In Uzbekistan, benefits for entrepreneurs will no longer be granted based on their rating
In Uzbekistan, benefits for entrepreneurs will no longer be granted based on their rating
In Uzbekistan, regardless of the level of the sustainability rating of business entities, a portion of the value-added tax paid to the taxpayer will be refunded, and tax and customs benefits will be applied.
According to the document, the scores in the sustainability rating of business entities will not be reduced for those who have independently corrected errors committed within the framework of the economic amnesty.
In order to support exporting enterprises, commercial banks will provide loans to exporters in an amount not exceeding the equivalent of 3 million US dollars, for a period of up to 12 months, at interest rates not exceeding 6-month SOFR+8 percent in US dollars, 6-month EURIBOR+7 percent in euros, and 6-month SHIBOR+7 percent in Chinese yuan. After the loan is fully repaid, 35 percent of the interest expenses on these loans will be covered by the Fund for Compensation of Loan Interest Expenses, regardless of the category of the business entity, its sustainability rating, and the category of the region.
In this regard, the export revenue from the loan allocated to the entrepreneur will be managed by the commercial bank, and the compensation will be paid based on the submitted and confirmed registry.
According to the decree, it was also established that the expenses of business entities that have built external engineering and communication networks at their own expense in investment projects worth more than 200 billion soums (for the Republic of Karakalpakstan and Khorezm – more than 50 billion soums) will be covered by state budget funds.
A procedure will also be introduced in public procurement to confirm the acceptance of goods (works, services) based on data obtained from the information system of tax authorities, and to automatically return the contractor's deposit and additional deposit funds within one working day.
According to the document, the period for applying a coefficient of 0.1 to property and land tax rates for hotels will be extended until January 1, 2030. The marking codes of water, soft drinks, beer, and tobacco products purchased by hotels, restaurants, cafes, and bars are considered sold to the final consumer.
The decree also established that starting from November 1, the prepayment for electricity and gas for entrepreneurs will be reduced to 15 percent, the "Second Chance" economic amnesty will be declared for entrepreneurs, a warning rule will be introduced for the first mistake when applying financial penalties to entrepreneurs, and a 3-year moratorium will be introduced on inspections of small business entities.