Sunday, 18 April 2021 08:48 GMT

Uzbekistan to revise entire tax system in first half of 2018

(MENAFN - AzerNews) By Kamila Aliyeva

The entire tax system of Uzbekistan will be revised until July 1, 2018.

This was stated by Uzbek First Deputy Minister of Economy Mubin Mirzaev at the meeting of the international press club.

'First of all, there must be a competitive environment for business; it is necessary to create equal conditions for all. Specific proposals are being worked out, and I think that if we succeed in reducing the shadow economy from year to year, it will create a stable base for the formation of the budget, he said.

We will create purely economic conditions for business, so that everyone will pay taxes, the minister stressed.

The decree of the Uzbek head of state provides for the introduction of a number of new measures aimed at stimulating entrepreneurial activity in terms of fiscal policy from January 1, 2018.

In particular, the concept of tax holidays, which are provided to conscientious taxpayers faced with temporary financial difficulties for a period of up to twenty four months from the date of the relevant decision, appeared in the country's legislation for the first time.

Governments usually create tax holidays as incentives for business investment.

Conscientious taxpayers are considered those who have fulfilled their tax obligations in full and on time during the past two years. At the same time, a delay in the payment of tax debts can be made with respect to all or part of the tax debt.

This relief also applies to payers of a single tax payment for a period of up to one year from the date of state registration.

In addition, Uzbekistan introduces a modern form of control - tax monitoring, which provides for an extensive information exchange between tax authorities and conscientious taxpayers with the provision of comprehensive assistance in solving current tax issues.

Earlier, President of Uzbekistan Shavkat Mirziyoyev signed a decree 'On measures to radically improve tax administration, increase tax collection and other compulsory payments.

The document outlined the main areas of reforming the system of bodies of the state tax service wide introduction of modern ICT, strengthening responsibility of officials for the timely provision of reliable information related to tax matters, developing efficient mechanisms for the prevention of tax offenses and increase of taxpayers' legal culture.

These measures will be implemented with the aim to expand the tax base by restoring the activities of non-functioning enterprises and improving financial state of low-margin enterprises.


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