Uzbekistan has developed a draft law on amendments and additions to the Tax Code regarding the companies established by the country’s residents in offshore zones.
This remark was made by Uzbekistan’s Prosecutor-General Ikhtiyor Abdullayev, who was addressing the plenary session of the Eurasian Group on combating Money laundering and financing of terrorism (EAG) last week.
EAG is an FATF-style regional body, established in 2004. It is currently an associate member of the FATF.
Abdullayev noted the Tax Code will include a concept of “controlled foreign companies” to, i.e. the companies established by residents of Uzbekistan in offshore zones, as well as the norm, according to which taxpayers involved in such companies will be required to provide relevant information to the tax authorities.
The original article can be found at www.azernews.az