Mutually beneficial cooperation with business entities in the field of poverty reduction will be established

The Decree of the President “On measures to establish mutually beneficial cooperation with business entities to reduce poverty” was adopted. This was reported by the press service of the Ministry of Justice.

According to the Decree, the Program “20 thousand entrepreneurs – 500 thousand qualified specialists” will be implemented.

Business entities participate in the Program voluntarily on the basis of the “Cooperation Agreement” (concluded for up to 3 years).

Entrepreneurs who have concluded a “Cooperation Agreement” are issued a certificate confirming their participation in the Program.

Entrepreneurs can participate in the Program – legal entities that have been operating for at least 2 years and do not have a state share in the authorized capital.

To implement the program in 2023-2024, a credit line in the amount of US$1 billion will be opened.

Loans at the expense of the credit line are allocated for the implementation of projects of business entities included in the Program (with the exception of projects for the development of the financial sector) for a period of up to 7 years at a rate of 14 percent per annum in the amount according to the list.

Within the framework of the program, business entities will be provided with the following differentiated benefits and preferences:

• until January 1, 2025 – when business entities employ citizens included in the Unified Register of Social Protection:

– benefits on property tax and land tax to business entities that have provided employment and monthly for at least one year paying wages to the above citizens in the amount of at least one minimum wage, if the share of these citizens in the total number of their employees is at least 20 percent;

– refund to employers from the republican budget of the amounts of personal income tax (in an amount not exceeding twice the size of the BRV for each employee) paid on wages, and applying to them the tax rate of social tax with a reduction of 50 percent – when hiring citizens and calculation of wages for each month in the amount of at least one minimum wage;

• granting the right to pay in installments for up to 1 year all taxes (excluding VAT and taxes paid as a tax agent) and customs payments without security and without interest;
• providing the opportunity to pay payments in installments for up to 5 years when acquiring at an auction real estate objects that are state property and rights to land;
• application of the rules of the “green corridor” in the implementation of customs control;
• no types of tax audits are carried out (with the exception of audits in the framework of criminal cases).

According to the Decree, the dual education system “Master of Profession” will be introduced as an experiment (it is being introduced at the first stage in the 2023/2024 academic year for 3-4 year students of the Tashkent Institute of Textile and Light Industry).