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    Uzbekistan

    Uzbekistan introduces sustainability rating for businesses, offering incentives for high performers

    Uzbekistan introduces sustainability rating for businesses, offering incentives for high performers

    Uzbekistan's President Shavkat Mirziyoyev signed a resolution on January 23, implementing a comprehensive sustainability rating system for business entities. The newly introduced system aims to evaluate enterprises on a scale of 1 to 100, categorizing them based on their final scores into 10 distinct categories. Notably, businesses achieving the top three ratings will be entitled to a range of benefits, signaling a commitment to fostering sustainable and responsible business conduct.

    The sustainability rating categories range from A to AAA, with each tier unlocking specific advantages for the rated entities. Among the notable benefits, companies with a rating of A and above will enjoy the expedited refund of overpaid taxes (excluding VAT) within a swift three-day timeframe. Additionally, these businesses will be eligible for a VAT offset on imported goods and the sale of goods or services.

    Firms achieving the highest AAA rating will receive further privileges, including exemption from regular tax audits (excluding cases associated with criminal activities). Furthermore, VAT refunds for AAA-rated businesses will be processed within a remarkable one-day timeframe without undergoing standard checks.

    Photo: The newly introduced system aims to evaluate enterprises on a scale of 1 to 100, categorizing them based on their final scores into 10 distinct categories.
    Source: Spot

    Another noteworthy incentive targets enterprises with an AA rating and above, specifically those operating in sectors categorized as fourth and fifth. These businesses will have the opportunity to acquire state property and land through installment plans with favorable terms. For those making an initial down payment of 15% or more, the remaining balance can be paid over a five-year period.

    The resolution also outlines plans to tie the allocation of subsidies, benefits, and preferences to entrepreneurs based on their sustainability rating, starting from April 1. Moreover, businesses holding a high sustainability rating will be recommended for state awards and the prestigious "Faol Tadbirkor" badge on Entrepreneur Day.

    In related developments, it was previously reported that starting April 1, certain VAT benefits on medicines and medical services in Uzbekistan would be discontinued as part of ongoing reforms.

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    26.01.2024, 03:55   Comments (0)   1643
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