Provision on monitoring currency transactions comes into force in Uzbekistan

Business Materials 19 September 2013 20:41 (UTC +04:00)

Uzbekistan, Tashkent, Sept. 19 /Trend, D.Azizov/

Uzbek banks must provide state tax services with information on currency transactions that are conducted by customers, in accordance with a joint resolution of the Uzbek State Tax Committee, the State Customs Committee and the Board of the Central Bank of Uzbekistan.

The information on the transfer of funds for the import of goods, works and services for the benefit of non-residents registered in states or territories offering preferential tax regimes and not envisaging the disclosure and provision of information during financial operations (the offshore zones) should be provided to the tax services of Uzbekistan in accordance with the resolution 'On approval of the provision on procedures for monitoring currency transactions made by legal entities and individuals'.

A similar procedure is used when transferring funds to non-residents' accounts opened in banks in offshore zones.

Uzbekistan's tax authorities will also monitor the transfer of funds abroad by residents of the republic to individuals' accounts, in case if the transfer amount within one calendar year exceeds $10,000 in equivalent.

The information on receipt of currencies from abroad from a foreign legal entity to the accounts of individuals residing in Uzbekistan should also be reported.

Every month, the head offices of banks should send the summary data received from branches to the State Tax Committee of the country until the 15th day of each the month.

According to the provision, customs service bodies should regularly send information on the income of goods from suppliers who are not contractors on contracts, and about opening of a letter of credit without a guarantee of the buyer's bank or about registration of the insurance policy of export contracts from political and commercial risks.

This information should also be provided in case if the document, submitted during the customs registration, contains false information for increasing the cost of the goods in comparison to the price shown in exporter's country.

Under the provision, the tax authorities should analyze the received information, and "in establishing signs of violation of the procedure of carrying out currency transactions" they should submit applications to the Republican Council on the coordination of the activity of regulatory authorities for reviewing the issue on audits of the economic entity, that signed the agreement.

If the violation is confirmed after inspection and laboratory control, the organs of the state tax service bodies will hand over the results of the inspection to law enforcement.

In case of discovery of cases related to the legalization of criminally obtained incomes and financing terrorism, the state bodies of tax service should inform the Department on fighting tax, currency crimes and legalization of criminal income of the Prosecutor-General's Office of Uzbekistan.