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Benefits provided for Uzbek entrepreneurs likely to be extended

Business Materials 20 January 2021 12:17
Benefits provided for Uzbek entrepreneurs likely to be extended

BAKU, Azerbaijan, Jan. 20

By Klavdiya Romakayeva - Trend:

Uzbekistan plans to extend number of benefits provided to entrepreneurs in the context of the COVID-19 pandemic, Trend reports referring to the draft State Program for 2021.

According to the draft State Program for 2021, it is proposed to extend the benefits for the payment of taxes on land and property for entrepreneurs in the field of tourism, transport and catering, a deferral for some taxes and to suspend the accrual of penalties.

The document proposes to extend the period of validity of benefits for the payment of taxes on land and property in the amount of 400 billion soums ($38.1 million), delayed until the end of 2020, for 20,000 business entities in the field of tourism, transport and public catering.

In addition, it is proposed to extend the suspension of the accrual of penalties for property tax, land tax, as well as restrictions on the adoption of measures for enforced collection of tax arrears provided for in the presidential decree of March 19, 2020.

The procedure for an interest-free deferral (installment plan) of property tax and land tax with notifying the tax authorities to microfirms, small enterprises and individual entrepreneurs without filing an application with local government authorities, provided for by presidential decree of April 3, 2020 will also be extended.

Furthermore, a moratorium will continue on tax audits of small businesses that pay taxes and other mandatory payments in a timely manner, with a phased introduction of the “risk analysis” system during tax audits to reduce the share of the shadow economy.

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Follow the author on Twitter: @romakayeva

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