Procedure for offsetting overpaid VAT against imports established in Uzbekistan
Now, when selling goods and services, excess VAT amounts can be transferred to offset the tax payable on imports.
Procedure for setting off overpaid VAT on imports established in Uzbekistan
The procedure for the mutual set-off of value-added tax (VAT) amounts payable during the import and sale of goods has been established in Uzbekistan. This was announced by the Ministry of Justice.
The relevant departmental document was state-registered on October 31 under number 3966.
According to the new procedure, taxpayers can use excess VAT funds from the sale of goods and services to cover the VAT payable at customs for imported goods.
To do this, the taxpayer indicates the mutual set-off of VAT amounts through the customs cargo declaration. The Customs Committee then sends a request to the Tax Committee to confirm the existence of the overpayment.
The Tax Committee provides information on the amount that can be set off, and a mutual set-off act is generated automatically.
After that, the Customs Committee reflects the relevant amount in the taxpayer's personal account with the customs authorities and processes the customs cargo declaration.
According to the Ministry of Justice, this procedure is aimed at creating convenience for entrepreneurs when importing goods. Set-off processes between the tax and customs authorities will be carried out automatically.
Earlier, it was reported that over 16 trillion UZS in VAT was refunded to enterprises in Uzbekistan in nine months.