New rights of VAT payers introduced
Tashkent, Uzbekistan (UzDaily.com) -- Tax breaks introduced in Uzbekistan are part of anti-crisis measures aimed at supporting the domestic economy, and especially the business sector. This was reported by the press service of the State Tax Committee.
So, according to Presidential Decree No. UP-5978 from 3 April 2020, VAT payers with a turnover on the sale of goods or services not exceeding 1 billion soums per month, and using electronic invoices, from 1 April to 31 December 2020 granted the right to calculate and pay VAT on a quarterly basis.
Currently, 92,658 VAT payers are registered in the Unified Automated System of the State Tax Code (Register of VAT payers). Those wishing to exercise the right of quarterly calculation and payment of VAT for the II quarter should have notified the tax authority at the place of tax registration by 20 May 2020.
By the indicated date the STC received 8657 of such notifications: 2936 in Tashkent, 964 in the Tashkent region, 593 in the Republic of Karakalpakstan, 522 in the Ferghana region and other regions. Of the appeals filed, 90% of taxpayers were transferred to quarterly VAT.
A taxpayer applying for the right to calculate and pay value added tax on a quarterly basis must simultaneously meet the following requirements:
- its turnover should not exceed 1 billion soums in each month of the reporting quarter;
- it completely switched and applies electronic invoices for all months of the reporting quarter.
Taxpayers who do not meet these criteria (requirements) are deprived of the right to submit VAT reports and pay tax on a quarterly basis and switch to the system of monthly reporting and tax payment.
Starting from the second quarter, taxpayers who meet the above requirements send a notification to the tax authority at the place of tax accounting about the transition to the quarterly VAT in electronic form:
- for the II quarter until 20 May,
- for the III quarter until 20 August,
- for the IV quarter until 20 November.
Important: the VAT reporting form on a quarterly basis is under development and will be posted on http://my.soliq.uz until 1 July 2020.