The Chamber of Commerce and Industry and the Senate Committee have come out in favor of revising the State Tax Committee's draft on card turnover
The Chamber of Commerce and the Senate Committee said that the Tax Code does not require banks to inform the State Tax Committee about the turnover of money on the cards of individuals. The CCI also noted the importance of observing the bank secrecy law.
On April 7, a draft resolution of the State Tax Committee and the Central Bank of Uzbekistan was presented for discussion, which are proposed to introduce a procedure according to which the Central Bank and banks will inform the STC about the turnover on bank cards of individuals (if the amount exceeds 30 million soums and the number of P2P transactions exceeds ten).
The proposal caused a wide public response. More than a hundred negative reviews were left under the draft document.
The State Oil Company came out with an explanation of its position. The committee noted that some entrepreneurs evade taxes through cards, which leads to "the flourishing of the shadow economy."
In response to complaints from entrepreneurs and the public, the Chamber of Commerce and Industry of Uzbekistan prepared an opinion on the project.
The Chamber of Commerce and Industry believes that the proposed project does not meet the requirements of the Law on Bank Secrecy and the Tax Code. According to article 11 of the law, "information constituting bank secrecy is provided to the bodies of the state tax service in cases related to taxation of the client (correspondent) of the bank, in accordance with the law."
“The law clearly defines the purpose of providing information related to bank secrecy. Therefore, adhering to the requirements of the regulation, it is possible to request only information related to taxation issues, ”the chamber notes.
The CCI recommended to study the experience of advanced countries and take into account that strict observance of banking secrecy will increase the confidence of foreign investors and local entrepreneurs in banks.
According to Article 134 of the Tax Code, the bank is obliged to provide, upon the request of the tax authority, information on the availability of accounts and deposits (deposits) of the client in the bank, their balances, statements and other information related to the fulfillment of tax obligations.
Requirements were submitted upon request, there is no information on the turnover of funds received on the cards of individuals in the Tax Code. Therefore, the CCI proposes to exclude this item from the draft altogether.
Deputy Chairman of the Senate Committee of the Oliy Majlis on Budget and Economic Reforms Odiljon Iminov also said that the document under discussion includes norms that are not provided for by the Tax Code.
"Information on the turnover of funds received on bank cards of individuals was not reflected in Article 134 of the Tax Code ... In this regard, the document, which is the subject of wide discussion, should be revised on the basis of the Tax Code," the senator said.
Source: gazeta.uz