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    Finance

    Government and businesses unite: new decree implements poverty reduction program

    Government and businesses unite: new decree implements poverty reduction program

    On June 12, the President of Uzbekistan, Shavkat Mirziyoyev signed a decree on collaboration with businesses in the field of poverty reduction. This is reported by the Telegram channel of legal information of the Ministry of Justice.

    The document establishes groundbreaking initiatives within the framework of the professional training program "20,000 Entrepreneurs - 500,000 Specialists". The President announced its launch at a meeting in May.

    Under the program, businesses operating as legal entities without a state share and with a minimum of two years of operation are eligible to participate voluntarily. Participating bussiness will sign a contract of up to 3 years, and are issued a certificate of participation.

    In 2023-2024, the government has allocated a substantial credit line of $1bn for the implementation of the program. The money will be distributed among the participating companies for a period of up to 7 years at an annual interest rate of 14%.

    As the President disclosed, at the expense of borrowed funds, people from famililes in need will be given loans at preferential rates for professional training. They will also reimburse business expenses for the training of employees and the creation of “practical mono-centers”.

    Entrepreneurs participating in the program will receive a number of tax incentives and concessions. Such as, exemption from all tax audits, except for audits in criminal cases.

    If at least 20% of the company's employees are citizens from the social security register, until 2025 they will be granted benefits on land and property taxes. If they are paid salaries of at least 1 minimum wage ($80.38), the social tax rate will be reduced by 50%, and the government will reimburse the personal income tax paid for them.

    In addition, participating companies will be able to pay taxes and customs payments in installments for up to 1 year, without interest or collateral. An exception will be made for VAT and taxes paid as a tax agent.

    Program participants will be provided with a "green corridor" at customs control. They will also be able to pay in installments for up to 5 years when buying land and real estate in state property at an auction, further facilitating their growth and development.

    15.06.2023, 16:35   Comments (0)   1408
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