Accounting services in Uzbekistan

What the monthly fee includes

• Collecting, checking and posting source documents: contracts, invoices, acts and receipts. Electronic documents and registers are accepted where they carry the required details, so we set up an electronic document flow where you want one.
• Issuing electronic invoices on the supply date and tracking their acceptance. A buyer has 10 calendar days to accept or reject an e-invoice (one day for digitally marked goods), and input VAT is creditable only under an accepted one, so we chase rejections and corrections.
• Maintaining the ledgers and the working chart of accounts under the national standards (NAS 21) and your accounting policy. Joint-stock companies, banks, insurers and large taxpayers report under IFRS instead; we keep the framework that applies to you.
• Foreign-currency accounting under NAS 22: transactions recorded at the transaction-date rate, monetary balances remeasured every month, exchange differences posted to the result, advances and assets left at their original rate.
• Fixed and intangible assets: a record for every asset with its supported cost, depreciation from the month after commissioning, routine repairs expensed and modernisation capitalised, plus a separate tax depreciation where the criteria differ.
• Inventory: initial cost including directly attributable acquisition costs, one costing method per group for the whole year (specific identification, AVECO or FIFO), write-down to net realisable value and a documented count at least once a year.
• Income and expenses recognised by period, not by payment date: customer advances are not revenue, and production costs, period expenses and finance expenses are kept apart, which is what the statements and the tax return both rely on.
• Payroll and payroll taxes: personal income tax at 12%, the employer's social tax at 12%, the 0.1% transfer to the funded pension account, monthly returns by the 15th and the annual return by 15 February.
• Tax returns for your regime: turnover tax monthly by the 15th with the annual calculation by 15 February; corporate income tax quarterly by the 20th of the following month and annually by 1 March; VAT returns for VAT payers.
• Financial statements: the four NAS forms with explanatory notes (two forms for microfirms and small enterprises) by 1 March, or IFRS statements by 1 May where IFRS applies, signed only after reconciliations, counts and form checks.
• Reconciliations with counterparties and with your personal account at the tax office, and replies to desk-audit requests before their deadline.
• IT Park residents: the monthly and quarterly resident reports, separate tracking of eligible income, and the PIT and social tax return completed so that the resident benefits are actually applied.

Statistical reports and the accountant's filing calendar are kept for every client. You hear from us before a deadline, not after it.

How we compare

What to send us

• Company activity, tax regime and IT Park or other resident status.
• Headcount, approximate monthly transaction and document volume, and currencies used.
• Accounting software, latest reporting period and any overdue reports or missing records.

A short summary is enough for the first email. Once we have looked at the task, we tell you how to hand over company, tax and employee documents.

Setting up the books or taking them over

A company formalises its accounting policy within 90 days of registration, and its head stays responsible for the accounting even when the work is outsourced. We take the setup off your desk:

• Drafting the financial and tax accounting policy with the seven elements the Tax Code requires for the tax section: tax registers, separate accounting, expense rules, VAT, depreciation and the rest, plus the approval order and the working chart of accounts.
• Document-flow rules: who supplies each source document, who approves it and when it enters the books, so the chain from document to entry to count to statements can be traced.
• Access to the electronic invoice and tax-office systems, and a filing calendar built for your regime before the first deadline.
• On a takeover: review of opening balances against the last filed reports, a list of missing documents, a correction plan for past periods where needed, and the handover of the accounting base from the previous accountant.

What we check before closing a period

• Bank and cash balances reconciled; every e-invoice issued and accepted; foreign-currency balances remeasured at the month-end rate.
• Depreciation, inventory movements and any write-downs recorded; accruals and advances classified correctly.
• Tax calculations reconciled with the tax office's personal account; the VAT return matched to accepted invoices.
• Statements checked form by form and signed by the authorised persons; where the law requires an audit, the audited statements published with the opinion.

What you receive

• The agreed reporting calendar and a list of client documents and approvals needed.
• Reconciliations, payroll outputs and financial reports for the periods covered by the contract.
• Copies or confirmations of submitted reports, with unresolved items and required corrections identified.

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