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EAEU discusses prospects of digital fiscal monitoring

EAEU discusses prospects of digital fiscal monitoring

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1/19/2021

Timur Zhaksylykov, Minister in charge of Economy and Financial Policy of the Eurasian Economic Commission, informed about improving the charging mechanism in the Eurasian Economic Union and solving problems arising in connection with the growing digitalization of economies at the 14th Eurasian Tax Forum.

In his welcoming speech, the EEC Minister has stressed that after the "coronacrisis", there is an obvious need, firstly, for strong, sustainable and inclusive health systems and secondly, for creating conditions for a large-scale economic recovery. "The main focus for us is to support the transformational recovery and develop a new concept of economic growth," Timur Zhaksylykov stressed. "We have enshrined such measures in the Strategic Directions for Developing the EAEU until 2025."

“When it comes directly to fiscal priorities, this is, of course, solving tax problems that arise in connection with the growing worldwide trend of economy digitalization and improving the charging mechanism in the EAEU. We single out the measures for digital transformation of tax control and administration as the main one," Timur Zhaksylykov noted.

Besides, according to him, an important task is to reach a consensus in the EAEU by mid-2021 on digital fiscal monitoring of the trade turnover, introducing a mechanism for traceability of its movement and ensuring digital identification and marking. Taxation of e-commerce in goods and services is a separate track.

Timur Zhaksylykov has also reminded that the EEC and the International Tax and Investment Center (ITIC) had been fruitfully cooperating for a few years under the Memorandum signed between them.

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The 14th Eurasian Tax Forum has been organized by the State Tax Committee of the Republic of Uzbekistan jointly with the International Tax and Investment Center.​