New draft Tax Code published

The Ministry of Finance, together with the State Tax Committee, with the assistance of the International Monetary Fund, the World Bank, international and national experts, prepared a new draft of the Tax Code.

Revision of the draft Code is available on the website www.regulation.gov.uz and is offered for discussion by entrepreneurs, lawyers, tax consultants, auditors and accountants.

In the presented project, in accordance with the Concept of improving the tax policy of the Republic of Uzbekistan, the application of tax legislation was simplified as much as possible.

Most of the changes in the new draft of the Tax Code are aimed at strengthening the protection of the rights and legitimate interests of bona fide taxpayers.

The bill provides a new procedure for tax control, successfully tested in world practice. For this, its forms and mechanisms have been improved. The main goal is to help conscientious taxpayers and identify entities that evade tax obligations.

In the draft Tax Code, tax rates are provided 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 the Republic of Uzbekistan “On the State Budget”.