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Uzbek Parliament’s Legislative Chamber Adopts Amendments to Tax Legislation
Source: en.trend.az
Source Date: Saturday, December 01, 2012
Focus: E-Procurement
Country: Uzbekistan
Created: Dec 04, 2012

The legislative chamber of Uzbek Oliy Majlis has approved a number of amendments to the laws envisaging the improvement of tax legislation and the creation of favorable conditions for the taxpayers, the lower chamber of the parliament said today.

The bill on "Amendments and additions to some legislative acts in connection with the adoption of main directions of tax and budget policy for 2013, as well as reducing the frequency of submitting tax accounting" envisages making the relevant amendments to the Tax Code, the laws on "Bankruptcy", "Customs Tariff" and "Foreign Investments".

The tax code and the law on "Bankruptcy" are amended. The amendments include the suspension of adding the property tax, land tax, as well as fines and penalties on previously added and not collected payments to the budget if a legal entity was considered by the economic court as a bankrupt for the whole period of bankruptcy procedures.

The Tax Code has been also amended. Moreover, micro-firms and small businesses, paying generally established taxes, except for those producing excisable goods and mining minerals, which are taxable, are excluded from the category of taxpayers of compulsory contributions to the off-budget Pension Fund.

The innovations in the Tax Code envisage the reduction of the tax burden, as well as the reduction and simplification of reporting and the procedure for its submission.

The relevant amendments were made to the law on "Customs Tariff" and "Foreign Investments".

The law adopted by the Legislative Chamber has been submitted to the upper house - the Senate for approval. It is expected that the Senate will consider the bill at the plenary meeting on Dec. 5 - 6.
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