E-Iinvoicing Payment Mechanism in Uzbekistan
Ministry of Finance (MoF) works within the framework of Regulation No. 522 to reduce the informal economy and prevent corruption. To this end, transition to e-invoices has been made on a voluntary basis since July 1, 2019, and mandatory since January 1, 2020 for all economic organizations in the country. Therefore MoF, “UzASBO Faktura” https: // invoice. uzasbo.uz has implemented the e-document exchange system. Thus, system integrated with central storage, transfer between e-invoice operators and keeping their records in state tax committee.
System of requirements
MoF stipulates that invoice transactions between public institutions and suppliers that purchase and sell goods and services should be made on the basis of public procurement principles over the e-invoice system. The refund mechanism is automatic.
System is designed to meet modern requirements. In addition it is very simple for users, and has a number of features including:
1) Exchange of e-invoices between institutions;
2) Change of electronic actions;
3) Change of electronic power of attorney;
4) Ability to receive various reports from users about completed transactions of documents in system;
5) Importing documents with Excel extensions to the system;
6) Printing a number of other possibilities besides electronic documents.
Until today, payments have been made between institutions via e-invoices. It is planned that management of MoF public funds will be integrated into information system. Payments to suppliers of goods/services will be made only by e-invoice.
The need for such a system is clear today. Implementation of e-invoice provides strengthening control and transparency, facilitating work of staff and speedy execution of every transaction. It also has a plug-in for the 1S system widely used in accounting.