The Tax Committee of Uzbekistan previously published a draft Cabinet resolution for public discussion, which outlines the procedure for banks to transfer information about accounts and deposits of individuals and legal entities to tax authorities. The document provides for banks to submit information electronically, sparking heated debate among citizens.
The Tax Committee noted that interpreting the draft as primarily affecting individual deposits is incorrect and does not reflect the document's essence. "The draft proposes to define uniform rules for information exchange between banks and tax authorities within the framework of current legislation. It concerns the procedure, deadlines, forms, and electronic format for submitting data necessary for tax control purposes," the committee stated.
It was also emphasized that the draft does not introduce new powers for tax authorities, does not abolish bank secrecy, and does not provide free access to bank accounts of citizens or entrepreneurs. "Banks are entitled to provide information to tax authorities only in cases and in the manner established by law. The relevant powers of tax authorities are enshrined in Article 134 of the Tax Code. Additionally, the Law 'On Bank Secrecy' allows the disclosure of information constituting bank secrecy to state tax service bodies on issues of client taxation in the manner prescribed by law," the committee added.
The Tax Committee reminded that information obtained by tax authorities is classified as tax secrecy. Its disclosure, transfer to third parties, or misuse is prohibited by law. According to the agency, similar information exchange mechanisms are used in international practice, including OECD countries, and comply with global standards. Uzbekistan has also joined the Global Forum on Transparency and Exchange of Information for Tax Purposes, which requires clear rules in this area.
"The Tax Committee counts on constructive participation from citizens, entrepreneurs, the expert community, and media representatives. All proposals and comments will be considered during further refinement of the document," the committee concluded.
Source: www.uznews.uz