On January 15, President Shavkat Mirziyoyev reviewed a presentation on the implementation of the entrepreneur stability rating, as reported by the presidential press service, President's Press Service reported. This rating system is part of Uzbekistan’s economic policy, which prioritizes the development of entrepreneurship.
Enhancing business environment
Uzbekistan is consistently working towards improving its business environment. This year, to create employment for 5 mn people, the country is planning to provide even more opportunities for entrepreneurs, particularly the youth. A staggering UZS 83 trillion ($6.7bn) and $275mn are set to be allocated in loans and subsidies for this purpose.
Entrepreneur stability rating
- mentioned in the message.
Benefits for high-rated entrepreneurs
Entrepreneurs with a high rating will enjoy several benefits. All tax inspections will be cancelled, the amount of value-added tax will be returned in one day, and overpayment for other types of taxes will be refunded within three days. The term of payment for state property and land plots purchased at auction will be extended from 3 to 5 years, with no annual interest accrued on the remaining amount after a one-time initial contribution of at least 15%.
Role of rating system
The rating system will serve as a protection system, providing entrepreneurs with reliable information about their partners, and warning about the risk of dubious transactions and unfair competition. This will help reduce the “shadow” economy. The rating system will also evaluate the activities of entrepreneurs, not by the tax authorities, but by an electronic system. In the future, subsidies, benefits, and preferences will be provided based on the rating.
- Shavkat Mirziyoyev stated.
Launch of “Entrepreneur Sustainability Rating” platform
The “Entrepreneur Sustainability Rating” platform is scheduled to be launched by March 1, 2024. The Chamber of Commerce and Industry will conduct comprehensive work with entrepreneurs to explain the possibilities of the rating. A transparent system of allocation of subsidies, benefits, and preferences will be organized. The importance of targeted work with low-rating entrepreneurs and assistance to them in intensifying and restoring their activities was emphasized.
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