In order to reduce the shadow economy, strengthen transparency in the tax system, and ensure fair accounting in the trade sector in Uzbekistan, certain P2P (card-to-card) money transfers are being analyzed.
According to the Tax Committee, this process is not intended to pressure or punish entrepreneurs, but rather to ensure economic justice, reduce shadow money flows, and support entrepreneurs operating within the law.
It is noted that some business entities engaged in trade are accepting payments via P2P transfers instead of official cash registers or bank accounts. In some cases, it has been analyzed that these funds are not reflected in tax reports.
This can lead to a shortfall in tax revenues that should be reaching the state budget. Simply put, when a sale occurs and money is received, but the income is not shown in official reports, fair market competition is disrupted.
In this regard, analytical studies are also being conducted on funds received on the bank cards of executives working for legal entities. The main focus is on whether sales proceeds were accepted via personal cards and how they are reflected in tax reports.
Appropriate measures will be taken regarding income not disclosed in tax reports. Additionally, notifications are being sent to taxpayers, requesting them to formalize their receipts in accordance with legal requirements.
Tax authorities emphasize that the main goal of this process is to improve the business environment. If one person reports all income and pays taxes, while another hides income via a personal card, it negatively affects fair competition.
Therefore, business entities are urged to fully formalize sales receipts, accurately reflect every income in tax reports, and adhere to transparency in financial operations.
In short, P2P transfers are no longer just a simple means of money transfer; they are becoming a focus of attention in terms of transparency in trade turnover. Times are changing: the era of "invisible income" in business is gradually closing, and entrepreneurs who operate transparently will have more trust and stability in the future.
Read “Zamin” on Telegram!
