Tax Committee: P2P Transfers Exempted from Taxes
Uzbekistan’s Tax Committee Clarifies Taxation of P2P Money Transfers
Recently, there have been rumors circulating on social media regarding the taxation of card-to-card (P2P) money transfers in Uzbekistan. The Tax Committee has addressed these rumors with an official statement.
According to the Committee, income received by individuals as gifts or inheritance, as well as free money transfers between individuals, will not be subject to taxation. This is in line with Article 378 of the Tax Code, which explicitly states that P2P money transfers are not subject to taxation.
However, it is important to note that starting from May 1, 2023, payment organizations in Uzbekistan will be required to issue and submit electronic invoices (ESF) for providing services related to P2P transfers. This means that while P2P transfers themselves may not be taxed, there may be associated fees or charges for using payment organization services.
As always, it is important for individuals to stay informed of changes to taxation laws and regulations in order to ensure compliance and avoid any potential penalties or fines.
