Baku, Azerbaijan, Sep 2
By Fakhri Vakilov-Trend:
The Ministry of Finance of Uzbekistan, together with the State Tax Committee, with the assistance of the International Monetary Fund (IMF), the World Bank (WB), international and national experts, has prepared a new version of the Tax Code, Trend reports citing the Ministry of Finance.
The revision of the draft new code is available on the website www.regulation.gov.uz and is offered for wide discussion by entrepreneurs, lawyers, tax consultants, auditors and accountants.
The new version of the tax code becomes a direct action document. To this end, it has the provisions of by-laws governing taxation issues including tax rates. The document is based on proven practice principles, tax collection approaches and the use of the experience of other countries.
The current structure of the Tax Code has been preserved, which provides for a division into the general part (tax administration issues) and the special part (basic rules for calculating and paying taxes).
In the presented project, in accordance with the Concept for Improving the Tax Policy of Uzbekistan, the application of tax legislation was simplified as much as possible.
The bill provides a new procedure for tax control, successfully tested in the world practice. Its forms and mechanisms have been improved for this purpose. The main goal is to help conscientious taxpayers and identify entities that evade tax obligations.
The draft Tax Code provides tax rates for taxes, excluding excise tax, land tax and tax for the use of water resources. Rates for these types of taxes will be approved annually by the Law of Uzbekistan “On the State Budget”.
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