Uzbekistan is analyzing certain card-to-card (P2P) money transfers within the retail sector to curb the shadow economy and ensure transparency in the tax system. The Tax Committee stated that this process aims to ensure economic fairness and support entrepreneurs operating strictly within the law.
Efforts are underway to reduce the shadow economy and boost the efficiency of tax authorities.
Tax officials are currently examining instances where certain businesses accept payments via P2P transfers but fail to report these funds in their tax filings. This practice prevents the state budget from fully collecting due tax revenues.
Consequently, analytical reviews are being conducted on bank card transactions belonging to executives and management personnel working at legal entities.
Based on these findings, appropriate measures are being taken regarding unreported income, and official notifications are being dispatched to the respective taxpayers.
Tax authorities emphasized that this initiative is not intended to penalize or pressure businesses. Instead, it is designed to reduce hidden turnovers, foster a fair competitive environment, and protect honest entrepreneurs.
Furthermore, business entities have been urged to fully register all sales revenues and accurately reflect them in their tax declarations.
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