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    Uzbekistan Economics Finance

    Uzbekistan establishes commission to optimize entrepreneurial subsidies

    Uzbekistan establishes commission to optimize entrepreneurial subsidies

    Uzbekistan has initiated the formation of a republican commission in, aimed at optimizing and enhancing the effectiveness of subsidies, benefits, and preferences provided to entrepreneurs, as it was disclosed in presidential decree issued on May 24.

    Photo: Uzbekistan establishes commission to optimize entrepreneurial subsidies
    Source: Daryo

    Led by Deputy Prime Minister and Minister of Economy and Finance, Jamshid Kuchkarov the commission comprises 22 members, including prominent figures such as Davron Vahabov, Chairman of the Chamber of Commerce and Industry, and Mehriddin Abdullayev, First Deputy of the Accounts Chamber.

    Objectives and Responsibilities

    The commission has been tasked with conducting a thorough analysis of existing subsidies and benefits by October 1, with the goal of proposing a comprehensive revision. This analysis will focus on evaluating their impact on the economy, fostering healthy competition, and assessing their overall effectiveness.

    The total volume of benefits in 2021 amounted to UZS 51 trillion (over $4 bn).

    Proposals to be submitted to the presidential administration will include recommendations for improving the application process of support measures based on geographical categories, as well as the establishment of specific targets for entrepreneurs to meet. Furthermore, the commission aims to define a precise list of sectors and activities eligible for state support, introduce legislative norms reflecting various forms of benefits, and implement monitoring mechanisms to evaluate their efficacy.

    Transparency and Accountability

    To ensure transparency, information regarding the effectiveness of benefits will be regularly published in accessible sources. Ineffective subsidies and preferences identified through analysis will be abolished. The Committee for the Development of Competition and Protection of Consumer Rights is tasked with annually assessing the impact of support measures on competition and submitting the findings to the Ministry of Economy and Finance.

    Additionally, measures will be taken to verify the authenticity of documents serving as the basis for tax and customs benefits through data exchange with the Tax and Customs Committees. 

    Starting January 1, 2025, a dedicated register will be established on the "subsidiya.mf.uz" platform, detailing the types, terms, and procedures of support measures provided to businesses.

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    29.05.2024, 20:14   Comments (0)   1304
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