Uzbekistan to introduce new tax scheme for entrepreneurs with an annual revenue more than a billion sums

Entrepreneurs, who have or expect to have a trade turnover over a billion sums at the end of the financial year, will receive personal notifications about the need to switch to generally established taxes from January 1, 2019, Kun.uz correspondent said referring to the State Tax Committee report.

In accordance with the presidential decree “On the concept of improving the tax policy of Uzbekistan”, enterprises, that have an annual trade turnover (revenue) more than a billion sums for the previous year or have reached the established threshold during the year, are transferred to the payment of generally established taxes.

Notifications will be sent through the personal offices of the tax service, by mail or by courier.

The notification will show a new tax structure for each operating entity, namely, tax reporting, tax calculation, tax payment deadlines, use of electronic reporting and exchange of invoices, as well as determination of the need for accountants.

After receiving the notification, it is necessary to register as a payer of value added tax on November 12 - December 12, 2018. Registration may be completed through the personal account of the taxpayer on the website of the State Tax Committee of the Republic of Uzbekistan or at the Regional State Tax Inspectorates.