Baku, Azerbaijan, Jan.3
By Nigar Guliyeva – Trend:
In Uzbekistan, the tax on property of individuals will be calculated based on the cadastral value of real estate starting from 2018, and its minimum price will be at least 42 million soums.
This is stated in the presidential decree, which approved the main macroeconomic indicators and parameters of the state budget for 2018.
Previously, the tax rate was 1.7 percent of the inventory value of real estate. Now it will be 0.2 percent of the cadastral value.
Under the document, to prevent a significant increase in the tax burden on citizens, the amount of personal property tax can not exceed the tax amount for 2017 by more than 20 percent.
The procedure for determining the cadastral value of real estate for tax purposes should be approved by the government before February 2018. The minimum cost is estimated at 42 million soums. Earlier, the minimum inventory cost in the amount of three million soums was used for calculations.
In case of the absence of the cadastral value determined by the property valuation authorities, the conditional value of property in Tashkent, Nukus and the regional centers in the amount of 210 million soums, in other cities and in rural areas - 90 million soums will be used to collect the tax. Previously, the figures were 20.3 million and 8.8 million soums, respectively.
According to the Tax Code of Uzbekistan, payers of personal property tax are individuals, including foreign citizens, unless otherwise provided by international agreements of Uzbekistan, as well as dehkan (agriculture) farms created with and without the formation of a legal entity and those, owning taxable property.
If it is not possible to define the owner of the immovable property, the taxpayer is the person from who uses or processes the property.
The exchange rate for Jan. 3 is 8120.07 UZS / USD.