Uzbekistan to create electronic registry for pension fund contributions
Tashkent, Uzbekistan, Apr. 21
By Demir Azizov - Trend:
Uzbek cabinet of ministers passed Apr. 20 a resolution on creating a centralized electronic registry for individual accounting of the citizens' insurance contributions accrued to the off-budget pension fund under the country's finance ministry.
Under the government's resolution, the electronic registry will store the data about the amount of each individual's contributions.
The data on the amount of the accrued contributions on each individual will be submitted by employers to tax authorities as part of tax reports on unified social payments and contributions made to the pension fund, according to the document.
The submission of this data will be started in Tashkent and the capital region in H1, 2015 and then will be extended to the rest of Uzbekistan's territory in the Q1, 2016.
The resolution also stipulates the introduction in 2016 of a state interactive service for the citizens to provide the data on the accrued insurance contributions via the single portal of interactive state services.
The main sources of income of the Pension Fund are the insurance contributions of enterprises, institutions and organizations, mandatory insurance contributions of citizens and mandatory deductions of enterprises, institutions and organizations from the actual volume of sold goods (work, services).
The payments to the Pension Fund, stipulated by the legislation, are equated to state taxes in Uzbekistan.
The sum of the single social tax in the state budget of Uzbekistan for 2015, paid by companies and organizations, is 25 percent of the payroll fund. They transfer 24.8 percent to the Pension Fund.
One percent of the income tax on physical entities, the maximum rate of which was set at 23 percent in 2015, is transferred to the formation of an individual savings account.
According to the statistics, the population of Uzbekistan is currently about 31 million people. The retirement age in the country has been set for women from 55 years old, while for men - from 60 years old. The average life expectancy is 75.8 years old for women and 71.1 years old for men.