Tashkent, Uzbekistan (UzDaily.com) -- A new edition of the tax code was discussed at the Banking and Finance Academy of the Republic of Uzbekistan with the participation of teachers from the academy, employees of the State Tax Committee and the Ministry of Innovative Development.

The First Deputy Chairman of the State Tax Committee M. Mirzaev and specialists of the committee informed the participants about the changes to the new edition of the Tax Code.

The professors and teachers of the Banking and Finance Academy received answers to their questions in the new edition of the Tax Code and exchanged views on current issues that should be included in the Code. In particular, it was noted that the relevance of ensuring the stability of tax legislation in the country, changes in the tax system make it difficult for business entities to draw up long-term business plans and it is necessary to strengthen the mechanism for reducing the hidden economy.

Also, an employee of the Ministry of Innovative Development Rustam Ergashev noted that the Ministry has made a number of proposals for introducing tax lending practices into tax legislation, substantiating with analytical data that these proposals serve the development of entrepreneurship in the context of tax reforms. In this regard, the need was noted for introducing these proposals into the new edition of the Tax Code. The introduction of the “investment tax credit” institution, which provides for a reduction in tax payments with a subsequent return in percentage terms, will serve to consolidate the free funds at the disposal of business entities and channel these funds to investment and innovative activities.

At the same time, during the event, proposals were made to attract domestic scientists and professors to the commission on the development of the Tax Code in a new edition.