Fintech and Taxation: Working Together on New Solutions

On July 3, the Fintech Association of Uzbekistan and the Institute for Reducing the Shadow Economy, Improving Tax and Customs Administration, and Fiscal Analysis under the Ministry of Economy and Finance of the Republic of Uzbekistan jointly organized a roundtable discussion. The event was held to strengthen dialogue between the fintech industry and government institutions and to jointly address existing challenges.

During the discussion, participants considered a number of key issues, including the fiscalization of cashless payments and electronic receipts, challenges faced by payment aggregators and marketplaces, regulation of BNPL (Buy Now, Pay Later) services, the development of responsible lending principles, as well as the improvement of tax administration and cooperation mechanisms between government authorities and the fintech sector.

The roundtable concluded with several important outcomes. These include the establishment of a permanent working group comprising fintech companies, banks, payment service providers, and government agencies; the approval of five priority areas for cooperation; the development of a roadmap for improving the fiscalization of digital payments; and the preparation of recommendations for regulating BNPL services together with an industry Code of Ethics.

Representatives of ATMOS, TBC Uzbekistan, ALIF, UZUM, and Solutions Lab, as well as the leadership of the Fintech Association of Uzbekistan, actively participated in the event. The meeting concluded with the signing of a Memorandum of Cooperation between the parties.