The Ministry of Natural Resources underscores the significance of adhering to the legislative requirements of the Kyrgyz Republic concerning the regulation of relationships in the sphere of subsoil use. With the objective of preventing the transfer of licenses for subsoil use through means not provided for by the legislation, the Ministry notifies that, in accordance with the “On Subsoil” Law, the transfer of a license is not possible until two years have elapsed from the date of concluding the licensing agreement for conducting operations. It is emphasized that the transfer of a license to another party as a result of transferring rights under the license is equated to obtaining a license and entails the payment of a bonus stipulated by the tax legislation of the Kyrgyz Republic. Moreover, the transfer of the license is only possible in the absence of any arrears from the subsoil user in paying bonus amounts, royalties, and fees for subsoil use. According to Article 351 of the Tax Code, the transfer of the right to use subsoil to another party, except in cases of inheritance or the reorganization of a legal entity that does not result in changes to the composition of participants (shareholders) or shares (stocks) of the authorized capital, is subject to taxation. Failure to pay the bonus or license fees within the specified period leads to the suspension, and subsequently, the termination of the right to use subsoil.
Source and Credit: akchabar.kg
