Checked against the official source:
In trade, the main risks centre on the goods themselves: whether they exist, how they are valued and how they move. The second most important area is the completeness of revenue recognition, especially in retail with cash payments.
Tax risk areas in trade
- regime: turnover tax applies with income of up to UZS 1 billion, but importers of goods may not use it (Article 461 of the Tax Code); rates for retail are 4/2/1% depending on location (Article 467);
- trading without a cash register (KKT) — a fine of UZS 5 million (Article 221);
- shortages with no identified culprits do not reduce profit tax (Article 317).
What is checked
- Physical existence of inventory and the results of stock counts
- How the acquisition cost is built up, including transport costs
- Correct accounting for trade markup and its write-off on sale
- Completeness of revenue recognition, including retail cash sales
- Accounting for returns, markdowns, shortages and spoilage
- Slow-moving stock and the need to write down its value
Retail specifics
In retail, the auditor pays particular attention to whether all takings are recorded: data from cash registers, the accounting system and stock movements are compared. A gap between what was sold according to the documents and what left the warehouse is the main indicator of a problem.
Audit your trading company
We will check stock accounting and revenue completeness across your outlets and warehouses.
Go to the Initiative Audit serviceFrequently asked questions
How is stock checked when the product range is large?
On a sample basis: priority goes to the highest-value items and to those where the accounting data raises questions. A full recount of the entire range is neither required nor feasible.
Can an importer use the turnover tax?
No, legal entities and IEs that import goods do not apply the turnover tax (Article 461 of the Tax Code).
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