The document says that the transition to medium-term tax planning and strengthening of guarantees of stability of the tax legislation, increasing investment attractiveness of the republic is one of the key priorities of reforming the tax system.

One of the key priorities is to reduce the level of tax burden on business entities, eliminate imbalances in the level of tax burden between large and small businesses.

Uzbekistan also plans to optimize the number of taxes by unifying and combining taxes, which have a similar tax base, as well as reducing and simplifying tax reporting, and minimizing operating expenses.

In particular, the concept proposes to abolish the corporate profit tax (with the exception of commercial banks and insurance organizations), with the establishment of the procedure according to which businesses will pay dividend tax at a rate of 25%. The tax will be paid only paid dividends.

It is also proposed to reduce the VAT tax rate from 20 to 12%, with the extension of the obligation to pay it to all categories of taxpayers, including individual entrepreneurs with turnover of over 1 billion soums, and creation of a full tax offset system, the specification of the taxable base.

There will be no VAT payments on sales of agricultural products and certain food products produced in the republic, in order to prevent the growth of prices for them.

The authors of the concept also propose to carry out an inventory and cancel ineffective benefits for the payment of VAT, including import of goods.

The concept proposes to abolish all compulsory payments levied in state trust funds from the turnover (proceeds) of legal entities.

The document also proposes to combine the tax on personal income, unified social payments and insurance premiums of citizens to the non-budgetary Pension Fund under the Ministry of Finance of the Republic of Uzbekistan in a single tax on personal income with a flat scale of taxation of 25%.

According to the document, the system of simplified taxation procedure will also be abolished.

Uzbekistan intends to introduce a system, in line with which small businesses are legal entities, which have an annual turnover less than 1 billion soums: they are not VAT payers and pay a turnover tax (revenue) of 5%.

It is proposed to reduce the tax burden for property tax of legal entities by gradually reducing the rate (in 2019 to 2.5% and to 2021 to 1%) and excluding objects of taxation of industrial buildings and structures.

In stages, the types and rates of excise tax on the excisable goods produced in the Republic of Uzbekistan and imported excisable goods will be unified, and types of excise tax will be reduced.

The concept also suggests measures to reform the tax administration system in Uzbekistan.