The issue of introducing a cashback system for homebuyers in Uzbekistan is currently being actively discussed. This was announced at an open dialogue held on August 29 with the participation of representatives of the Chamber of Commerce and Industry and the construction industry.
The Chairman of the Chamber of Commerce and Industry, Davron Vakhabov, noted that currently only about 10% of housing is registered with value-added tax (VAT), and the remaining 90% is not subject to taxation. This situation significantly increases the share of the shadow economy in the construction sector.
According to Vakhobov, this problem can be effectively eliminated by providing cashback for individuals from the amount of the purchase and sale transaction in the prescribed manner. According to him:
"There are proposals to introduce a cashback of 4−5% for individuals. Thus, they will be able to apply to the developer and demand an invoice to receive up to 5−6% cashback from the amount of the purchase and sale transaction. Perhaps this step will help improve the situation in the housing market."
Currently, this proposal is being studied in various ways, and the practical effectiveness of the system is being assessed. Special experts and market participants note that the introduction of cashback could be an important step in increasing the transparency of the housing market and stimulating tax payments.
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