According to the new Tax Code, the valuation of property of legal entities must be conducted once every 3 years. At the same time, the State Revenue Department for Turkestan city sent a notification about property revaluation. Please clarify which position should be followed.
Yes, the new Tax Code provides for mandatory revaluation of real estate for the purpose of determining the tax base for property tax at least once every 3 years. Since this norm was introduced from 2026, the first mandatory revaluation must be conducted by the end of 2028.
At the same time, for taxpayers who account for fixed assets using the fair value method, the obligation to account for the revalued value is already provided for in accounting. The tax base in the form of the average annual book value is determined precisely according to accounting data. This is not a new rule; it has always been in force. Accordingly, if fixed assets are accounted for using this method and a revaluation was made, it must be reflected in accounting, which will affect the tax base and, consequently, the amount of property tax.