Khorezm regional state tax administration has conducted a seminar on the essence and significance of amendments and addenda to the tax legislation, taking into account the main directions of the tax and budget policy of Uzbekistan for 2018.

At the event, the entrepreneurs of the region were provided with detailed information on the nature and significance of changes and amendments to the tax legislation

Thus, for example, from 1 January 2018, the income tax and the tax on the development of social infrastructure and improvement were combined; the tax rate was reduced from 15.5 to 14%. Mandatory contributions to the off-the-budget Pension Fund under the Ministry of Finance, the Fund for the Development of the Material and Technical Base of Educational and Medical Institutions, the Republican Road Fund were combined into a single mandatory payment to state trust funds, with a tax cut from 3.5 to 3.2 percent.

The rates of the single tax payment are kept at the level of 2017, the activity of procuring entities is equal to wholesale trade, and the tax rate for them is set at 4% of turnover. In order to support entrepreneurship, new terms such as tax monitoring, tax holidays and a conscientious taxpayer have been introduced into the tax sphere.

“All this will help prevent mistakes and shortcomings that can be tolerated by taxpayers in the performance of tax obligations, quickly resolve disputes related to tax obligations, eliminate the circumstances leading to deterioration of the financial situation due to the accrual of penalties and fines,” said the deputy head of the regional state tax management Sh. Saidov.

“Our private enterprise, organized in 2016, specializes in the production of burnt bricks,” said Kahramon Sultonov, head of the Boet Gisht state enterprise. “First, 30 people worked at our enterprise, now more than fifty people. At this seminar we received the necessary information on innovations in tax legislation, preferences and benefits granted to entrepreneurs in 2018.”