Uzbekistan, Tashkent, Aug. 26 / Trend D.Azizov /
The single tax rate for micro and small enterprises working in the industry will be reduced from six percent to five percent in Uzbekistan as of Jan.1, 2012.
Uzbek President Islam Karimov signed a decree "On additional measures to achieve the most favorable business environment for further development of small business and entrepreneurship".
As of Sept.1, 2012, the decree will stop allowing small businesses to open accounts by making payments to the country's commercial banks in local currency.
Based on the decree, the commercial banks should consider small business appeals and entrepreneurship using credit provisions for no more than three banking days.
Cheque payment at terminals, received while paying for goods (works, services) purchased by business entities using corporate cards for trade and services, will be given primary status of the accounting documents, on Sept. 1. In addition, small businesses and private enterprises have the right to deliver cash proceeds up to twenty times the minimum wage to the bank's institutions. Currently, Uzbekistan's minimum wage is 57,200 sums.
Under the decree, micro and small enterprises are exempted from obligatory sale of 50 percent of foreign exchange earnings coming from exports of goods (works, services) production.
Moreover, a specialized foreign trade company Uztadbirkoreksport will be created under the State Joint-Stock Foreign Trade Company Markazsanoateksport (Tsentrpromeksport) to export small business and entrepreneurship products. Its offices will be opened in the regions by late 2011.
The President instructed the Central Bank of the Republic to work jointly with the Association of Banks and commercial banks and international financial institutions, foreign funds, and banks, and to submit government proposals to establish the Guarantee Fund for Enterprise Development, to provide small businesses with the necessary security not covered by pledge, and commercial bank loans to issue funds to purchase new equipment.
Prior to Jan. 1, 2016, economic small businesses entities are exempt from customs duties (except for customs registration duties) and goods imported to the territory; particularly spare parts and accessories for manufacturing equipment indicated on a Cabinet approved list.
The Cabinet of Ministers, with the participation of concerned ministries and agencies, is given a month to carefully consider and make proposals to the Parliament on amendments to the existing legislation.
Uzbek President Islam Karimov declared 2011 as the Year of small business and entrepreneurship in Uzbekistan.