The Ministry of Finance launches a tax advice project aimed to reduce pressure on business

7/29/16

On July 28, the Ministry of Finance launched a project for delivering summarizing tax advisory services aimed to solve the most critical taxation issues resulting from the ambiguity of tax regulations.

What is the problem?

Today, inaccuracies in the tax legislation cause quite a few tax disputes and deliver opportunities for the SFS to bend the law.

Solution

The Ministry of Finance will settle the key issues affecting business by delivering summarizing explanations on tax regulations and is planning to use this tool actively to remedy contradictions in the current legislation. This should reduce the number of cases, when the SFS and tax payers interpret the law in different ways, as well as help business save costs and time for court disputes.

Further steps

- we will be collecting information from business on the most critical issues;
- we will be analyzing them to provide a correct explanation;
- we will be delivering explanations and solving these issues;
- we will be solving all issues in a systemic way by amending the legislation.

“The Ministry of Finance is interested in business development, since it means economic growth and higher state budget revenues. Summarizing explanations on taxation issues pose an effective tool for the reduction of the number of tax disputes and, accordingly, help to save time and other resources of taxpayers. We are going to use this tool actively to solve the key issues affecting business”, Head of the Project management office at the Ministry of Finance Yana Bugrimova said.

The project was elaborated with the participation of representatives of the US Chamber of Commerce and Trade, European Business Association, the Council of the Business-Ombudsman, SFS as well as experts. The Ministry of Finance also engaged Pricewaterhouse Coopers to analyze the existing problems and to elaborate optimal solutions.


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