Tashkent, Uzbekistan (UzDaily.com) -- The Cabinet of Ministers approved the Regulations on the procedure for the distribution of social tax, reimbursement of expenses for pensions and other payments. The status of the legal acts establishing this procedure has been increased, but the procedure itself has not changed, Norma reports.

Previously, a departmental Regulation was in force, approved by a joint resolution of the Ministry of Finance, the State Tax Committee and the Central Bank in 2016. The new Regulations, approved by Cabinet Resolution No. 661 of 14 December  2023, have been updated in accordance with regulations adopted after 2016.

The changes mainly affected terminology and names of organizations. The basic provisions concerning accountants remain unchanged.

Social tax is calculated by payers independently based on the wage fund and tax rates for the reporting month. Funds for the payment of social tax are transferred to the Single Treasury Account. Social tax is calculated and transferred monthly no later than the 15th day of the month following the reporting period, and at the end of the year - no later than February 15 of the following year.

If legal entities fail to timely reimburse the Pension Fund's expenses for paying pensions, a penalty of up to 100% of the amount owed will be charged for each day of delay.