BAKU, Azerbaijan, June 17
By Klavdiya Romakayeva - Trend:
The World Bank’s Board of Executive Directors approved the Tax Administration Reform Project in Uzbekistan, Trend reports with reference to the press service of the World Bank.
It is noted that the project is designed to improve the operational efficiency and effectiveness of the State Tax Committee (STC) and deliver better services to local taxpayers.
According to the WB, the project will be supported by a $60 million concessional credit from the International Development Association (IDA), with financing provided to Uzbekistan at a very low-interest rate and a repayment period of 30 years.
“Uzbekistan has prioritized reforms in the tax administration system to create a better business and investment environment. The new project will help the STC improve its work in the interest of taxpayers,” World Bank Country Manager for Uzbekistan Marco Mantovanelli said.
Mantovanelli added that the project will allow broadening the tax base, leading to a reduction in the informal sector of the economy, which is estimated to be around 50 percent of GDP. The project will also increase tax revenues and to help firms and companies create new jobs, benefiting from a more efficient tax administration system.
It is reported that the project includes three key components directed at improving the STC’s operational, institutional, technological and human resource capacities, and promoting voluntary compliance across Uzbekistan.
---
Follow the author on Twitter: @romakayeva
