Our team of professional accountants and auditors offers to restore/verify your past accounting records to identify possible errors, correct them, bring them into compliance with applicable legislation, and minimize tax risks.
Accounting database restoration/correction services are intended for organizations:
Accounting database restoration/rectification services will help you organize your company’s past financial information, avoid potential financial losses, and obtain accurate and reliable information for making future financial or other decisions.
Contact us today and learn more about the benefits you will receive by partnering with Loialte !
Under the Law of the Republic of Uzbekistan “On Accounting,” all legal entities are strictly required to maintain continuous and documented accounting records from the moment of state registration. If records are found to be missing or incomplete, the company is legally obligated to restore them to ensure the accuracy of financial reporting and tax calculations. According to Article 7 of the Law on Accounting, the responsibility for organizing and maintaining these records rests with the head of the organization. Restoration involves re-collecting primary documents, reconciling bank statements, and re-submitting corrected reports to the tax authorities. Failure to restore records can lead to an inability to pass mandatory audits or prove business expenses during a tax inspection. Maintaining these archives is a critical legal requirement for any company operating in Uzbekistan to ensure transparency and compliance.
Missing accounting documents in Uzbekistan create significant financial risks, primarily the disqualification of business expenses and the subsequent overpayment of taxes. According to the Tax Code of the Republic of Uzbekistan, an expense can only be deducted for tax purposes if it is backed by a valid primary document, such as an e-faktura or a contract. In the absence of these records, the State Tax Committee may treat gross revenue as taxable profit without deductions, leading to substantial tax arrears and fines. Furthermore, administrative liability applies to officials for the violation of accounting and financial reporting rules. Beyond direct penalties, a lack of records triggers a high-risk profile in the “Tax Gap” automated system, making the company a primary target for on-site tax audits. Restoration of records is the only legal way to mitigate these risks and protect the company’s financial standing.
Restoring accounting for foreign-owned companies in Uzbekistan involves a systematic reconciliation of local statutory requirements with actual business activities conducted during the past period. The process begins with an inventory of existing primary documents and the identification of gaps in the electronic accounting database (e.g., 1C:Enterprise). We retrieve missing data from the national electronic invoicing system and bank portals to reconstruct the ledger in accordance with National Accounting Standards (NAS/BHMS). Following the reconstruction, “corrected” (refined) tax reports must be submitted through the taxpayer’s personal cabinet for each affected period. This is especially important for foreign investors to ensure that dividends can be legally declared and repatriated, which is impossible without accurate, audited accounting. Practical restoration ensures that the company’s history is clean for both local regulators and international headquarters.
In Uzbekistan, the standard legal period for preserving accounting and tax documentation is at least five years after the end of the reporting period. This requirement is established by both the Tax Code and the Law on Accounting to ensure that the state can perform retrospective audits if necessary. Some documents, such as payroll records and personnel files used for pension calculations, must be archived for much longer periods, often up to 75 years. If a company loses documents before this five-year period expires, it must immediately initiate a formal restoration process to avoid legal sanctions. During a liquidation or a major merger, these archives are the first items scrutinized by government commissions. Keeping these records accessible and accurate is a fundamental compliance pillar for every Uzbekistan company.
The cost of restoring accounting records in Uzbekistan is typically calculated based on the volume of transactions, the number of missing periods, and the complexity of the company’s tax regime (e.g., VAT vs. Turnover Tax). Professional fees reflect the manual labor required to re-request documents from counterparts, re-enter data into accounting software, and handle the submission of refined tax returns. Generally, restoring a year of inactive records is less expensive than restoring a high-volume trading business with thousands of missing electronic invoices. At Loialte, we provide a preliminary audit to assess the “depth” of the problem before defining a fixed project price. Investing in restoration is nearly always more cost-effective than paying the resulting tax penalties and non-deductible expense assessments. A clear price structure helps management budget for compliance and brings the company’s legal status back to “Good Standing.”
Phone
Phone
Phone
Uzbekistan, Tashkent
United Arab Emirates, Dubai
Phone
Phone
Phone
Uzbekistan, Tashkent
United Arab Emirates, Dubai
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