Tashkent, Uzbekistan (UzDaily.com) - A working meeting was held at the State Tax Committee with an expert from the mission of the International Monetary Fund, Lawrence Dwight. The discussion topic is “Tax Reforms and Administration,” the press service of the State Tax Committee informs.

The participants got acquainted with the reforms in the field of taxation carried out at the initiative of the President of the Republic of Uzbekistan Shavkat Mirziyoyev, their first results, as well as with the forecast parameters for 2020.

In particular, there was a decrease from 1 October 2019, VAT rates from 20% to 15%, property tax from 5% to 2%, cancellation of the turnover tax in the amount of 3.2%, insurance premium 8%, the establishment of a single income tax scale , as well as its decrease to 12% instead of the current 22%.

Business supported tax reforms. This is evidenced by the fact that over 10 months of this year more than 91 thousand new enterprises were opened. Compared to last year, this indicator increased by 2 times.

The work of the tax authorities on the legalization of labor allowed over 10 months of this year to legalize more than 736 thousand jobs. Despite the reduction in rates, tax revenues to the budget for the first 10 months of this year increased 1.6 times.

Special attention is paid to the development and implementation of modern tax administration, the introduction of IT-technologies in the field. For example, from January 1, 2020, mandatory use of electronic invoices, online cash register, marking of excisable goods is required. It is planned to further expand the tax base by improving tax administration.

Expert Lawrence Dwight praised the reforms under the leadership of the President aimed at reducing the tax burden and providing favorable conditions for the development of entrepreneurship.

The participants exchanged views on methods to combat the shadow economy, legalize the workforce, and attract entrepreneurs to transparent business.