Sunday22 December 2024
centralasiabusiness.com

The Senate approved several benefits along with amendments to the Tax Code.

During the second plenary session of the Senate, the law on "Amendments and Additions to the Tax Code of the Republic of Uzbekistan" was discussed.
Сенат утвердил несколько льгот и внес изменения в Налоговый кодекс.

At the same time, there is a need to extend the duration of existing preferences, as well as to broaden the list of activities for which temporary tax benefits may be applied.

This Law introduces amendments to the Tax Code, providing for the extension of the tax rates set for budget organizations that receive income from additional sources until January 1, 2027, as well as an increase in the maximum allowable aggregate income from 5 billion to 10 billion sums, under which taxpayers pay monthly advance payments after the completion of a full quarter.

The Law establishes that budget subsidies granted based on the decision of the President of the Republic of Uzbekistan or the Cabinet of Ministers of the Republic of Uzbekistan are not included in the total income.

In addition, temporary tax benefits for profit tax are provided for expenses related to the construction of buildings for non-state general secondary education organizations funded from their own resources.

There is also a provision for a temporary exemption from value-added tax on the importation into the territory of the Republic of Uzbekistan of prosthetic devices and their components, spare parts according to a list approved by the decree of the President of the Republic of Uzbekistan, and the operations of wagon (container) operators who are residents of the Republic of Uzbekistan participating in the transport process by providing services for the rental of wagons (containers).

During the meeting, this Law was actively discussed by senators, emphasizing its significant importance in creating additional conditions for improving the education system, enhancing the quality of transport services provided to the population, and reducing the tax burden on taxpayers.

As a result of the discussion, the Law was approved by the senators.