Individual entrepreneurs with turnover of over 1 billion soums to pay VAT

31/03/2018 | Economy

Tashkent, Uzbekistan (UzDaily.com) -- Uzbekistan proposes to oblige all individual entrepreneurs (IP) with turnover of over 1 billion soums to pay VAT. This measure envisages with the concept of reforming the tax system. Deputy Finance Minister of Uzbekistan Vyacheslav Pak noted that this measure will reduce the risk of using the status of IP in tax evasion.

He said that Uzbekistan plans to optimize the list of activities that the IP can carry out. According to him, in most countries the IP has the right to carry out a very limited range of activities, in Uzbekistan it is very broad. This, in turn, allows to use IP status in schemes of tax optimization, evasion and tax reduction.

He said that an optimal list of types of activities that the IP can carry out will be compiled. This will take into account the peculiarities of Uzbekistan.

Pak said that some IPs have a turnover of 100 billion soums, rendering services. "Obviously, one person cannot do this amount of work alone. Accordingly, he either hides something, or uses IP in schemes of tax optimization, "the deputy minister added.

Stay up to date with the latest news

Subscribe to our telegram channel