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Finance
11/12/2007
Taxation of micro credit organizations and credit unions in New Tax Code
UNDP project "Public Finance Reform in Uzbekistan", National Association of microfinance organizations and credit unions of Uzbekistan and international charity organization Northwest Medical Teams have organized the seminar.
Sustainable economic growth envisages the availability of efficient instruments for financial intermediation, provision of a wide-range spectrum of financial services to various participants of the market. Institutes of micro financing, the activity of which is oriented towards satisfaction of demands in financial resources for small undertakings and individual entrepreneurs, traditionally limited in the access to credits and other financial services, are among the above institutes. Credit unions and micro credit organizations are summoned to stimulate trade, production activity, furthering the stabile realization of structural reforms, increasing the employment of people, particularly in back rural lands.
One of the important reasons behind the seminar was the necessity to clarify basic approaches constituting the foundation of elaboration of the revised Tax Code and changes in approaches of tax administration to microredit organizations and credit unions.
During the seminar, a presentation has been made on the general order of calculation and payment of direct, indirect and resource taxes. Close attention was given to the features of calculating the profit tax and value-added tax for credit institutions. Further, a presentation of the National Association of microfinance organizations and credit unions was made. On 21 November 2007 the Association went through the registration at Ministry of Justice of the Republic of Uzbekistan. Representatives of the Association have presented participants with the mission, goals and objectives, and services that will be provided to the members of the Association.
Representatives of the Ministry of Finance, Ministry of Justice, the Central Bank, State Tax Committee, the Chamber of Commerce and Industry, delegates of public organizations, and a number of international and financial organizations, heads of microcredit organizations, and credit unions, as well as independent experts in the field of taxation and tax administration participated in the seminar.
Open discussions at the workshop facilitated live debates on taxation of microfinance institutions and credit unions in Uzbekistan.
Sustainable economic growth envisages the availability of efficient instruments for financial intermediation, provision of a wide-range spectrum of financial services to various participants of the market. Institutes of micro financing, the activity of which is oriented towards satisfaction of demands in financial resources for small undertakings and individual entrepreneurs, traditionally limited in the access to credits and other financial services, are among the above institutes. Credit unions and micro credit organizations are summoned to stimulate trade, production activity, furthering the stabile realization of structural reforms, increasing the employment of people, particularly in back rural lands.
One of the important reasons behind the seminar was the necessity to clarify basic approaches constituting the foundation of elaboration of the revised Tax Code and changes in approaches of tax administration to microredit organizations and credit unions.
During the seminar, a presentation has been made on the general order of calculation and payment of direct, indirect and resource taxes. Close attention was given to the features of calculating the profit tax and value-added tax for credit institutions. Further, a presentation of the National Association of microfinance organizations and credit unions was made. On 21 November 2007 the Association went through the registration at Ministry of Justice of the Republic of Uzbekistan. Representatives of the Association have presented participants with the mission, goals and objectives, and services that will be provided to the members of the Association.
Representatives of the Ministry of Finance, Ministry of Justice, the Central Bank, State Tax Committee, the Chamber of Commerce and Industry, delegates of public organizations, and a number of international and financial organizations, heads of microcredit organizations, and credit unions, as well as independent experts in the field of taxation and tax administration participated in the seminar.
Open discussions at the workshop facilitated live debates on taxation of microfinance institutions and credit unions in Uzbekistan.
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