Uzbekistan to introduce a separate tax system for wealthy citizens

A new taxation system is being developed in Uzbekistan for individuals with the highest incomes. This was announced by Mubin Mirzayev, First Deputy Chairman of the Tax Committee, at a press conference held at the Agency for Information and Mass Communications on April 1.

Income-bearing population and the new system

Currently, the country's population is about 38 million people. Of these, more than 18 million citizens have income and are registered as taxpayers. The new system involves the introduction of a special tax payment and collection procedure for individuals with the highest incomes by segmenting this category of the population.

Mubin Mirzayev noted that a complete database of wealthy citizens will be formed, thereby preventing tax evasion. This system eliminates the possibility of individuals artificially reducing or hiding their income.

Electronic system and foreign income

The Tax Committee will need about a year to fully develop the new tax system. This system will include taxation not only of income received in Uzbekistan, but also of funds earned abroad.

Also, if a resident of Uzbekistan earns income abroad, he will be obliged to pay taxes in the country. In cases involving non-residents, the Tax Committee will take into account taxes paid in foreign countries in order to prevent double taxation.

Expected results of the new system

The new tax system is expected to attract additional funds to the state budget and increase transparency in the economy. At the same time, the possibility of imposing additional obligations on high-income earners is likely to cause heated discussions on social media and among the public.

The effectiveness of the tax reforms will only be clear after they are implemented. For now, the government is working to thoroughly prepare this new system and ensure its effectiveness. Follow “Zamin” news on “Telegram”