Tuesday, 23, July, 2024

The President Shavkat Mirziyoyev held a meeting with business executives, and announced a number of innovations aimed at easing doing business in Uzbekistan.

- Banks will be provided an additional $ 600 million from the Fund for Reconstruction and Development on market principles to help form a long-term resource base of entrepreneurs,.

- From October 1 this year, the licensing procedure for microfinance organizations will be completely abolished. Now all they need to make an entry in the Central Bank's register to start their activities.

- Raw materials imported for the production of export products will be waived from paying import duties.

- When paying value-added tax on imported goods in installments during 120 days, no interest is charged and no collateral is required.

- The subsoil use tax rate for minerals (sand, gravel, limestone, gypsum, dolomite) will be reduced by 2 times.

- Until the passing of the Special economic zones law, the benefits provided to businesses registered in economic zones will remain.

- A total of 13,000 public pubs and restaurants will be waived from paying land and property taxes until the end of the year.

- Tourism companies and hotels will be waived from paying tourist fees for a period of 2 years.

- The imposition of fines on about 5,000 businesses with receivables on foreign trade operations and the collection of fines of 6 trillion soums, which have been applied to date, will be suspended until the end of this year.

- From January 1, 2022, tax authorities will launch a service for tax reporting to businesses through their electronic programs. The financial sanctions related to late submission of reports will be completely abolished.

- Electronic databases of tax and customs offices will be interconnected in the calculation of value added tax.

- On the basis of the right of ownership, use or lease, where the enterprises of entrepreneurs are located, the occupied land plots will be registered as their property. That is, no one else can buy the land, only the landowner has the right to privatize it.

- Proceeds from the sale of land will be kept entirely by the districts and cities, and will be contributed for the creation and development of infrastructure for businesses. 

- From January 1 next year, the state will be responsible for the supply of electricity, natural gas, water and road infrastructure for all projects worth over 200 billion soums.

- The period of connection of businesses to the electricity grid is set at 10 days for capacity up to 20 kilowatts, and 20 days for capacity up to 50 kilowatts. If the power supply company does not complete the work on time, they will pay compensation to businesses.

- Export Support Fund has been established to address the lack of working capital, and financing mechanisms for exports up to $ 1 million have been established.

- A list of countries with high quality and control systems will be formed, whose equipment and raw materials certificates will not require obtaining national certificates in Uzbekistan.

- In the next month, a draft decree on reducing import duty rates for raw materials and semi-finished products will be developed.

- Waivers provided to businesses for the supply of railway cars will be extended until January 1, 2025.

- From January 1 next year, applications for subsidies will be accepted on a "single window" basis, the number of government agencies involved in the process will be reduced by 2-3 times.

- Starting next year, all permits for starting a business will be issued "online". By the end of this year, the number of licenses or permits will be reduced by at least another 30 percent.

- From November 1, restrictions on the use of modern induction furnaces that fully meet all technical requirements will be lifted.

- Today, local governments owe 123 billion soums to 349 businesses after demolition of buildings and structures. The President warned the governors to complete all settlements with businesses by September 1 and not to owe a single soum.

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