Beginning on January 1, 2022, the value-added tax (VAT) rate will be cut from current 25 percent to 12 percent.
Uzbek President’s spokesman, Sherzod Asadov, says President Shavkat Mirziyoyev stated this at a meeting with entrepreneurs that took place on August 20.
After August 20 was announced as Entrepreneurs’ Day at last year’s meeting, meetings of the head of state with businessmen are becoming a tradition on this day.
“Beginning on January 1, 2023, VAT rate will be cut to 12 percent,” Mirziyoyev stated.
According to Fergana news agency, the president proposed to divide enterprises into categories based on their annual turnover and depending on the size, apply support measures to them. Companies will be classified as follows: 1) entities with an annual turnover of up to 1 billion soums (equivalent to US$90,000); 2) entities with an annual turnover of up to 10 billion soums (equivalent to US$900,000); and 3) entities with an annual turnover of up to 100 billion soums (equivalent to US$9 million).
