For ensuring full collection of taxes and other obligatory payments the recent Presidential Decree prescribes the following measures:
- commercial banks should transfer amounts of taxes to the revenue if taxpayers have sufficient funds, irrespective of the status of their corresponding accounts; banks are also authorised to sell upon the order from the tax authorities hard currency from the accounts of taxpayers which have insufficient Soums for settling their tax liabilities;
- exported production (excluding centralised export) will be considered as realised with the obligation to pay all relevant taxes 60 days after customs clearance;
- banks must provide information regarding their clients' accounts upon the request of the tax authorities;
- opening of new settlement accounts in cases of changing banks will be allowed only after all tax liabilities are settled;
- retail companies or companies rendering public services are obliged to transfer the cash proceeds to banks on a daily basis;
- with effect from 1 September 1996 barter transactions in Uzbekistan are forbidden;
- commercial banks are obliged to make payments for supplied goods (works, services) directly to suppliers and are not allowed to offset payments with third entities.
Decree of the President of RU dated 9 August 1996
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
For further information contact David Simpson, Tax Manager, Tashkent office on tel: +750 2225 8600 or e-mail: David_Simpson@ru.coopers.com or enter a text search 'Coopers & Lybrand' and 'Business Monitor'.
