Uzbek President Shavkat Mirziyoyev held a video conference on September 11 to discuss issues related to further development of small business and private entrepreneurship, as well as the guaranteed provision of revenues to the national budget.
Uzbek media reports say that it was noted that a completely new system is being developed in the country to ensure development of small business and private entrepreneurship.
Instructions were reportedly given to provide assistance to about 30,000 farming units, which are switching to the payment of value added tax (VAT) beginning on October 1, 2019.
UzDaily says the Ministry of Finance was tasked to develop concrete substantiated proposals for reducing the VAT rate.
Mirziyoyev reported pointed to the necessity of carefully studying the draft revised tax code taking into account the proposals voiced during discussions with participation of entrepreneurs, experts and representatives of research institutions.
Speaking at the meeting, Uzbek leader noted that it is necessary of improve collection of fixed tax from individual entrepreneurs and legalize informal employment in order to increase receipts to the national budget.
In many countries, business entities are divided into three categories (small, medium-sized and large business), the state implements a separate support policy for each category. However, in Uzbekistan, the concept of medium-sized business is completely absent, which today plays a special role in development of the economy, according to the Uzbek president’s press service.
