Tax consulting

Our specialists have many years of experience in the field of taxation, and will help you to understand all the intricacies of the current tax legislation in the Republic of Uzbekistan.

Nowadays the requirements for tax functions are very high.

Our tax professionals can help you at every stage of your activities. Our knowledge and experience allow us to be considered one of the best consulting companies in the market of Uzbekistan. We are interested in the success of your business and will be glad to work together with you to deeply study the specifics of your organization, understand your goals and open up previously untapped opportunities for you.

We advise legal entities and individuals on all taxation issues in Uzbekistan:

- Tax review and analysis of taxes paid for the period;

- Advising on corporate and individual taxes;

- Analysis of potential tax risks (activities of representative offices, risks of permanent establishment, correct application of special exemptions);

- Advising on taxation of foreign individuals - residents and non-residents of Uzbekistan;

- Advising on taxation of non-resident foreign companies, permanent establishments and representative offices; - Consulting on currency regulation, real estate and various operations;

– Consulting on currency regulation, real estate and various operations;

– Examination of contracts with residents and non-residents of the Republic of Uzbekistan for compliance with the current legislation and assessment of tax consequences;

– Consultations in the field of international taxation, in particular, application of international conventions, obtaining relevant documents on tax exemptions in Uzbekistan;

– Foreign trade activities: customs procedures and payments, excise tax and value added tax;

– Development of tax policy with appropriate and timely consideration of the impact of changes in the company's activities.

Our tax and legal experts are backed by many years of experience in the context of constantly changing legislation. Our clients have at their disposal in-depth industry knowledge of tax specialists, gained during work on various projects implemented for national and foreign companies in all sectors of the economy.

Our goal is competent legal or tax advice to help you make the right business decisions. In complex business situations we combine the experience of legal and financial consultants.

Our specialists support transactions of any complexity, including transactions with a foreign element. Our services include transfer pricing, tax structuring, international tax planning, consulting on M&A transactions, as well as tax methodology and tax audit.

Tax audit is an assessment of the existing taxation model of the client's company, as well as the development of a conclusion on the possibility of improving efficiency in the tax accounting environment of the company.

Tax audit is carried out in order to prevent penalties associated with incorrect tax assessment. In addition, the audit of tax reporting allows you to create a base of substantiated information to offset (refund) overpaid or accrued amounts of taxes.

Tax audit is a voluntary measure, which is undertaken solely at the request of the customer. Tax audit services are especially relevant for companies expecting a tax audit or having doubts about the effectiveness of tax assessment and payment.

Tax audit allows not only to identify all errors, but also to conduct a deep analysis of them, to develop a set of measures to eliminate them and avoid penalties.

The purpose of tax audit is to confirm the correctness of calculations, completeness and timeliness of transfer to the budget of taxes, fees and payments.

Thus, the audit of settlements with the budget is one of the objectives of tax audit.

Depending on the purpose of the tax audit, which the organization sets for the auditors, we choose the scope and type of audit. It can be:

- audit of specific types of taxes (excise, income tax, VAT and others);

- a full tax audit, which includes verification of the definition of the taxable base, the application of tax rates, the application of benefits in the calculation and payment of taxes, the correctness of tax calculation, the completeness and timeliness of the transfer of tax payments, as well as the correctness of tax reporting for each tax paid by the company to the budget.

The result of the tax audit conducted by our company is a report that includes a full description of the identified tax risks, as well as recommendations for their elimination or minimization and further maintenance of tax accounting.

We offer our clients the service of tax audit, which includes verification of the following elements:

– the correctness of the formation of the taxable base for each type of tax, calculation and payment of taxes for a certain period of time;

– the state of settlements with the budget and extra-budgetary funds;

- compliance of tax accounting systems with the requirements of current legislation;

– quality of primary documents taking into account the practical requirements of the tax authorities.

In addition, our experts will identify those operations that will be the focus of special attention of the tax authorities.

Uzbekistan's VAT legislation causes a lot of problems for taxpayers in the course of doing business in Uzbekistan. While the basic principles of VAT in Uzbekistan largely adhere to traditional European VAT systems, there are still important specific features of the application of VAT in Uzbekistan.

