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    Uzbekistan

    Uzbekistan eases fines for fiscal offenses to 2% of quarterly revenue

    Uzbekistan eases fines for fiscal offenses to 2% of quarterly revenue

    President Shavkat Mirziyoyev has signed a decree easing fines imposed on businesses found in violation of Article 227/1 of the Tax Code to 2% of the quarterly revenue, the Chamber of Commerce and Industry reports. Previously, fines were equivalent to the quarterly net revenue of the offending entity.

    Chamber of Commerce and Industry.
    Source: Daryo

    However, under the new regulations:

    • For the first fiscal offense, the fine will amount to 2% of the revenue generated during the quarter in which the violation occurred.
    • In the event of repeated violations within a year, the fine escalates to 20% of the quarterly revenue.

    Debt Relief and Refunds

    Furthermore, the decree includes provisions for the termination of judicial and enforcement cases related to financial sanctions previously imposed under Article 227/1. Notably, 98% of the debts accumulated from these fines will be refunded to affected business entities. The refunds will be credited against upcoming payments, providing relief to enterprises burdened by past penalties.

    Understanding Article 227/1

    Article 227/1 of the Tax Code pertains to various fiscal requirements, including the display of fiscal marks or equipment with automated measuring instruments, integration with tax authorities' information systems, and compliance with rules for mandatory digital marking of goods. Violations of these requirements were previously subject to fines equivalent to the net revenue earned in the last quarter.

    Context and Impact

    The introduction of Article 227/1 in March 2022 aimed to enhance fiscal compliance and streamline tax administration. However, the enforcement of hefty fines drew criticism from stakeholders, prompting a reevaluation of the punitive measures.

    The reduction in fines and the provision for debt relief reflect the government's responsiveness to feedback from business communities and industry experts. By alleviating financial burdens and fostering a more lenient regulatory framework, Uzbekistan aims to promote entrepreneurship, stimulate economic growth, and enhance business confidence.

     

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    27.02.2024, 22:29   Comments (0)   1735
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