Tuesday, 16, October, 2018

The Big Four audit firms have joined the drafting of Uzbekistan’s new tax code, the Ministry of Finance said. The Ministry initiated a videoconference with the experts on global tax policy and administration at Deloitte in overseas offices.

This meeting reportedly was the first in a series. On October 12, a similar meeting is scheduled with experts on taxation of non-residents. The Big Four audit firms are PricewaterhouseCoopers, Deloitte Touche Tohmatsu, Ernst & Young and KPMG.

"The main purpose of the videoconference was to obtain professional advice on taxes and certain tax regulations, in particular, the calculation and payment of VAT," - the Ministry added.

The meeting focused on the issues of attribution of VAT on acquired fixed assets, assets with construction in progress and intangible assets. The introduction of this procedure is envisaged from January 1, 2019 as part of the Taxation Improvement Concept.

By his June 29 decree, President Shavkat Mirziyoyev approved the Tax Improvement Concept and ordered the drafting of the new Tax Code by December 1, 2018.

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