Uzbekistan's entrepreneurial sector experienced a 25% increase in turnover this year, reaching UZS 986 trillion ($78.2bn). This announcement was made by the Uzbek leader Shavkat Mirziyoyev during an open dialogue with businessmen in Uzbekistan's Nukus. This growth is driven by significant expansions across various business sizes, with medium-sized enterprises, generating between UZS 10 and 100bn (over $790,000 and $7.9mn) annually, doubling in number. Large enterprises, defined as those with turnovers exceeding UZS 100bn ($7.9mn), have also doubled, now totalling 2,200.
The overall economic sector, including tax, banking, and financial sectors, has seen a positive impact. A total of 16,000 previously unprofitable enterprises reported a combined profit of UZS 6.5 trillion ($515.5mn) over 1H24.
Support for entrepreneurs has been reinforced with an allocation of UZS 8 trillion ($634.5mn) for project initiatives. Additionally, UZS 18 trillion ($1.4bn) have been invested in industry, agriculture, service development, and business infrastructure. The number of enterprises with over 100 employees has risen to 3,000, creating 440,000 new jobs within the year.
The private sector has also seen wage increases, with over 1 mn workers earning more than UZS 5mn ($396) per month. Of these, 370,000 earn more than UZS 10mn ($793) monthly.
The number of enterprises classified in categories 'A' and 'B' has increased by 91,000, while 170,000 enterprises have been reclassified from category 'D,' the lowest tier. Consequently, the frequency of tax audits has decreased by 50%, with desk audits reduced by 67% compared to the previous year.
Tax contributions have also risen, with large taxpayers reporting a 10% increase in income, regional enterprises seeing a 25% rise, and district-level entrepreneurs contributing 40% more in taxes. This growth reflects the expanding economic activity and improved fiscal contributions across Uzbekistan.
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