Ministry of Finance and Deloitte & Touche discuss development of the draft Tax Code

Tashkent, Uzbekistan (UzDaily.com) -- At the initiative of the Ministry of Finance and with the support of the auditing company Deloitte & Touche, a videoconference was held between experts of the Working Group to develop the draft Tax Code of the Republic of Uzbekistan and experts on global tax policy and administration of Deloitte in foreign countries under the leadership of the Leader of Tax and Legal Practice in the Caspian region, the company of Mr. Anthony Mahon.

The main purpose of the videoconference was to obtain professional advice from international experts on taxes and law on certain tax issues, in particular, especially the calculation and payment of VAT, the information service of the Ministry of Finance said in a statement.

Particular attention was paid to the question of assigning to the offset of the amount of VAT on the acquired fixed assets, objects of construction in progress and intangible assets. It should be mentioned that Uzbekistan plans to introduce VAT from 1 January 2019 within the framework of the Concept of Improving the Tax Policy of the Republic of Uzbekistan.

In the framework of the videoconference, experts shared European experience, as well as the practice of using the offset mechanism in other countries. Another pressing issue raised during the discussion is the mechanism for introducing a simplified procedure for calculating VAT.

The experts of the Working Group on development of the draft Tax Code of the Republic of Uzbekistan were also interested in determination of non-deductible income tax expenses. Issues related to the establishment of depreciation deductible for tax purposes and loss transfer were widely discussed.

This meeting is the first of a series of meetings scheduled by the Ministry of Finance. So, on 12 October 2018, a similar meeting is planned with the experts of the Big Four - large international professional companies providing consulting and auditing services - on topical issues of taxation of non-residents.

In the third decade of October of this year, a repeated videoconference with the experts of Deloitte & Touche on the taxation of non-residents will be held.

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