Monday, 23, September, 2019

Finances

The Government issued the Measures to Improve the Use of Electronic Invoices in the Settlements System. In accordance with the resolution, from July 1, 2019, the execution, storage and registration of electronic invoices will be voluntary in Uzbekistan, while from January 1, 2020 it will become mandatory for all businesses.

The International Finance Corporation (IFC) will buy stake in Ipoteka Bank and will help reform the bank, the Ministry of Justice said referring to the Cabinet’s resolution of June 25.

The Uzbek Ministry of Finance has prepared a draft resolution of the Cabinet of Ministers, which proposes to abolish state regulation of prices for bread, some medicines and mineral fertilizers.

As part of a complex criminal investigation that has been ongoing for more than six years, the Office of the Attorney General of Switzerland (OAG) has uncovered evidence of a scheme for illegally collecting large sums of money from companies, especially foreign companies, looking to enter or continue their activities on the Uzbek market. As part of the scheme the funds were then laundered abroad, primarily in Switzerland. Based on the investigations, an initial conviction has now been secured and CHF 130 million in forfeited assets will be returned to Uzbekistan.

On 3 June, the Steering Committee of the Multi-partner Human Security Trust Fund for Aral Sea Region (the MPHSTF) reviewed proposals received under its First Call for Proposals.

Uzbekistan’s ongoing economic transformation and market reforms, aimed at increasing jobs and prosperity for all its citizens, will receive further support through a $500 million Development Policy Operation (DPO), approved today by the World Bank’s Board of Executive Directors.

The agency said that Uzbekistan has embarked on a rapid process of economic modernization and integration with the rest of the world, utilizing its strong net external and fiscal asset positions in the process.

A meeting with William McDonald, Deputy Assistant Secretary for Technical Assistance Policy at the U.S. Treasury Department took place at the Uzbek Ministry of Finance on 11 June, the ministry said in a statement.

Uzbekistan’s revised Tax Code will take effect from the next year, said Aziz Umirzakov, the deputy chief of the State Tax Committee (STC).

President Shavkat Mirziyoyev yesterday hosted the president of the European Bank for Reconstruction and Development (EBRD), Sumy Chakrabarti.