New measures to support business approved

The President of the Republic of Uzbekistan Shavkat Mirziyoyev signed a Resolution “On additional measures to improve the business support system, further improve the business climate.”

Starting May 1, 2021:

small business can receive compensation to cover interest expenses on loans in national currency with an interest rate not exceeding 1.75 times the size of the main rate of the Central Bank (previously it was 1.5 times).

citizens registered in the register of social protection can receive a guarantee for loans up to 75% for business purposes;

exporters can receive loans to replenish working capital with the condition of deferred payments at a rate of 4% for the period of deferred payments and in the amount of the value of exported products.

This year, entrepreneurs will be provided loans to replenish working capital for at least 40 trillion soums, as well as “revolving” loans to exporters at the expense of 1 trillion soums from the Export Promotion Agency.

From June 1, through online auctions for industrial projects, they will begin to allocate low-fertile, unused agricultural land in places close to infrastructure.

From the same date, taxpayers who have been working for more than three years, paying taxes on time, but who are now in debt, become eligible to pay taxes in installments. Conscientious exporters get the right to pay customs payments in installments.

From May 1, fines for exporters who have delayed foreign exchange earnings and importers who have delayed the import of goods or work overdue will be halved.

In addition, companies will not be fined for overdue receivables from foreign trade transactions formed as of May 1, 2021. The dates of occurrence will begin to be calculated anew, starting from the same date.