Uzbekistan 2014 VAT compliance changes

The Uzbek tax code has been revised for 2014 to include the following changes:

• Resubmitted VAT returns no longer must be accompanied with written confirmation with the reasons for any changes
• Fines for undeclared VAT liabilities has been cut from 100% of the tax due to 20%
• Imports for the production of children’s clothing by foreign companies is no longer VAT exempt
• The inclusion of tangible and intangible assets (inc work-in-progress) in the founding capital of a business is no longer a VAT exempt supply