The Central Bank and the Tax Committee may start exchanging data on suspicious p2p transfers (transfers from card to card). This is stated in the draft decree of the president on measures to combat the shadow economy.
According to the document, to "organize" payments from card to card for individuals for goods and services, the Central Bank and the Tax Committee are proposed to sign a memorandum on mutual exchange of information on such transactions within two months if they exceed a certain limit.
The limit for individuals may be set at 100 million sums per year, and for entrepreneurs - 500 million sums per year.
A system integrated with mutual databases through secure channels is planned to be created by July 10. It will process information and identify risks.
Attempts to "organize" p2p transfers
- The Tax Committee in April 2020 proposed a resolution project, according to which banks must inform tax authorities about the turnover of received money on all individual cards when the amount exceeds 30 million sums per month, as well as when the number of p2p transactions exceeds 10.
After public discontent, the project was not adopted. The Chamber of Commerce and the Senate Committee then stated that there is no requirement in the Tax Code for banks to inform the Tax Committee about the turnover of money on individual cards. The Chamber of Commerce also emphasized the importance of complying with the banking secrecy law.
Uzcard stated that the committee's proposal to inform about individual card transactions would contribute to the emergence of new cash withdrawal schemes, an increase in cash turnover, and the departure of businesses into the shadow sector.
Starting from May 1, 2023, payment organizations are required to prepare electronic invoices for transfers between individuals. The Ministry of Justice stated that this point was not present during the expertise of the president's decree project.
The Central Bank opposed the preparation of electronic invoices for transfers between individuals, that is, the transfer of this data to tax authorities. Experts noted that the norm contradicted the banking secrecy law and the Constitution. This norm was later repealed by another decree of the president.