The nature of the legislation means that VAT can have a major impact on cash flow and often on the profitability of taxpayers. Proper VAT planning is an essential factor in controlling this impact.

We can help you organize your business in the most VAT efficient way possible and, in the process, provide you with the skills and knowledge to control VAT rather than accepting it as an unavoidable cost.

We understand and respect the specific needs of your company. As an expert in indirect taxes , we offer a variety of solutions to all your VAT questions tailored to your company's specific needs.

We can help you:

–Maximize your VAT compliance costs and VAT risks;

– Recover VAT overpayments;

– Develop a strategy for obtaining VAT refunds;

– Structure VAT cash flows;

– Eliminate the problems associated with offsetting VAT;

– Achieve maximum VAT refunds on zero-rated turnover;

– Structure VAT on international transactions.

Tax support today is becoming the most demanded service in the market of Uzbekistan.

Issues of calculation and payment of taxes and other mandatory payments, as well as issues of interaction with tax authorities are the most pressing and relevant.

In order to avoid disputes with tax authorities and unfavorable consequences in the course of economic activity, it is worth to use qualified assistance of tax specialists.

We offer full tax support to companies with any organizational and legal form within the framework of the main service “Tax Consulting”. Our specialists will ensure regular preparation and filing of reports, calculation and payment of taxes with the use of possible deductions, benefits and exemptions in strict compliance with the current legislation. You will be able to concentrate your efforts on making profits rather than worrying about taxation.

Tax support of business includes:
- analyzing the customer's activities and corporate structure;
- verification of correctness of tax accounting and compliance with legal requirements;
- search and assessment of risks related to taxation;
- professional consulting on tax base, application of benefits, calculation and payment of taxes;
- analyzing and adjusting the forms of contracts used;
- development and implementation of an optimal tax policy;
- setting up the correct accounting system;
- obtaining tax preferences;
- calculating tax amounts with allowances, deductions and exemptions;
- preparation of declarations and other forms of tax reporting;
- representation of the client's interests in the tax authorities of Uzbekistan;
- support of field and in-house tax audits;
- settlement of disputes with tax authorities;
- refund of unreasonably written-off tax amounts;
- appealing against illegal and unsatisfactory decisions of the tax authority or court.

But our range of services is not limited to this list. Business support is always individual and depends on the type of activity, the volume of cash flow on accounts, the number of employees, taxation regime and other factors.

Professional tax support of business gives a powerful economic effect:
- tax optimization;
- reducing the tax burden and increasing profits;
- increased economic efficiency of transactions;
- strict compliance with tax legislation;
- formation of a positive image of the taxpayer;
- minimization of tax risks;
– ensuring a transparent accounting and reporting system;
– saving time on interaction with tax authorities.

If you apply to our company for business support services in the tax sphere, you will receive a team of experienced tax consultants who will effectively solve all tax issues.

Effective tax planning is undoubtedly one of the key components of successful development of transnational organizations, as well as companies in Uzbekistan that are just planning to enter the international arena.

We offer a wide range of solutions aimed at improving tax efficiency in foreign economic transactions and foreign investments, taking into account not only the provisions of the tax legislation of the relevant jurisdictions, but also the latest trends in the ever-changing international and national tax climate.

Our professionals will be happy to provide you with a full range of services related to international tax consulting and structuring.

We have extensive experience in providing the following international tax services to our clients:

- Developing an efficient foreign asset or business ownership structure and aligning cross-border transactions in terms of making them more tax efficient;

- Structuring cross-border or foreign asset acquisition transactions;

- Identifying opportunities to improve the tax efficiency of cross-border structures or cross-border transactions;

- Comprehensive tax support for companies entering international markets (including assistance in harmonizing tax treatment with foreign tax authorities);

- Tax due diligence of documentation in relation to international agreements or cross-border transactions (including tax support of public offerings on foreign stock exchanges);

- Preparation of consultations on any international taxation issues.

In order to get detailed advice and specify the cost of services related to international tax consulting and structuring, send us an inquiry.

