INVESTIGATION OF THE IMPACT OF TAX REFORMS ON THE FUNCTIONING OF THE TAXATION SYSTEM OF THE REPUBLIC OF UZBEKISTAN. PART 1

The article reflects the results of a study of the of the analysis of the current situation in the taxation system of the Republic of Uzbekistan in order to further study the processes of reforming the tax system and compare them with the benchmarks established in the Action Strategy for the Further Development of the country, adopted by decree of the President of the Republic of Uzbekistan on February 7, 2017. It is shown that further improvement of the taxation system should be based on the achieved results, the sequence of ongoing reforms and the implementation of new directions in accordance with the modern challenges facing the country's economy. In addition, these areas should take into account universal priorities developed in the world practice of taxation. It is noted that in recent years, the government of Uzbekistan has been actively working to simplify the tax system and improve the tax climate for businesses. The steps to reduce tax rates, improve administrative procedures and increase transparency of tax rules are presented. The study revealed that an important result of the current changes in the tax system was a gradual reduction in the tax burden on the economy, which, in turn, contributed to maintaining stable economic growth rates. It is shown that the reforms carried out have also affected inspections by the tax authorities of business entities, as a result of which newly created small enterprises, family entrepreneurs and farms are currently exempt from scheduled inspections during the first three years of their activity. It is concluded that ongoing changes in the tax sphere in Uzbekistan have contributed to improving the business climate in the country by strengthening the incentive function of taxes. At the same time, it is noted that accountants and entrepreneurs continue to face difficulties in their professional field due to the peculiarities of the functioning of the tax system. Further improvement of tax legislation and administration, as well as the implementation of relevant changes, will contribute to the creation of a more efficient and fair tax system.

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