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    Money

    Uzbekistan halts collection of accrued taxes

    Uzbekistan halts collection of accrued taxes

    The amount of fines accrued from individuals from property and land taxes will be deducted, the Ministry of Justice of Uzbekistan Reports.

    Photo: Telegram

    Uzbekistan has announced a significant decision to alleviate the burden of property and land taxes on its citizens. In a move to encourage a more active business environment and reduce unnecessary expenses for the population, the government has decided to halt the collection of accrued fines related to these taxes. 

    On June 14, a presidential decree was signed which focuses on fostering an active business environment, preventing excessive financial liabilities on citizens, and implementing strategies to create additional employment opportunities. The new decree encompasses several key provisions that will ease the financial obligations of individuals and businesses in Uzbekistan.

    What measures will be taken:

    • Penalties imposed on unpaid property and land taxes within a specified period will be waived, with the exception of non-residential properties.
    • The debts of individual entrepreneurs who have not engaged in financial and economic activities for the past 6 months regarding income and social taxes for individuals will be forgiven.
    • Penalties applied to overdue accounts receivable of economic entities for foreign trade operations will be lifted.
    • Judicial and executive cases for the collection of taxes, penalties, and fines related to these taxes will be terminated.

    Furthermore, until June 1, 2024, the calculation of land tax at triple the rate for individuals using land without proper documentation will be suspended. This move seeks to reduce the financial strain on individuals who may not have the required paperwork for their land usage.

    In a move specific to farmers, a favorable provision has been introduced to address water tax debt. Farmers will have the opportunity to repay their water tax debt formed as of June 1, 2023, in interest-free installments over a period of 12 months. 

    From July 1, 2023, to July 1, 2024, a new procedure will be implemented for refunding personal income tax paid by entrepreneurs who own land areas specializing in greenhouses larger than 25 acres. The refund will be based on the income of their employees as labor compensation, subject to the following condition:

    • Ensuring employment of at least 1 worker per month for every 5 acres of land;

    Establishing a monthly income in the form of labor compensation for each employee, equivalent to no less than 1 minimum wage (86$). The income received by economic entities specializing in greenhouse farming from greenhouse activities constitutes no less than 60% of the total income for the current reporting (tax) period.

    16.06.2023, 23:45   Comments (0)   1491
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