The Tax Committee of Uzbekistan has published a draft Cabinet of Ministers resolution for public discussion, outlining the procedure for banks to transfer information about accounts and deposits of individuals and legal entities to tax authorities.

The document mandates that banks provide tax authorities with electronic information on accounts of both legal entities and individuals. Banks will also be required to submit information upon request from tax authorities to monitor compliance with tax legislation.

Additionally, banks must report cases where an individual's bank card receives funds totaling 500 BRV (206 million soums) or more within a calendar month from other individuals' bank cards or e-wallets (excluding close relatives).

The draft also includes provisions for reporting funds transferred by individuals to foreign legal entities (without disclosing the payer's personal data).

Public discussion of the document will run until July 8.

Source: uznews.uz