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SUPREME AUDIT AND FINANCIAL CONTROL INSTITUTION GETS ESTABLISHED IN UZBEKISTAN

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SUPREME AUDIT AND FINANCIAL CONTROL INSTITUTION GETS ESTABLISHED IN UZBEKISTAN

The Audit Chamber has become the Supreme Audit and Financial Control Institution. It will exercise its powers independently of all state bodies and organizations, as well as their officials and report directly to the President, as well as to the Parliament houses.

The President of Uzbekistan signed a Decree aimed at radically improving the activities of the Audit Chamber.

Among the main objectives of the structure is the implementation of a system analysis of the formation of the state budget parameters, the audit of the security of the state and territorial programs being taken by sources of financing, monitoring the completeness of the budget revenues, auditing the efficiency, and legality of the expenses.

In addition, the Chamber will be responsible for conducting an external audit of the monetary and foreign exchange policy of Uzbekistan, the state of assets and liabilities of the state, management of gold and foreign exchange reserves, as well as operations carried out with precious metals and precious stones.
Now the staff of the Audit Chamber will be 70 people, of which 41 will be part of the Inspection to monitor the completeness of receipts. The head of the Inspection will be appointed and dismissed by the President personally.

Shavkat Mirziyoyev provided the structure with a number of interesting powers. Those include the access to the database of government agencies and organizations, the introduction of mandatory submissions for the elimination of inconsistencies in these databases, as well as representations on the application of disciplinary measures to the heads of territorial tax and financial bodies.

The Chamber received the right to involve employees of financial, tax and other bodies in the ongoing activities to assess the correctness of forecasting the revenues of the state budget, expanding the taxable base, ensuring the completeness of tax collection and accounting of taxable items.

Based on the results of the inspections, it should enter proposals for further improvement of legislation and law enforcement practice, increase the effectiveness of government agencies and organizations, abolish inefficient tax and customs privileges, and change tax rates aimed at improving tax administration and completeness of tax base coverage.

One of the main tasks for the organization in the near future will be the creation and commissioning of a software package that provides real-time assessment of the taxable base, the full coverage of taxpayers by comparing databases of tax and other government agencies, organizations, and banks. Deadline for this is until mid-November.

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