Uzbekistan's tax reform increases revenues to Tashkent Region budget

Business Materials 22 February 2019 14:37 (UTC +04:00)

Baku, Azerbaijan, February 22

By Fakhri Vakilov - Trend:

Only resource taxes ensured a Tashkent region (Uzbekistan) budget of 49.9 billion soums (increase of 70 percent) with a forecast in 29.3 billion soums in January, Trend reports with reference to press service of Uzbek State Tax Committee.

One of the main directions is the transfer of enterprises, whose annual turnover (revenue) at the end of the previous year was more than 1 billion soums or that reached the established threshold during the year, to pay the generally established taxes.

Initially, there were 1,491 such businesses in the Tashkent region. After a full inventory, their number reached 2112 where 366 enterprises are value added tax payers, 1,638 are the payers of standard VAT at a rate of 20 percent, 108 are business entities with an annual turnover of less than 1 billion soums and voluntarily transferred to the payment of VAT.

Moreover, the transition to payment of value-added tax was provided for 221 private entrepreneurs. All these measures will allow the allocation of an additional 675 billion soums to the budget.

All legal entities have been transferred to pay taxes on property, land and water as part of the implementation of the Concept of Improving Tax Policy in the Area. For property taxes their number is 7886 (in 2018 was 961), for land - 7351 (in 2018 - 1466), for water - 6173 (in 2018 - 349).

($1- 8398.20 soums on Feb. 22)


Follow author on Twitter:@vakilovfaxri