Uzbekistan to reduce VAT rate

Finance Materials 12 September 2019 11:41 (UTC +04:00)

Baku, Azerbaijan, Sept. 12

By Fakhri Vakilov - Trend:

President of Uzbekistan Shavkat Mirziyoyev instructed the Ministry of Finance to develop specific substantiated proposals to reduce the rate of value added tax (VAT), at a video conference on September 11, Trend reports citing the press service of the head of state.

At the meeting, it was said that the forecast of revenues to the state budget for eight months was exceeded by 7 percent. The head of state noted that to increase revenues and expand the tax base, it is important to increase the collection of fixed tax from individual entrepreneurs and legalize shadow employment.

The president also stressed that it is necessary to transfer large tax payers to electronic invoices and integrate them with computer accounting programs. This, he said, will increase the efficiency of the study of reserves and increase tax revenues.

As a result, he instructed the Ministry of Finance to provide assistance to about 30,000 farms, which starting from October 1 of the current year will pay value added tax, in reporting and implement appropriate software in all regions.

Another important task is the need to carefully study the draft of the new version of the Tax Code, taking into account the proposals voiced during discussions with entrepreneurs, experts and representatives of research institutions.


Follow author on Twitter:@vakilovfaxri