The presidential decree "On additional measures to increase the welfare of the population through the rapid development of entrepreneurship, innovative technologies and infrastructures in the Republic of Karakalpakstan" envisages some tax benefits for business owners in Karakalpakstan.
According to the document, in the period from January 1, 2023, to January 1, 2028, business entities of Karakalpakstan may see:
• 50% reduction in tax rates for profit tax, turnover tax, property tax of legal entities and land tax of legal entities;
• social tax reduction, at a tax rate of 1 per cent;
• the social tax paid reduction by individual entrepreneurs by 12 times for those operating in urban areas, and by 6 times for those operating in districts, and was set at one time of BHM per year.
In addition, the coordinators of the family entrepreneurship development program in the Republic of Karakalpakstan will allocate an additional 200 billion soums of loans from the resources allocated for the program until the end of 2022 to finance projects within the framework of family entrepreneurship development programs.
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