BAKU, Azerbaijan, Nov. 25
By Klavdiya Romakayeva - Trend:
The procedure for the quarterly payment of value-added tax by entrepreneurs with annual revenue of fewer than one billion soums ($96,515) will be preserved in order to support the service sector of Uzbekistan in 2021, Trend reports referring to the press service of the official website of the president of Uzbekistan.
The priority tasks for the development of the service sector in the regions of Uzbekistan were discussed during a video conference chaired by President Shavkat Mirziyoyev.
President noted the necessity to expand the range of modern services in this area, to attract foreign experts and organize practical training.
In particular, the procedure for the quarterly payment of value-added tax by entrepreneurs with annual revenue of fewer than one billion soums ($96,515) will be preserved. This measure will allow more than 8,000 entrepreneurs to have at their disposal working capital for 220 billion soums ($21.2 million) per quarter.
In addition, enterprises exporting goods and services will receive a refund of value-added tax immediately, without waiting for the receipt of foreign exchange earnings. As a result, the business will have 200 billion soums ($19.3 million) of working capital on a quarterly basis. Responsible ministries have been given appropriate instructions.
In general, governors of regions, districts, and cities were instructed to develop and implement local programs for the development of the service sector. Commercial banks are assigned to the regions to develop standard projects and facilitate financing. The task has been set to adopt a government decree, which will define specific tasks in the context of all regions.
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