Uzbek Deputy PM/Minister of Finance Jamshid Kuchkarov hosted the visiting World Bank mission, the ministry said. The parties reportedly discussed state and technical aspects of reforming Uzbekistan’s tax system and considered prospects for medium-term technical assistance to Uzbekistan in the field of fiscal policy.
The Uzbek authorities are mulling over the new tax concept, which is due to be adopted from the next year. The tax burden on the Uzbek business is higher than in many developed countries, making the Uzbek firms less competitive. While the revenues of the central and local budgets have stagnated over many years due to high degree of the shadow economy.