Over 7,500 entities in Uzbekistan identified for informal or dubious activity, Tax Committee issues warning

According to the committee, 7,522 entities have been identified as engaging in informal economic activity and conducting suspicious transactions. These entities can be verified through the committee’s official website, and the list will be updated regularly.

In addition, 902 entities have been detected this year alone with signs of suspicious operations, including cash-out schemes.

The committee emphasized that cooperation only with reliable business partners and avoiding financial ties with participants in the informal economy form the foundation of a company’s business reputation.

Entrepreneurs are advised to take several steps to verify the reliability of potential partners:

• Request and review financial statements. A refusal to provide them, or the submission of false data, should raise concerns – bona fide companies are transparent about their operations;

• Check whether the counterparty is listed in the official registry available on the Tax Committee’s website;

• Verify the company’s physical presence at the stated address, including the availability of an office and storage facilities;

• Conduct online research by examining the company’s presence on social networks, customer reviews, ratings, and other publicly available information.

The committee also noted that if a counterparty shows signs of informal economic activity, tax authorities are entitled to disregard certain transactions and revise the amount of tax liabilities.

Cooperation with such entities may be treated as tax evasion, the agency stressed.