Mining: how fiscal instruments affect the development of the industry
Tashkent, Uzbekistan (UzDaily.com) -- On 14-15 June, a seminar was organized for employees of the State Tax Committee with the participation of Deputy Minister of Finance of the Republic of Uzbekistan Dilshod Sultanov, First Deputy Chairman of the State Tax Committee Mubin Mirzaev and experts from the International Monetary Fund, where the features of the new fiscal regime were discussed for the mining and oil industry of Uzbekistan and mechanisms for its application.
The issues of taxation by a special rent tax on the extraction of minerals, which is calculated and paid at the stage of mining (extraction) of metals or hydrocarbon raw materials that have undergone primary processing and are suitable for sale, are considered.
The experts said that changes are being made to the current tax system in order to involve the private sector in this area, which, in turn, will allow the country's leadership to continue a consistent policy aimed at the efficient use of minerals and meeting the need for energy resources without harming the environment.
During the discussion, it was also noted that the decision of the government of Uzbekistan to reduce tax rates for the use of subsoil, in particular for energy, precious and non-ferrous metals, was an important step in ensuring the progressive development of the industry.
International experts stressed that the new fiscal regime is more attractive for interested investors, ensuring fair taxation, competitiveness of economic entities in this industry and, as expected, in the long term - an increase in tax revenues to the State budget.