Tax structuring is a set of measures aimed at optimizing the tax burden, identifying risks and minimizing them. With the right approach, it will help to conduct business as safely as possible, excluding any negative consequences in the form of management liability, additional charges and penalties from the tax authorities and loss of property.

Our experts conduct business structuring and tax optimization using exclusively legal methods. In the process, they are guided by the rules and regulations prescribed at the legislative level.

Our tax consultants will help:

- Identify preferred ways to finance the project, including through debt financing, equity financing or convertible debt instruments;
- Develop a safe and tax-efficient business ownership structure for the beneficiaries;
- Develop optimal tax structuring methods for mergers and acquisitions, full or partial sale of companies, pre-sale preparation and reorganization, and post-completion of transactions.

With a competent approach, structuring will solve a number of important tasks for any company:
- Minimize tax risks;
- Enable their timely calculation and avoidance;
- Enable assets to be properly structured;
- Eliminate claims from the tax authorities, including during audits;
- Make business management more flexible and efficient;
- Will allow to optimize the costs of any business processes;
- Significantly increase its profitability.

According to the legislation of Uzbekistan, all business entities are obliged to submit timely reports that meet the requirements of the taxation regime under which they operate. We provide assistance in the preparation and submission of tax reporting in Uzbekistan to enterprises of any organizational and legal forms and areas of business.

Untimely submission to the controlling authorities or errors in reporting can lead to unnecessary and quite undesirable fines, so our efforts are aimed at automation, optimization and assistance in compliance with tax legislation and, accordingly, prevention of tax disputes.

It is very important to meet exactly defined deadlines for sending reports according to the legislation. Therefore, the main requirements are:
- correct preparation of reports;
- timely submission of reports to the relevant authorities.

We offer:
- preparation and submission of any reports to the tax authorities;
- development and sending of various reporting documents;
- submission of reports to non-budgetary funds and much more.

Contact our professionals and be sure that your reports will be filled out competently and delivered on time. So you will be sure in the absence of any risks and sanctions from the tax authorities.

Taxpayers have a tax accounting policy is a requirement of the tax legislation of the Republic of Uzbekistan.

As established by the Tax Code, tax accounting policy is a document adopted by a taxpayer that establishes the procedure for tax accounting.

Consultations on the development of tax accounting policy is a comprehensive solution for businesses that want to properly organize their tax activities and avoid penalties and unjustified expenses.

We analyze existing documents, take into account the specifics of your business and legislative requirements, develop a taxation strategy that allows you to maximize the optimization of tax payments.

We help our clients to develop at a high professional level Tax accounting policy taking into account the specifics of your company's activities, which will take into account:

- forms and procedure for compiling tax registers developed by the taxpayer or tax agent independently, unless otherwise provided for by tax legislation;

- the procedure for maintaining separate accounting for taxation purposes in cases where it is provided for by the Tax Code;

– the methods chosen by the taxpayer to allocate costs to expenses for income tax purposes, as well as to offset VAT;

–policy for determining hedged risks, hedged items and hedging instruments used in relation to them, methodology for assessing the degree of hedge effectiveness, policy for determining other financial risks;

- depreciation rates (methods of accrual) for each group and subgroup of assets.

Tax risk analysis is a set of planned actions, a process that helps to prevent possible tax mistakes that may result in additional costs for fines and penalties. It is aimed at identifying potential violations of tax laws and reducing the risk of tax audits

Tax risks are the possibility of unfavorable consequences due to violation of tax legislation. They may arise due to imperfections in the legislation on taxes and fees, errors in the calculation of tax liabilities, insufficient documentation of transactions and other reasons. In this regard, tax risk analysis is a study of possible tax problems associated with the activities of companies.

During the tax risk analysis the compliance of the company's activity with the requirements of the law on payment of taxes and fees is assessed. The analysis includes identification of information about the activities of the legal entity, possible violations, calculation of fines, penalties and other sanctions, as well as the development of recommendations to reduce the risks of tax liability.

To prevent tax risks, it is necessary to carefully maintain document management and comply with tax legislation.

