Azernews.Az

By Kamila Aliyeva

Uzbekistan, having improved its tax legislation, will grant tax holidays to the country's citizens.

Changes, which provide for delay in tax and other mandatory payments, were introduced to the Tax Code of Uzbekistan.

Thus, the concept of tax holidays, which are provided to conscientious taxpayers faced with temporary financial difficulties for a period of up to twenty four months from the date of the relevant decision, appeared in the country's legislation for the first time.

Governments usually create tax holidays as incentives for business investment.

Conscientious taxpayers are considered those who have fulfilled their tax obligations in full and on time during the past two years. At the same time, a delay in the payment of tax debts can be made with respect to all or part of the tax debt.

This relief also applies to payers of a single tax payment for a period of up to one year from the date of state registration.

Tax holidays are provided by the government of Uzbekistan or its authorized body and do not apply to payment of customs duties and state duties.

Earlier, President of Uzbekistan Shavkat Mirziyoyev signed a decree “On measures to radically improve tax administration, increase tax collection and other compulsory payments.”

The document outlined the main areas of reforming the system of bodies of the state tax service – wide introduction of modern ICT, strengthening responsibility of officials for the timely provision of reliable information related to tax matters, developing efficient mechanisms for the prevention of tax offenses and increase of taxpayers’ legal culture.

These measures will be implemented with the aim to expand the tax base by restoring the activities of non-functioning enterprises and improving financial state of low-margin enterprises.

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Kamila Aliyeva is AzerNews’ staff journalist, follow her on Twitter: @Kami_Aliyeva

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