Infographics: measures to support entrepreneurship and business development

Infographics: measures to support entrepreneurship and business development

On April 15, 2022 a video conference was held under the chairmanship of President Shavkat Mirziyoyev to ensure price stability in the markets by increasing food production and creating additional conditions for entrepreneurship.

It was instructed to allocate additional funds to the State Entrepreneurship Support Fund and increase the effectiveness of financial assistance.

In the service sector, the National Bank of Foreign Economic Activity will provide loans in the amount of up to 5 billion sums. At the same time, the loan rate will not exceed 18%, taking into account compensation from the Entrepreneurship Fund.

At the same time, $300 million will be allocated to finance projects of small and medium-sized businesses in the regions. These funds will be placed in the national currency at a rate of 10% for a period of 7 years in banks offering the best conditions for entrepreneurs. At the same time, the rate on the loan provided to the entrepreneur will not exceed 14%.

Taking into account the transfer of the property tax calculation system to market principles, the procedure for applying additional high tax rates will be abolished.

Entrepreneurs with a turnover of more than 1 billion sums will be automatically issued a certificate of VAT payer without prior verification.

To prevent unjustified interference in business activities, another 22 types of inspections will now be carried out only with the permission of the Business Ombudsman.

Another important point is that now entrepreneurs with a high level of tax risk will be notified before the suspension of the VAT payer's certificate.

The Head of State said that measures to support exporting enterprises will also be strengthened.

In particular, entrepreneurs noted that there are problems with VAT refund. In this regard, a simplified mechanism will be introduced, under which 80% of the funds will be returned within 7 days without additional checks.

In addition, a permanent staff will be created to study the problems of exporters and their prompt solutions, and applications will be accepted to the call center at number 1094.

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