Saturday, 22, February, 2020

President Shavkat Mirziyoyev instructed the Ministry of Finance to develop specific substantiated proposals to cut the value-added tax at the government meeting on Wednesday, the Uzbekistan 24 said.

At the meeting, Shavkat Mirziyoyev said that year-to-date the budget revenues were by 7% higher than projected, adding that to increase revenues and expand the tax base, it was important to increase the collection of fixed tax from individual entrepreneurs and legalize shadow employment.

He criticized the fact that multibillion-soum worth of taxes were not collected in Tashkent, Surkhandarya and Namangan provinces, and the mayors of a number of districts and cities are still fulfilling tax collection targets at the expense of large taxpayers.

The President also noted that it is necessary to transfer large tax payers to e-invoicing and integrate them with accounting software. This, he said, will increase the efficiency of the study of reserves and increase tax revenues.

Shavkat Mirziyoyev noted that it is completely unacceptable to fulfill the tax revenue targets through the collection of advance tax payments. He also pointed out that it is necessary to carefully study the draft new version of the Tax Code, taking into account the proposals voiced in discussions with business entities, experts and representatives of research institutes.

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