Uzbekistan excludes Switzerland from list of offshore zones

State Tax Committee, State Customs Committee and Central Bank of Uzbekistan adopted a joint resolution, which introduced changes to regulation on order of monitoring of the validity of currency transactions of individuals and legal entities.

According to the resolution, Swiss Confederation and its cantons from the list of the state and territories, which provide preferential tax regimes and (or) are not sharing information on financial transactions (offshore zones).

The decision was adopted after Uzbekistan and Switzerland signed a protocol amending the agreement for the avoidance of double taxation (DTA) with respect to taxes on income and capital.

In the result, the Government will not monitor validity of transactions of legal entities and individuals at conducting wire transfers to Switzerland.