Plans to change the basis for charging tax on small business in Uzbekistan have caused widespread concern that small businesses would go out of business or turn towards black market activities.
The Uzbek “unified tax payment” introduced in 2005 as a simplified tax of 7% on the gross revenue of small business is scheduled to change into a monthly flat tax, based on a factor of 3-10 times the minimum official wage.
This could result in monthly charges of up to USD280 per month. Whilst the tax authority seeks more certainty for its revenue stream, many of the businesses calculate that their charges will increase many-fold and some will be loss making as a result.
This comes at a time when migrant labour is returning to Uzbekistan, as neighbouring economies suffer from the recession, and the persistent black market in foreign currencies is reportedly making business start-ups more difficult.
.Tags: tax | law | small business | business | tax rates | Uzbekistan
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