BUSINESS | 17:18 / 31.10.2024
1320
2 min read

Government plans to raise taxes for marketplace sellers next year

In a new budget announcement, the Ministry of Economy and Finance detailed tax rate increases for entrepreneurs selling goods through online platforms. The measures, set to take effect next year, will raise the profit tax rate from 7.5% to 10% and the turnover tax from 2% to 3%.

The new tax structure will also include a 12% value-added tax (VAT) and a 12% personal income tax. Additionally, a 4% turnover tax and a 1.5% property tax for legal entities will be implemented. For agricultural water resources, a usage fee of 100 UZS per cubic meter will apply for irrigation purposes.

Furthermore, the government plans to eliminate existing tax exemptions on income from the export of goods and services. This change aligns with Uzbekistan’s commitments under the World Trade Organization’s (WTO) Agreement on Subsidies and Countervailing Measures.

As part of Uzbekistan’s WTO agreement, the country’s customs duties are expected to align with those of other member states, marking a significant shift in the nation’s international trade policy.

Related News