Tax Committee Clarifies Draft Banking Data Sharing Project

Tashkent, Uzbekistan (UzDaily.uz) — The Tax Committee of Uzbekistan has issued an official clarification regarding the public discussion surrounding a draft resolution on the procedure for banks to submit information to tax authorities.

The agency emphasized that a number of media publications distorted the essence of the document, presenting it as a measure primarily directed against the deposits of individuals.

According to the statement by the Tax Committee, the draft pursues a different objective: to establish uniform rules for information exchange between banks and tax authorities within the framework of current legislation. This includes defining the procedure, deadlines, forms, and electronic format for transmitting information required for tax control.

The agency specifically highlighted that the document does not grant new powers to tax authorities, does not abolish the institution of banking secrecy, and does not open free access to the accounts of citizens or entrepreneurs. Banks are authorized to transfer information to tax authorities exclusively in cases and according to procedures provided by law.

The relevant powers of the tax authorities are enshrined in Article 134 of the Tax Code, and the Law "On Banking Secrecy" permits the disclosure of protected information to tax service bodies only regarding the taxation of a specific client and in accordance with the procedure established by legislation.

The Tax Committee also reminded that information received by tax authorities is recognized as a tax secret. Its disclosure, transfer to third parties, and misuse are expressly prohibited by law.

The agency pointed out that similar mechanisms for information exchange are widely used in international practice, including in OECD countries, and comply with global standards. Uzbekistan has joined the Global Forum on Transparency and Exchange of Information for Tax Purposes, which presupposes the existence of clearly defined rules in this area.

The draft resolution has been posted for public discussion. The Tax Committee called upon citizens, entrepreneurs, the expert community, and media representatives for constructive participation, assuring that all received proposals and comments will be taken into account during the finalization of the document.