Record tax contributions
Small businesses in Uzbekistan have made a significant contribution to the national economy, paying more than UZS 9.3 trillion ($753.5mn) in taxes in the first 11M 2023. This figure represents a substantial increase from the UZS 9 trillion ($729.1mn) paid in taxes by small businesses from January to October.
Impressive turnover
The turnover of small enterprises has exceeded UZS 129.5 trillion ($10.5bn) during this period. This robust performance underscores the vital role that small businesses play in driving economic growth and creating jobs in Uzbekistan.
Benefiting from incentives
Small businesses have utilized benefits amounting to UZS 3.5 trillion ($283.5mn). These incentives, aimed at promoting entrepreneurship and stimulating business activity, have proven to be effective in supporting the growth and development of small businesses.
Look ahead: Unified Financial Support System on the horizon
The Republic of Uzbekistan is set to create a unified system of financial support for small and medium-sized businesses. The main goal of this initiative is to further stimulate business activity in Uzbekistan. This move is expected to provide a significant boost to the small business sector, which is already showing strong performance and resilience.
Small businesses: backbone of Uzbekistan’s economy
As of January 1, 2023, the number of operating small enterprises and micro firms amounted to 523,600, which is 60,800 or 13.1% more than in the previous year. This growth in the number of small businesses is a testament to the entrepreneurial spirit in Uzbekistan and the effectiveness of the government’s policies in supporting this vital sector.
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