Uzbekistan to draft new Tax Code

Business Materials 14 February 2018 09:33 (UTC +04:00)

Baku, Azerbaijan, Feb. 14

By Nigar Guliyeva – Trend:

Uzbek President Shavkat Mirziyoev signed an order "On organizational measures to radically improve tax legislation".

Under the document, a Republican Commission was established to develop draft Tax Code in a new edition.

The document reads that still revealing of additional reserves of increasing the incomes of the republican and local budgets, introducing modern technologies into the tax administration process, remains at unsatisfactory level in the country.

This indicates the need to further improve the activities of the tax authorities, including interaction with taxpayers and government agencies, timely and full recovery of tax debts, the introduction of effective modern forms and methods of tax control.

The new commission should, at the first stage, draft a Concept for the improvement of fiscal policy before April 1, 2018, and at the second stage, before July 1, 2018, draft Tax Code in a new edition.

When preparing documents, experts should focus on the introduction of methods that help balance the tax burden on small and big businesses, reduce the overall tax burden, strengthen the incentive role of taxes in the development of production and services, and abolition of inefficient taxes and fees.

In addition, it is planned to simplify the mechanism for calculating personal income tax on the basis of a critical study of the current taxation system, taking into account the best practices of foreign countries, establishing clear boundaries for the concepts of "tax privilege" and "tax preferences", and the terms for granting temporary benefits.

Another goal is to simplify the taxation system, improve tax administration, and ensure consistent protection of taxpayers' rights.