Uzbekistan May Introduce Cashback on Housing Purchases
Uzbekistan
Uzbekistan is considering introducing a 5–6% cashback for individuals purchasing housing, as part of efforts to reduce the shadow economy in the construction sector. The proposal was discussed on August 29 during an open dialogue between the Chamber of Commerce and Industry and representatives of the construction industry.
Davron Vakhabov, Chairman of the Chamber, noted that currently only about 10% of real estate transactions include VAT, while the remaining 90% are carried out unofficially. According to him, offering cashback would encourage buyers to request official invoices, thereby bringing more transparency to the market.
Earlier, authorities also announced plans to ban cash payments in real estate transactions — another step aimed at curbing the shadow economy in housing and construction.
Earlier, authorities also announced plans to ban cash payments in real estate transactions — another step aimed at curbing the shadow economy in housing and construction.
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