PRIORITY DIRECTION AND LIBERALIZATION OF THE BANKING SYSTEM OF THE REPUBLIC OF UZBEKISTAN

Аннотация

The banking system is one of the most financially powerful parts of any country. Therefore, the establishment and reform of the banking system has been one of the main reforms in every developed or developing democratic society. Any healthy tax system should be based on fundamental principles such as equality, accuracy, convenience and economy in taxation, as well as efficiency and budget adequacy, advanced by the leader of the classical economic school, Adam Smith. Historical experience shows that the lack of these foundations leads to the loss of confidence of taxpayers in the state tax system and creates a disaffected attitude towards paying taxes. Based on these historical facts, the improvement of tax administration was defined as one of the main directions in the Action Strategy initiated by President Shavkat Mirziyoyev. On this basis, a number of viable projects have been implemented and this momentum is being continued. As a result, the complex and burdensome tax system, which has been an obstacle to the country's development for years, has been fundamentally renewed. This article describes in detail the operation of the banking system in Uzbekistan and the process of its liberalization.