Four workshops dedicated to explanation and discussion of the main provisions envisaged in the draft New Revision of Tax Code of the Republic of Uzbekistan were held in the Legislative Chamber of Oliy Majlis on 26-29 October this year.
The workshops were arranged by the Legislative Chamber [lower house] of the Uzbek parliament jointly with United Nations Development Programme (UNDP) Public Finance Reform in Uzbekistan Project.
Government’s tax policy amid economic reforms underway in many respects determines the focus and success of economic processes. In this regard President Islam Karimov has noted that improvement of tax policy and strenchening the incentive role of taxes plays a significant role in economic stabilization and reinforcing financial situation in the country.
The Tax Code adopted in 1997 does not fully meet the new objectives and priorities of economic reforms. More than 1500 amendments have been introduced into the Tax Code and a number of regulatory acts have been adopted since then. As a result, tax legislation lost its systemic nature and became non-transparent.
In this regard, Resolution of the President of Uzbekistan on Preparation of Draft New Revision of Tax Code of the Republic of Uzbekistan has been issued.
Elaborated Draft New Revision of Tax Code is a direct-action law incorporating all taxes and dues payable to the state both by individuals and legal entities reflecting the specific features of taxation in different sectors of the economy.
Draft Tax Code encompasses entire "tax field" in the country enabling taxpayers to be fully aware of their rights and responsibilities in the area of taxation and effectively plan their activities. The New Revision envisages strengthening the incentive role of taxes for the business, ensuring rational end economic usage of recourses, as well as simplification of tax system by unification of calculation rules and payment order of separate taxes.
The opinions of public, business community, international organizations, NGOs and many other stakeholder institutions as well as positive international experience of tax reforms both in the CIS and other foreign countries were incorporated during development of the New Revision of the Tax Code.
The workshops were arranged for providing explanations to the major provisions in the New Revision of the Tax Code and their compliance with other domestic regulations as well as eliciting constructive proposals and comments on the New Revision.
The workshops were held by the officials of the Ministry of Economy, Ministry of Finance, Ministry of Justice, and State Tax Committee.
In the course of the workshops the speakers made an introduction for the participants into the prerequisites for developing draft New Revision of Tax Code, main approaches in its development, issues of improving tax administration as well as on tax liabilities of legal entities and individuals.
Representatives of Committee on budget and economic reforms of Legislative Chamber of the Oliy Majlis of Uzbekistan, representatives of Social Democratic party of Uzbekistan Adolat, Peoples’ Democratic party of Uzbekistan, National Democratic party Fidokorlar, Liberal Democratic party of Uzbekistan, as well as representatives of public organizations, entrepreneurs, chief accountants of major Uzbek companies and organizations participated at the seminars.
Open discussions followed the reports of the speakers, where it was noted that all proposals and comments collected in the course of development of the Code were reflected in the New Revision and they represent both government’s and taxpayers’ interests. Furthermore, a set of recommendations on improving the New Revision of Tax Code was proposed during the seminars.