BAKU, Azerbaijan, Oct. 1
By Klavdiya Romakayeva - Trend:
According to the resolution of the Cabinet of Ministers "on measures to improve tax administration related to foreign legal entities and value-added tax" the conditions and procedure for refunding VAT to business entities have been simplified, Trend reports referring to Uzbekistan’s governmental portal.
Now, taxpayers, in order to reimburse (return) the amount of VAT, apply to the state tax authorities at the place of registration, and large taxpayers apply to the Interregional State Tax Inspectorate for Large Taxpayers.
VAT refunds will be carried out on an expedited basis (no later than 7 days) for large taxpayers, diplomatic missions, persons holding a bank guarantee, participants in production sharing agreements (zero rates), and participants in tax monitoring and in general (no later than 60 days) for other payers of value-added tax.
As of September 29, the state tax service has received 3,629 applications worth 4,501 billion soums ($438 million). After reviewing 1,536 documents, they were satisfied and sent to the Ministry of Finance. According to these statements, the taxpayers were returned funds in the amount of 2,578 billion soums ($251 million).
The amount of VAT returned to entrepreneurs is an opportunity for the development of activities, increasing competitiveness, increasing jobs, and producing quality products.
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