BAKU, Azerbaijan, Dec. 6
By Klavdiya Romakayeva - Trend:
Uzbekistan’s draft law introduces a norm on the calculation of the length of service for taxpayers in the Budget Code upon payment in the amount of at least one size of the basic calculated value per year, Trend reports referring to the press service of the Legislative Chamber of the Oliy Majlis (parliament) of Uzbekistan.
The deputies considered in the second reading the draft law "On Amendments and Additions to Certain Legislative Acts of the Republic of Uzbekistan in Connection with the Adoption of the Main Directions of Tax Policy for 2021" at a meeting of the Legislative Chamber of the Parliament held on December 4, 2020.
After the conceptual adoption of the bill in the first reading, the working group, consisting of specialists and experts of the Committee on Budget and Economic Reforms, finalized the document for the second reading based on the opinions and proposals expressed by the factions of political parties.
In particular, the draft law introduces a norm on the calculation of the length of service for taxpayers in the Budget Code upon payment in the amount of at least 1 size of the basic calculated value per year. The committee outlines that this category of taxpayers pays taxes on a voluntary basis.
At the same time, the procedure for paying income tax in the current norm was carried out by the tax authorities by calculating monthly fees. In this case, the taxpayer has the right to provide a certificate of the amount of advance payments by the 10th day of the first month of the next quarter based on the expected volume of income in the current quarter.
If the facts of abuse of this right are revealed, the tax authorities are given the authority to amend the submitted certificates of advance payments of profit tax. This, in turn, helps to prevent overpayment or underpayment of taxes by entrepreneurs.
The Tax Code proposes that a reduction factor of 0.7 of the current rates for the volume of water used by water consumers equipped with water metering devices, that is, it pays less than the established tax rate in cases where there is a measuring device.
It should be noted that the draft law intends to maintain tax rates for VAT (15 percent), income tax (15 percent, for certain categories 20 percent), personal income tax (12 percent), property tax of legal entities (2 percent), land tax for agricultural land (0.95 percent), social tax (business entities - 12 percent and budgetary organizations - 25 percent), turnover tax (base rate 4 percent).
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