Kyrgyz government plans to levy excess profit tax on gold mining companies since February 2012.

The mining industry of Kyrgyzstan requires changes in the national legislation, Prime Minister Omurbek Babanov told reporters on Monday in Bishkek, reported the on-line edition Tazabek. The Kyrgyz government plans to levy excess profit tax as part of its Safety and Decent Life Project, the Prime Minister said. "This will apply to gold mining. Gold is the same resource here like oil in other countries. The government and people have the right to levy taxes on excess profits and to receive incomes from this to be spent for social projects. These changes will be made within February," the Prime Minister added. He added all licenses should be issued through transparent auctions and tenders. …