Tashkent, Uzbekistan (UzDaily.com) -- At the twenty-second plenary meeting of the Senate of the Oliy Majlis of the Republic of Uzbekistan, the Law "On Amendments and Additions to the Tax Code of the Republic of Uzbekistan" was discussed.

It was noted that a number of new norms are being introduced into the Tax Code aimed at reducing the tax burden and improving tax administration.

In particular, in order to ensure an integral chain of value added tax (VAT) payment and to prevent errors in calculating the cost of goods (services) and the amount of profit, the VAT object determines the services provided by physical culture and sports organizations, with the exception of budgetary organizations.

In order to stimulate business entities to constantly update fixed assets and equipment for tax purposes, an increase in the size of the rates of depreciation deductions for the restoration of fixed assets is established.

In addition, in order to stimulate innovation, domestic and foreign investment activities, an additional rule "investment deduction" is introduced. Also, the accounting for "research and / or development costs" is brought in line with international standards.

In order to create uniform conditions for taxing net profit for all categories of taxpayers, regardless of the form of activity, a procedure is being introduced for non-residents to pay taxes on dividends received on the territory of the republic and on income in the form of dividends and interest on investments made by foreign investors.

Based on the requirements of the Decree of the President of the Republic of Uzbekistan dated July 13, 2021 "On additional measures to comprehensively support young people and further increase their social activity" proportionate coverage of mortgage loans received by young families and interest accrued on them, until the spouses or one of them reaches the specified age.

In accordance with the resolution of the President of the Republic of Uzbekistan dated August 9, 2021 "On measures to introduce a new system of state support for orphans and children left without parental care", the privilege established for orphans and children left without parental care will be valid until they have reached 23 years of age on additional housing provided by the state, and they are exempt from property tax.

In order to ensure the completeness of tax revenues to the budget, increase the revenue base of local budgets, as well as simplify tax administration, it is envisaged to establish a minimum value for calculating property tax on premises.

Also, in order to increase the efficiency of tax administration, create a full-fledged system for tracking goods and products and prevent cases of tax evasion, a fine is established for cases of reflection on invoices or cash register checks of identification codes that do not correspond to the features and types of activities carried out by an economic entity, or the range of purchased goods (services).

The law introduces changes in the rates and benefits for property tax, land tax, additions on the calculation and payment of tax for the use of subsoil in the extraction (extraction) of minerals, a special rental tax on the extraction of minerals, specifics of determining the tax base in relation to certain types of minerals ...

The law "On Amendments and Additions to the Tax Code of the Republic of Uzbekistan" was approved by the members of the Senate.