Accounting for IT companies and IT Park residents

Uzbekistan's IT sector enjoys separate tax benefits, but precisely because of these specifics, accounting for IT companies requires a more careful approach.

IT Park resident benefits

Companies with resident status receive preferential tax treatment. For the benefits to be applied correctly, it is important to keep separate accounting of the types of activity.

Foreign-currency revenue and non-residents

IT companies often receive payment from foreign clients — this adds currency operations and revenue repatriation questions.

Accounting for intangible assets

Software development costs and licenses require a separate approach — the tax base and the company's future valuation depend on it.

Common mistakes

• Applying benefits without documentary proof of status
• No separate accounting of activities
• Incorrectly drawn-up contracts with foreign clients

Conclusion

Competent accounting protects a company's benefits and reduces audit risks that are specific to the industry.