Uzbek Tax Committee holds seminar on taxation of small businesses

The main topics of the seminar were calculation and payment of single tax payment (STP) and opportunities on voluntary payment of value added tax (VAT).

The participants considered legislative base related to the STP as the businesses still have many questions on the tax.

For example, there are questions on calculation of the STP if the company exports goods or services. Based on the volume of the exports, the STP rates decreased from 15% to 50%. So, some enterprises have to re-submit their tax reports.

The seminar considered payment of the STP if the company carries out several types of activities. It was noted that the STP should be paid separately on each direction, in line with the rate set for each direction by the legislation.

If the enterprises of retail trade, wholesale and retail drug stores have separate trade points and they are not independent legal entities, they should run separate accounting for each point.

The participants of the seminar also discussed other issues of payment of the SPT and VAT, as well as other mandatory payments.

It was noted that small businesses can calculate VAT separately if it is beneficial for them. For example, if the businesses export their goods, they can claim VAT. They also can ask to return VAT, which they paid at purchase of raw materials.

At the meeting, the heads and accountants of the enterprises had chance to receive answers to their questions.