All the money of Kyrgyz citizens, from transfers to wallets, will be monitored by the Tax Service

Thursday, August 7, 2025, 18:18 Experts warn of possible risks Amendments to the Tax Code of Kyrgyzstan will allow the disclosure of individuals’ banking secrecy without a court order. In particular, this concerns transactions on citizens’ accounts, bank cards, apps, and electronic wallets. All this information will have to be provided by banks to the tax authorities, lawyer Akylbek Jusupov reported on his social media page. The benefits for the Tax Service, for example, in terms of improving tax collection, may turn into risks for ordinary citizens, economist Iskender Sharsheev assessed in an interview with Vesti.kg. “I think in this situation the tax authorities need to develop their position — to decide exactly what they want to do. Otherwise, there could be a wide field for abuse. Citizens might have to account financially for money movements, including cases when they borrow from colleagues until payday, receive pocket money, or transfers from abroad. Questions will also arise for those who are not officially employed but carry out financial transactions. Such risks will start to appear, and a policy needs to be defined for such intervention. Of course, the Tax Service could overperform its plan by 2–3 times, but we cannot ignore the possible reaction of citizens to such changes. Such a law carries major risks for private individuals,” he warned. At the same time, Kyrgyzstan’s tax legislation still remains more lenient compared to foreign counterparts, the expert believes. “Anonymity has long ceased to exist, as the experience of other countries shows. Upon request, law enforcement and tax authorities there can obtain not only information about citizens’ financial transactions, but even the state of their crypto wallets. They may even refrain from taking action for a while, simply collecting information. Then, at some point, citizens may have to answer for tax evasion. And there, such a crime is treated very strictly,” Sharsheev explained. Read more: Vesti.kg article link #Kyrgyzstan #TaxLaw #BankSecrecy #FinanceControl #PrivacyRights #EconomicRisks #TaxMonitoring #CryptoRegulation #MoneyTransfers #FinancialTransparency