In general, the analysis of tax risks helps to determine more effectively the order of payment of taxes and reduce the risks of possible violations of legislation. Thus, a legal entity will protect itself from fines, penalties and negative impact on its reputation.

However, there are many legislative subtleties of this legal category. Taking into account the complexity of tax legislation, its changes, it is not always possible to understand such issues independently.

In this case, legal analysis of tax risks requires the assistance of a tax consultant who has the relevant skills, knowledge and experience necessary for successful resolution of tax issues, and in case of violation of the client's rights - restoration of such rights.

As part of our consulting services, we:
- conduct research and assessment of tax risks;
- prepare an expert opinion on taxation issues;
- advise on the application of tax benefits;
- provide assistance in tax control procedures;
- Representation before the tax authority and in court;
- assess the legitimacy of the tax authority's claims;
- prepare a response to the tax authority's request;
- prepare a response to unlawful actions of the tax inspectorate;
- develop a plan of measures to prepare for tax control;
- identify risks before tax control measures;
- provide assistance in solving other problems.

Our tax consultants are well aware of the latest trends in tax control and tax audits, including the specific risks of organizations of different size, type of activity and business model used. During an audit, we are not only able to identify and assess risks, but also suggest ways to eliminate them.

Tax optimization means a set of measures aimed at reducing the tax burden on an enterprise on legal grounds. This is achieved through the use of statutory benefits and tax exemption options.

Our experienced specialists help to identify such opportunities and competently apply them in practice. These services are relevant for any company at different stages of its development.

Finaudit's optimization services include the following:
- Audit of financial operations;
- search for options to reduce the tax burden;
- Analyzing the effect of switching to a different system of calculations and tax payments;
- modification of accounting policies for tax purposes;
- coordinating disputable issues with representatives of state authorities, seeking consultations and clarifications;
- correct choice of taxation regime;
- competent use of tax benefits and exemptions.

Finaudit provides a full range of services in the area of tax optimization for local and foreign companies, such as:
- consulting;
- development of organizational projects to optimize payments;
- international tax planning;
- Tax risk analysis of both current and future transactions;
- assessment of opportunities to reduce the tax burden;
- calculation of tax consequences of transactions;
- development of a corporate structure that will optimize the tax burden while preserving legality.

Recently, attention to transfer pricing issues has been increasing worldwide, both on the part of regulatory authorities and businesses, including within the framework of the OECD initiatives aimed at combating tax base erosion and profit shifting (BEPS).

Uzbekistan is not an exception. Starting from 2022, updated transfer pricing rules came into force, providing for the submission to the tax authorities of a notification on controlled transactions performed during the year, as well as analyzing the compliance of the results of controlled transactions with market conditions by preparing transfer pricing documentation.

Although the principles and methods of such analysis are largely consistent with the OECD arm's length principle, the Uzbek transfer pricing rules have some important features that affect the tax consequences. At the same time, pricing mismatch with market conditions may lead to additional taxation and tax penalties.

Our specialists are ready to assist at all stages of project implementation and provide the following transfer pricing consulting services:
- Identification of controlled transactions and tax risks;
- Transfer pricing documentation: preparation of notifications on controlled transactions and TCO documentation;
- Development of intra-group pricing methodology for all types of transactions; - Research of market price levels and profitability;
- Interaction with the tax committee;
- Development of pricing agreements for tax purposes;
- Conducting training sessions on methodology and TCO analysis;
- Other services.

Our experts and tax advisors work together to assist local and international clients in resolving tax and other disputes. It is this combination of business, tax and legal expertise that allows our clients to gain a holistic view and thus make informed decisions at any stage of tax disputes.

Our experience of representing clients during tax audits shows the need for careful drafting of agreements to ensure full compliance with the provisions of the law. It is critical to develop a litigation strategy as early as possible and we are prepared to work with you at any stage of a dispute to maximize your chances of a successful outcome.

Our tax dispute resolution services include:

- express analysis of the existing conflict situation;

- determination of the prospects of the dispute initiated by a party to the legal relations;

- interaction with state authorities;

- direct participation in the administrative consideration of the case;

– defense of the client's interests in the process of court proceedings.

