The Uzbek government is taking measures to combat the shadow economy by increasing transparency in the population's housing acquisition processes to prevent possible abuses by construction companies.
In a draft resolution, the President outlines comprehensive measures to combat the shadow economy, which is currently undergoing coordination through ministries and departments. The Chairman of the Tax Committee, Sherzod Kudbiev, and the head of the Chamber of Commerce and Industry, Davron Vahabov, discussed the project with entrepreneurs and indicated that amendments may be made to the document.
One proposal is to determine the tax base for real estate projects based on minimum amounts per square meter to prevent underreporting. President Shavkat Mirziyoyev has highlighted the significant damage to the state budget caused by the shadow economy and has instructed authorities to intensify efforts to combat it.
The Department for Combating Economic Crimes at the General Prosecutor's Office has been tasked with investigating various sectors including construction, pharmaceuticals, alcohol and tobacco circulation, and illegal capital outflow.
To ensure transparency, tax authorities are surveying residents of new buildings to verify the legality of transactions, particularly focusing on cash payments and potential tax underreporting. The government is considering enforcing non-cash transactions for real estate and vehicle sales to curb illicit activities, and plans to regulate the sale of apartments in multi-storey buildings.
Additionally, sales contracts with individuals will require notarization based on banking data, while contracts with legal entities will be conducted through electronic invoices with proof of non-cash payment. The aim is to enhance transparency and combat the shadow economy in various sectors.
