Uzbekistan Cabinet Adopts New VAT Regulations and Procedures for Notifications on Participation in Foreign Entities and on CFCs

On 14 August 2020, Uzbekistan’s Cabinet of Ministers adopted Decision No. 489, which provides for the introduction of new regulations meant to improve the VAT system. The Decision was published in the Official Gazette and generally entered into force on 15 August 2020. Some of the main new regulations are summarized as follows:

VAT Refunds

New regulations are introduced for standard VAT refund procedures allowing taxpayers to request the refund of the negative difference between output V…