BAKU, Azerbaijan, Dec. 17
By Fakhri Vakilov - Trend:
Uzbekistan’s President Shavkat Mirziyoyev's draft decree on introducing the concept of “medium-sized business” underwent an update, as it didn't find support of experts and the population, Trend reports citing Uzbekistan’s portal for discussing the regulatory legal projects.
The document proposed to exempt medium-sized businesses from VAT, starting April 1, 2020.
This offer did not find much support, so a new version was prepared and is up for discussion.
In addition, it was planned to include business entities with an annual turnover of $105,000 to $314,600 in the medium business category and exempt from VAT.
It was decided to abandon this criterion as well. Instead, a list of the most common areas for creating a medium-sized business appeared: primary processing of raw materials; service; manufacturing of handicrafts and applied arts; small but labor-intensive production of components.
It was planned to extend to medium-sized businesses all the benefits provided to small businesses. All these proposals are excluded in the new version.
President Shavkat Mirziyoyev instructed to introduce the category “medium business” and revise the criteria for small and large business in September, noting that medium business “today plays a special role in the development of the economy”.
Discussion of the new version will last until December 31.
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