We provide consulting services in the field of taxation to companies of different industries. Thanks to the experience in pre-trial and judicial settlement of disputes with state authorities, accumulated by our employees, who are leading experts in Uzbekistan on taxation issues, we are ready to provide assistance to companies at all stages of inspections by state authorities, as well as in the process of appealing their results.

In our company, success is measured by the benefits we bring to our clients, employees and society

Proper preparation for tax audits will help to minimize such charges, and compliance with some simple rules during the audit will simplify the resolution of possible tax disputes with the tax authorities.  

We provide our clients with all types of services related to judicial and alternative dispute resolution, including negotiating with opponents, drafting settlement agreements, amicable agreements, supplementary agreements, etc.

We provide a wide range of corporate taxation services We also provide our in-depth knowledge of taxation requirements and legislation, as well as extensive experience of putting them into practice throughout Uzbekistan.

Our tax practice in Uzbekistan provides quality and customized solutions that will meet your requirements and budget. You will receive personal attention from experts with years of experience.

Combining experience in audit, accounting, tax and legal support, we have knowledge of best practices used by companies and prefer to provide practical solutions rather than theory that is far from reality.

Our corporate tax services include advising on the practical application of tax law, its features and the approach of law enforcement to its interpretation.

We will be glad to provide you with corporate tax consulting services on the following issues:

- tax compliance in various situations within the company's activities;
- tax administration and tax accounting in disputable situations;
- analysis of law enforcement practice and provision of recommendations regarding risks in a particular situation and chances for a positive outcome in court;
- preparation of requests to authorized bodies for clarification of tax legislation, including corporate taxation issues.

Our experts are ready not only to provide advice to organizations, but also to provide professional support on taxation of individuals - owners, management and employees of your company.

Among our services:

- Consulting on personal income tax and social tax levied on individuals working in Uzbekistan;

– Declaration of income, preparation of tax returns for individuals;

- Conducting consultation meetings with foreign employees to explain and discuss their tax obligations in Uzbekistan;

- Interaction with tax authorities on behalf of individuals (representation), obtaining various certificates and confirmations from tax authorities;

- Analyzing and developing remuneration systems and incentive plans for employees that are effective from the point of view of Uzbek legislation;

- Tax planning for individuals, including advice on the application of double taxation treaties;

- Structuring and management of personal property in terms of its tax optimization.

In order to get a detailed consultation and specify the cost of services, send us an inquiry.

Uzbekistan's VAT legislation causes taxpayers a lot of trouble in the course of their activities in Uzbekistan. While the basic principles of VAT in Uzbekistan generally adhere to modern VAT systems, there are still important specific features of VAT application in Uzbekistan. Among them are special provisions regarding the application by the tax authorities of a risk management system for VAT refunds from the budget.

Our staff specializes in issues arising in connection with VAT refunds and has considerable practical experience in this area.

Tax Due Diligence is an analysis of all tax aspects of a business, including assessment of the current tax burden, the status of tax settlements with the budget and relations with the tax authorities.

In the process of tax due diligence we also assess the compliance of tax accruals in terms of amounts and timing with the requirements of tax legislation.

The result of such comprehensive tax due diligence is to provide certainty in mergers and acquisitions (M&A).

When organizing tax Due Diligence implies the process of identifying the structure of the tax burden, completeness/timeliness of tax payments. It also includes the study of the legal status of the company, the chosen method of tax encumbrance, the company's settlements with the budget.

This allows to assess the past periods in terms of the amount of tax funds paid, the current status, the chosen method of taxation. Based on this and taking into account possible changes in legislation, preliminary conclusions for future periods are made.

Additionally, in agreement with the customer, professionals assess whether (and to what level) tax optimization is possible. This is beneficial in the acquisition of the company, investments in the object.

The process allows you to assess the financial performance of the enterprise, take into account errors in taxation, existing non-payment of any type of taxes. These moments, as well as tax disputes, affect the solvency and liquidity of the object (company, enterprise).