“P2P transfers are tax-free” – Tax Committee

News of the tax on card-to-card (P2P) money transfers has been circulating on social media. The Tax Committee provided information on the report.

According to the Committee, the income of individuals received from another individual in the form of inheritance or gift, as well as free money, is not subject to taxation.

Article 378 of the Tax Code, i.e., transfers of money from one individual to another individual (P2P) are not subject to taxation.

It should be recalled that from May 1, 2023, payment organizations in Uzbekistan will have to issue and submit electronic invoices (ESF) for providing services when making money transfers between individuals (P2P transfers).