Uzbek Central Bank Clarifies Deposit Interest Tax Reports

Tashkent, Uzbekistan (UzDaily.uz) — The Central Bank of Uzbekistan has issued an official statement regarding information circulating on social media about the possible introduction of a tax on interest income from bank deposits, saying the idea is not an official initiative.

The regulator said the issue was raised as part of an academic study conducted by the Fiscal Analysis Institute. According to the Central Bank, it is standard practice for research institutions to examine international experience and economic developments and prepare various analytical proposals.

The statement stressed that the idea of potentially taxing interest income from bank deposits was presented solely as part of a presentation of the study's findings and was not submitted as an official proposal.

The Central Bank also said that any such initiatives would be subject to a comprehensive assessment of their potential impact on the cost of financial resources, banks' funding base and the country's financial stability.

The Institute for Reducing the Shadow Economy, Improving Tax and Customs Administration and Fiscal Analysis under Uzbekistan's Ministry of Economy and Finance has clarified that a proposal to potentially tax interest income from bank deposits is solely the result of an academic study and does not constitute an official legislative initiative.