Baku, Azerbaijan, Sept. 7
By Fakhri Vakilov - Trend:
President Shavkat Mirziyoyev signed a decree that provides for the abolition of payment of tax on cashback receipts, Trend reports via Uzbek media.
“Funds in the form of bonuses transferred on the basis of a public offer on bank plastic cards or on discount cards of individuals (cashback) are not considered as a tax base for income of individuals,” the decree says.
The word "cashback" in the literal translation from English means "money back". With reference to cashback banks, this is an additional function of a plastic card: when paying with a card, the owner receives a part of the spent amount back to his account. The essence of cashback is one - return to the buyer's account a certain percentage of the purchase price.
In Uzbekistan, cashback refunds are recognized as an individual’s income.
In particular, funds for cashback cards will be refunded only after paying the maximum income tax scale from the client. As a result, the client receives an incomplete cashback amount.
Follow author on Twitter:@vakilovfaxri