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    Business

    Uzbekistan's Chamber of Commerce unveils automated trust rating system for businesses

    Uzbekistan's Chamber of Commerce unveils automated trust rating system for businesses

    The Chamber of Commerce and Industry has released a preliminary proposal outlining a trust rating system for business entities. This system aims to automate the assessment of enterprise reliability, enabling government agencies to make decisions regarding preferential treatments and incentives for businesses without direct human intervention.

    Chamber of Commerce unveils automated trust rating system for businesses.
    Source: 3Cloud

    Utilizing data gathered from online systems about specific companies, a scoring mechanism will be employed, categorizing businesses into one of ten rating classifications ranging from AAA to D, with a maximum achievable score of 100 points. The responsibility for managing this rating system is suggested to be entrusted to the Tax Commission, and its application will be limited to legal entities.

    Several key criteria are considered in the point calculation process, including the company's operational history, profitability based on EBITA, credit history, ownership of real estate (including leased properties), the ratio of wages per employee in comparison to industry and regional averages, and punctuality in tax payments, among others.

    Businesspeople at a business forum in Uzbekistan.
    Source: Daryo / Madina Nurman

    Points will be deducted for various reasons, such as frequent changes in the enterprise's registration location or management, low levels of trust in leadership, violations in tax and customs matters, or the revocation or suspension of a VAT payer's certificate.

    Conversely, certain factors will contribute to the accumulation of additional points. These include the employment of individuals from vulnerable groups (such as those in "iron," "women's," or "youth" categories), as well as people with disabilities. Furthermore, points may be awarded for increasing the number of workers earning wages above the minimum wage and making substantial contributions in terms of VAT or turnover tax compared to industry averages.

     

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    29.11.2023, 16:14   Comments (0)   1563
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