The Tax Committee has published a draft Cabinet of Ministers resolution for public discussion, proposing a new procedure for banks to share information on corporate and individual accounts and deposits with tax authorities. The public comment period will run until July 8.
The document outlines the launch of an automated module called "Bank-Soliq" (Bank-Tax) designed for electronic data exchange between banks and the tax authority. Through this system, banks will be required to centrally transmit data regarding client accounts, deposits, and transactions.
According to the draft, banks must notify tax authorities within three days whenever corporate entities or individual entrepreneurs open or close accounts and deposits, or modify their account details.
Additionally, the proposal introduces a requirement to report large inflows onto the bank cards of individuals (P2P transfers). This applies when an individual receives funds from other individuals or electronic wallets within a single calendar month totaling or exceeding 500 times the base calculating value (currently 206 million soums). Transfers from close relatives and self-transfers between an individual's own cards are explicitly excluded from this requirement.
Banks will also be required to share information regarding large-scale transactions conducted by corporate entities, individual entrepreneurs, the self-employed, and private individuals.
For corporate entities, the reporting threshold is set for transactions exceeding 1,000 times the base calculating value (BCV)—equivalent to 412 million soums—within a single business day. For individual entrepreneurs and the self-employed, the trigger is any transaction over 500 BCV (206 million soums). Additionally, banks must report any instances where clients make cash withdrawals exceeding 500 BCV.
Certain exemptions apply to these rules. Notably, they exclude payments made to the state budget and state trust funds, currency conversion operations, specific foreign currency transactions, and salary payouts drawn from the settlement accounts of public sector organizations.
In its rationale for the draft, the Tax Committee highlights international precedents for monitoring peer-to-peer (P2P) transfers. In Kazakhstan, banks must notify tax authorities if an individual's personal account receives funds from more than 100 different people for three consecutive months. In Belarus, financial institutions report individual accounts if total annual inflows exceed 150,000 Belarusian rubles (approximately $54,000).
The document also notes that Russian banks forward details on individual P2P transactions to Rosfinmonitoring and tax bodies under the Law. Meanwhile, in the European Union, payment service providers—including banks and fintech firms—transmit data through the CESOP system if a single recipient accepts more than 25 cross-border payments per quarter.
Marketplace Transaction Data
The draft resolution further mandates that tax authorities receive data on funds transferred by individuals to foreign corporations providing digital services, provided the place of realization for those services is deemed to be Uzbekistan. To protect user anonymity, this specific data must be transmitted without including any personal information of the payer.
Tax authorities will also have the power to submit formal requests to banks for specific customer information. These requests must include the customer's name (or corporate name), their Taxpayer Identification Number (TIN) or Personal Identification Number of an Individual (PINI), and the specific time frame for the requested data. Furthermore, the inquiry must be electronically signed by either the head of the tax authority or their deputy.
Upon receiving such a request, banks will be required to provide statement records for accounts, deposits, and other data relevant to fulfilling tax obligations within three days. However, banks may refuse to comply if the request concerns transactions that fall outside the statute of limitations for tax liabilities.
The draft explicitly clarifies that any information obtained under this framework is protected as a tax secret and may only be utilized for taxation purposes as established by the Tax Code. Disclosing this data, using it for personal gain, or sharing it for the benefit of third parties is strictly prohibited. Consequently, tax authorities will be held legally responsible for ensuring the security and preservation of all received data.
Earlier in May, Yigitali Narziev, advisor to the chairman of the Tax Committee, announced that marketplaces and online platforms would begin sharing anonymized goods turnover and online transaction data with the Tax Committee.
It was also reported that under a presidential decree, foreign online companies effectively operating within Uzbekistan without registering for tax purposes would face operational restrictions. These businesses will be given a 30-day grace period to complete their registration.
Attempts to "Regulate" P2P Transfers
Similar past initiatives aiming to regulate peer-to-peer transfers have drawn widespread public criticism. Opponents have frequently raised concerns over the erosion of banking secrecy and the potential risk of driving more transactions back into the cash economy.
Back in April 2020, the Tax Committee introduced a draft resolution requiring banks to report the turnover on all individual bank cards if monthly inflows exceeded 30 million soums and the number of P2P transactions surpassed 10.
Following widespread public backlash, the project was ultimately shelved. At the time, both the Chamber of Commerce and Industry (CCI) and a Senate committee pointed out that the Tax Code contained no legal requirement for banks to report card turnover to tax authorities. The CCI also stressed the critical importance of upholding banking secrecy laws.
Uzcard warned that the committee's proposal would inadvertently spark new cash-out schemes, drive up cash circulation, and push businesses deeper into the underground economy.
Later, effective May 1, 2023, payment organizations were mandated to issue electronic invoices for P2P transfers between individuals. However, the Ministry of Justice revealed that this specific clause was missing during the initial legal review of the presidential decree.
The Central Bank strongly opposed the requirement to generate electronic invoices for personal transfers, which effectively meant handing this data over to tax authorities. Financial experts noted that the rule violated both banking secrecy laws and the Constitution. Consequently, the provision was rescinded by a subsequent presidential decree.
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