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13 September 2019

President instructed to reduce VAT rate to 15%

Under the chairmanship of the President of the Republic of Uzbekistan Shavkat Mirziyoyev, a video-conference on the further development of small business and private entrepreneurship was held on September 11.

At the meeting, the Ministry of Finance was instructed to introduce a draft decision of the President on reducing the value added tax rate from the current 20 to 15 percent.

It was also noted that in our country a completely new system is being developed for the development of small business and private entrepreneurship, the full support of subjects of the sphere, and many bureaucratic obstacles are being removed.

This system provides for the coordinated work of the Prime Minister’s Admissions to consider applications from entrepreneurs, the Business Ombudsman, the Chamber of Commerce, the Ministry of Justice, and economic complex organizations led by first deputy local governors with the coordinating role of the recently established Agency for the Development of Small Business and Entrepreneurship, in the direction of accelerated development of this sphere.

A new concept is being introduced, according to which commercial banks act as partners of business entities and provide them with financial support.

As a result of adopted systemic measures over the past 8 months of this year, 70 thousand business entities were created, which is 2 times more compared to the same period last year.