Baku, Azerbaijan, June 26
By Fikret Dolukhanov – Trend:
The World Bank (WB) has offered Uzbekistan to keep the VAT rate and its distribution to small business entities, as well as to abandon the number criterion, Uzbek media reported citing the Ministry of Finance.
WB experts, headed by Alma Kanani, head of the Global Tax Department, presented their recommendations on further reforming the tax system of the republic during a visit to Uzbekistan on June 18.
Experts of the World Bank supported the abolition of mandatory contributions to state trust funds, which, in their opinion, will contribute to increasing competitiveness of the economy and creating favorable conditions for business entities.
“To achieve a deficit-free budget, the WB mission considered the issue of possible reduction of the property tax, while maintaining the VAT rate and increasing the profit tax, as well as studied previously granted tax benefits for their effectiveness,” the Ministry of Finance noted.
The World Bank Group expressed its willingness to provide technical assistance in carrying out reforms, including preparation of the tax code and developing the institutional capacity of financial and tax authorities.
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