03 April 2022

Shavkat Mirziyoyev unveils business support package

President Shavkat Mirziyoyev at a meeting on March 31 announced additional measures to support businesses in Uzbekistan to reduce external risks, his spokesman Sherzod Asadov said.

In particular:

  • until the year-end, fines and other penalties will not be applied under new mechanisms in tax administration, such as mandatory accounting goods in warehouse (E-Aktiv), maintaining product codes (products and services codes), electronic registration of property and lease agreements (E-Ijara);
  • timeframes for applying customs waivers for raw materials, equipment, spare parts imported for own needs will be extended from the current 6 months to 1 year;
  • until the year-end, enterprises working with companies in Russia, Ukraine and Belarus will not be fined for receivables;
  • the maturities of debts of exporters working with these countries on bank loans will be extended, fines and penalties will not be levied.

In addition, banks will provide businesses with an additional 10 trillion soums, or US$ 900 million, of “revolving” loans for purchase of raw materials and as working capital. These funds will be provided primarily to exporters, manufacturers of food and consumer goods.

The volumes and soft interest rates on loans for horticulture, family business, mortgages and education will remain unchanged. “No matter how difficult it is, we will not cut funding or increase the burden,” said Shavkat Mirziyoyev.

The President also stated that “no mayor and industry leader has the right to cut jobs or fail to fulfill employment plans.” “If any mayor does this, tough measures will be taken against him,” he warned.