The Tax Committee issued an official response regarding the Central Bank's views on issues concerning bank secrecy and P2P transfers between individuals.
Bank Secrecy and Legislation
According to the committee's data, any information exchange between banks must be carried out strictly within the boundaries of current legislation. These rules are based on the principles of maintaining bank secrecy, protecting personal data, and ensuring public confidence in the banking system.
In accordance with Article 41 of the Constitution of the Republic of Uzbekistan, the secrecy of banking operations, deposits, and accounts is guaranteed by law. Furthermore, relations in this area are regulated by the Law 'On Bank Secrecy' and the norms of the Tax Code.
Taxation and P2P Transfers
The Law 'On Bank Secrecy' stipulates that tax authorities may receive tax-related information about bank clients in the manner prescribed by law. The Tax Code, in turn, clearly defines the obligation for banks to provide information to tax authorities only in cases and procedures stipulated by law.
The Tax Committee once again emphasized that P2P transfers between individuals should not automatically be considered a taxable object. This emphasis does not imply the establishment of extensive monitoring over citizens' personal funds.
Draft and Discussion
The main goal of the draft project is to create secure, precise, and internationally compliant mechanisms for information exchange between banks and tax authorities. It has been reported that the public discussion of this draft project has concluded. During the discussion process, the Central Bank's official position was also thoroughly examined, after which relevant conclusions will be drawn and subsequent decisions made.
