Comprehensive amendments and addenda to the Tax Code of Uzbekistan entered into force on January 1, 2009. Among the amendments was an income tax exemption on bank deposits, and exemptions on the payment of dividends from shares in banks.
Article 179 of the Tax Code stipulates that the incomes of physical persons gained from deposit certificates, state securities as well as interest from deposits in banks and credit unions should be exempt from income tax.
The amendments aim at creating favourable conditions and stronger potential for micro-credit organizations and credit unions; whilst streamlining the tax system and reducing the scope for mis-interpretation.
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