The Tax Committee of Uzbekistan stated that it respects the position of the Central Bank regarding banking secrecy and monitoring transfers between private individuals (P2P). The Committee emphasized that interaction with banks must strictly adhere to current legislation.
The Committee noted that any exchange of data with banks must ensure the protection of banking secrecy, personal data, and public trust in the banking system. According to Article 41 of the Constitution of Uzbekistan, the confidentiality of banking operations, deposits, and accounts is guaranteed.
Issues of banking secrecy are also regulated by the Law 'On Banking Secrecy' and the Tax Code. In accordance with the Law 'On Banking Secrecy,' information may be provided to tax authorities regarding the taxation of bank clients according to established legal procedures. The Tax Code, in turn, defines the obligations of banks to provide information to tax authorities in cases and procedures stipulated by tax legislation.
The Committee specifically highlighted that P2P transfers between individuals are not subject to taxation, and the proposed initiative does not involve mass monitoring of citizens' personal money transfers. In the committee's view, the goal of the project is to create a safe, transparent mechanism compliant with international standards for cooperation between tax authorities and banks.
The Tax Committee announced that public consultations on the project have been completed. All received proposals, including the position of the Central Bank, will be carefully analyzed before a final decision is made on this document.
