Residents of Uzbekistan may now receive cashback on their housing purchases
They aim to implement a measure to tackle the shadow economy.
Uzbekistan may introduce tax cashback for citizens when purchasing housing, reports Chamber of Commerce and Industry Chairman Davron Vahobov.
According to the information, currently, about 90% of real estate transactions are conducted without paying VAT, which indicates a high level of shadow economy in the sector. To address the shortfall, they plan to implement tax cashback: home buyers will be refunded 4-6% of the transaction amount.
The draft of the relevant document is currently at the interdepartmental coordination stage. Davron Vahabov stressed that the shadow economy in the construction sector is estimated at 41%, or roughly 9.7 trillion soums. Official data indicate unpaid taxes total 1.2 trillion soums, with embezzlement identified at a further 203 billion soums.
Earlier, it was reported that the head of the Tax Committee proposed to set the minimum cost of housing for developers.
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