Uzbekistan
Tax Committee's bank transfer reporting proposal raises constitutional and economic concerns
Experts have warned that a proposal requiring banks to report large incoming transfers on individuals' bank cards to tax authorities could weaken public trust in the banking system, encourage greater use of cash and expand the shadow economy.
A proposal from the Tax Committee concerning bank transfer reporting is generating significant constitutional and economic apprehension.
Unveiled for public consultation in June, the initiative would mandate banks to inform tax authorities whenever
constitutional lawtax administrationpublic consultationfinancial regulationtax proposalbanking secrecycash transactionsshadow economy