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    Money

    Uzbekistan's tax incentives empower entrepreneurs

    Uzbekistan's tax incentives empower entrepreneurs

    In Uzbekistan, some entrepreneurs from disadvantaged areas will be provided with tax incentives. It's stated in the bill "On Amendments and Additions to the Tax Code of the Republic of Uzbekistan."

    Uzbekistan is taking significant steps to support entrepreneurs from disadvantaged areas by introducing tax incentives. The proposed bill, "On Amendments and Additions to the Tax Code of the Republic of Uzbekistan," aims to provide favorable conditions for businesses operating in 47 "unfavorable" districts across 11 regions of the country.

    During a joint meeting of the People's Democratic Party of Uzbekistan (PDPU) factions and the Eco-Party on June 19, the bill was thoroughly discussed. As per the press service of the Legislative Chamber, the draft law suggests reducing property tax and land tax rates for newly established enterprises in these disadvantaged areas.

    Furthermore, the bill includes a provision to suspend the application of an increased land tax rate to individuals who use land without proper documentation or exceed the allocated land limits mentioned in the official documents. This measure ensures that entrepreneurs in these areas are not burdened with excessive tax obligations, fostering an environment conducive to business growth and development.

    Additionally, the proposed legislation introduces temporary tax incentives aimed at promoting the establishment of specialized centers for enterprises in the electrical industry. 

    The members of the PDPU factions and the Eco-Party present at the meeting expressed their support for the bill. They emphasized that these tax incentives would significantly improve the overall business climate in Uzbekistan. Furthermore, they noted that these measures provide valuable social support to citizens while safeguarding their property rights.

    19.06.2023, 18:16   Comments (0)   1059
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