Preparing notifications on controlled transactions

Taxpayers are now required to submit to the tax authorities a notification about controlled transactions in the prescribed form. The notification must be submitted no later than the deadline for submitting annual financial statements for the calendar year in which the controlled transactions were made.

Any company registered in Uzbekistan (as well as the representative office of a foreign company whose income is subject to taxation in Uzbekistan) having controlled transactions must submit to the tax authorities a notification about such transactions no later than the deadline for submitting annual financial statements for the calendar year in which the controlled transactions were made. The notification must be submitted by each of the parties to the controlled transaction registered in Uzbekistan, and paying taxes in the country.

The notification must be submitted according to the form and procedure approved by the State Tax Committee of the Republic of Uzbekistan, in coordination with the Uzbek Ministry of Finance.

Failure to provide a notification could lead to the tax authorities including the company in their list of companies in which TP audits should be conducted in the future. In this regard, the KPMG team can provide the following services:

• methodological support and assistance for companies preparing notifications on their own;
• finalising notifications prepared by clients in an XML format from any type of automated accounting system;
• comparing notifications submitted by both parties to a transaction, and checking whether the information is represented identically in both notifications (for groups of companies).

Our team comprises professionals with extensive knowledge and experience in transfer pricing, accounting, and tax accounting (according to the standards of the Republic of Uzbekistan and IFRS).

KPMG specialists have experience in working with various automated accounting systems and extensive experience in preparing notifications on controlled transactions in various databases.

We can also draw on IT specialists who provide technical support during the notification preparation process, and fine tune XML-format files produced by the company’s accounting system.

Our KPMG team will help you prepare your controlled transaction notification in full compliance with the Uzbek Tax Code, and ensure that it is submitted to the tax authorities within the respective deadline.