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    Uzbekistan

    Uzbekistan to allow cotton producers to pay VAT in installments

    Uzbekistan to allow cotton producers to pay VAT in installments

    Recent developments in Uzbekistan's agricultural sector signal a positive shift for cotton farmers as new measures are introduced to ease tax payment procedures and enhance efficiency. The Ministry of Justice's  legal information channel has reported that cotton farmers will now have the option to pay Value-Added Tax (VAT) in installments. This move aims to simplify the tax process and streamline operations within the industry.

    Photo: Cotton producers to pay VAT in installments in Uzbekistan
    Source: Spot

    New regulations and electronic scales

    The Cabinet of Ministers, in a resolution issued on August 14, has put forth comprehensive regulations governing VAT payments for raw cotton producers. A significant change to note is that starting from this year's harvest, textile clusters will only accept cotton with the assistance of electronic scales. This implementation aims to ensure accurate measurement and fair transactions, further boosting transparency within the cotton trade.

    VAT payment flexibility

    Cotton growers will now enjoy increased flexibility in paying and accounting for VAT. The resolution allows them to manage VAT payments until the final payment for the raw cotton. This adjustment acknowledges the dynamic nature of agricultural income and provides farmers with a more manageable timeline for tax obligations.

    Leading up to April 1, 2026, the resolution outlines specific settlement and accounting procedures between clusters and agricultural enterprises, as well as VAT management:

    Installment Option: In cases where clusters fail to settle for the cotton harvest promptly, VAT-paying farms are granted the option to settle their tax debt in installments over a span of 3 months.

    Electronic Invoice Integration: Clusters are empowered to incorporate the VAT amount specified in the electronic invoice for the received cotton crop. This integration can occur after farms have made VAT payments to the budget.

    Automated program for VAT management

    In a bid to further streamline VAT processes, an automated program is set to be launched. This program will facilitate both accounting and the option to pay VAT in installments. The aim is to reduce administrative burdens and enhance efficiency within the tax management system.

    To support these changes, an information system is on track to be operational by September 5. This system will collect comprehensive data on raw cotton from regions and clusters. 

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    17.08.2023, 15:42   Comments (0)   1099
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