'Big Four' accounting firms to help Uzbekistan with tax code
Baku, Azerbaijan, Oct. 11
By Fikret Dolukhanov – Trend:
At the initiative of the Finance Ministry of Uzbekistan with the support of UK-based Deloitte, a video conference was held between the experts of the working group on development of the draft tax code of Uzbekistan and the experts on global tax policy and administration of Deloitte, Uzbek ministry said in a statement.
Particular attention was paid to the offset of the amount of VAT on the acquired fixed assets, objects of construction in progress and intangible assets. Introduction of this procedure is envisaged from Jan. 1, 2019 in the framework of the concept of improving the tax policy of Uzbekistan.
During the video conference, experts shared their European experience, as well as the practice of using the offset mechanism in other countries. The sides also discussed the mechanism for introducing a simplified procedure for calculating VAT.
This meeting is the first of a series of meetings planned by the Finance Ministry. On Oct. 12, a similar meeting is planned with the experts of the Big Four (Ernst & Young (EY), Deloitte & Touche, KPMG and PricewaterhouseCoopers (PwC)) - large international professional companies providing consulting and auditing services, on topical issues of taxation of non-residents.
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