The Uzbek authorities plan to introduce a legislative ban on the use of cash in any real estate transactions. The new bill assumes that all transactions-the purchase, sale and exchange of residential and commercial real estate-will have to be carried out exclusively in non-cash form through bank accounts.
The initiative was announced by First Deputy Chairman of the Tax Committee Mubin Mirzayev during parliamentary hearings. According to him, the measures are aimed at increasing transparency in one of the largest sectors of the domestic market and reducing the share of informal settlements, often used for tax evasion.
The document has already passed preliminary approval with the relevant ministries and is under consideration by the Presidential Administration. Once approved, it will be submitted to Parliament for approval, where it is expected to be further promoted as part of a package of reforms to strengthen tax discipline and combat the "shadow" economy.
The initiative is in line with the global trend towards switching to non-cash forms of payment. Many countries are developing strategies to move away from cash by 2030. Uzbekistan starts with the real estate sector as one of the most capital-intensive and sensitive to financial discipline segments of the economy.
It is assumed that the introduction of mandatory cashless payments will allow for more accurate accounting of transactions, strengthen control over the origin of funds and reduce the risks of money laundering. The measures are expected to have an impact on both the primary and secondary real estate markets, including transactions between individuals.
The transition to a cashless model will require adaptation from all market participants-banks, developers, real estate agencies and the public. However, the authorities see this step as a key element of a long-term strategy to digitalize the economy and improve the efficiency of tax administration.
