From 1 September 2020, a new procedure for collecting tax arrears, recognized as hopeless, has been introduced. This innovation is established by the "Regulations on the procedure for writing off tax arrears recognized as uncollectible", registered by the Ministry of Justice under No. 3256 from 30 June 2020.
The Decree of the President of the Republic of Uzbekistan “On additional measures to support the population, business entities in the field of public catering, trade and services to reduce the negative impact of the coronavirus pandemic” dated July 20, 2020 No. DP-6029 provides for the extension of the validity period of the auditor's qualification certificates that expired on March 1, 2020 years before the date of the next qualifying exam.
In January-August 2020, state budget revenues amounted to 82,9 trillion soum, of which 63,5 trillion soum falls on receipts administered by tax authorities and 14 trillion soum - by customs authorities. Other state budget revenues amounted to 8.4 trillion soum.
The rules for carrying out currency transactions in the Republic of Uzbekistan, approved by the Board of the Central Bank, were registered with the Ministry of Justice.
It was reported in social networks that in order to receive one-time financial assistance in the amount of 500,0 thousand soums for each child, certain categories of families specified in the decree of the President of the Republic of Uzbekistan dated 26.08.2020 no.PP-4815, must additionally provide a certain number of supporting documents and certificates.
One of the main directions of the Strategy for improving the public finance management system of the Republic of Uzbekistan for 2020-2024, approved by the resolution of the Cabinet of Ministers of the Republic of Uzbekistan No. 506 dated 24.08.2020, is to ensure transparency and completeness of budget information, and its compliance with international standards.
In August 2020, the average level of consumer prices and tariffs in Uzbekistan increased by 0.5%. Excluding changes in prices for fruit and vegetable products, the increase in the consolidated CPI for a month made up 0.8%.
The Asian Development Bank (ADB) today approved a US$274.2 million loan to reconstruct 240 kilometers (km) of highway in the western part of Uzbekistan and improve safety at key sections of the country’s national road network to expand regional trade and road transport connectivity.
The international standards of financial reporting are a system of rules and clarifications that cover the general principles for the formation of financial statements of organizations. The use of international standards ensures transparency of the financial report of economic entities, provides an opportunity to reflect the financial situation of companies and the results of their financial activities on the basis of recognized accounting principles in the international community. Therefore, large companies in more than 150 countries of the world use these standards as the “language of international business”.
According to the Decree of the President of the Republic of Uzbekistan No. PP-4412 "On measures to reform and ensure the accelerated development of the insurance market of the Republic of Uzbekistan" from 2 August 2019 a new version of the Law "On insurance activities" in accordance with international standards and a draft law "On the types of mandatory insurance" are to be developed.