creation of favorable conditions for business development and improvement of the investment climate in the country. The IBC member, the Chamber of Tax Consultants, considered the possibility of creating and maintaining a permanent site on fiscal policy. A Methodological Council for Fiscal Policy Coordination under the Government of the KR could examine all draft normative legal acts (NLA) on fiscal policy. The IBC Executive Director stressed the importance of this initiative. There are many problems related with changes in the Tax Code and other tax laws because those changes have not been agreed with the business community.

The meeting also discussed proposals to simplify tax reporting. The IBC member, the Association of Suppliers and Distributors of Kyrgyzstan, proposed to simplify tax reporting, for example, to change the periodicity of reporting, cancel invoices and avoid duplication of penalties. It is vital to carefully approach to simplifying the tax reporting system and take into account the views of stakeholders and fiscal risks, said Tungatarov.

In order to encourage investment, the IBC member, Kalikova & Associates Law Firm, proposed to introduce a stabilization regime.

The meeting also considered the possibility of exceptions of the Provisional list of special technical means for secret information in the implementation of operational and investigative activities.

The meeting approved an Action Plan for 2014 - 2015.