Uzbek President: "Companies with over 1 billion soums of turnover that use the generalized tax deduction system will be levied 2 times less profit tax for one year"

"Daryo" correspondent is reporting live from an open dialogue with businessmen.

The President said that business owners with over 1 billion soums of turnover that enjoys the general tax payment system will pay 2 times less profit tax for a year.

"These opportunities will provide relief to 370,000 business entities and give them a great incentive," the head of state said.

The President emphasized the need to boost the number of medium-sized enterprises from the current 3.5 thousand to 10 thousand.

From January 1, 2023:

• enterprises that have upgraded from small to medium business will pay only 50% of profit tax for two years;
• 50% of property insurance costs are covered by the state;
• simplified tax, financial and statistical reports will be introduced;
• 50% of the funds are paid in advance, instead of the current 15%, for the 20% quota established for public procurement.