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COVID-19: Uzbekistan introduces additional preferences for businesses

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COVID-19: Uzbekistan introduces additional preferences for businesses

Uzbekistan adopted additional measures to support businesses and people at times of pandemic. The decree was signed by the President of Uzbekistan Shavkat Mirziyoyev on May 18.

According to the decision a number of small business entities will be released from paying property and land taxes within June 1 to September 1, 2020. The list includes markets and shopping malls, cinemas, public catering enterprises, public transport companies, legal entities engaged in the transportation of passengers, the provision of household services, the provision of premises for rent, including for banquets, sports and recreation facilities.
Small businesses will be deducted the amount of property tax and land tax for April and May 2020. Earlier, an interest-free deferral was granted on these taxes.
Microfirms and small enterprises are allowed to apply deferral of payment of customs duty and excise tax for the import of goods (except consumer goods) until July 1, 2020. The deferred amount will be paid in equal installments over 120 days. This option is available to entities engaged in foreign economic activity at least one year before the day of appeal to the customs authorities.
The social tax rate for microfirms and small enterprises decreases from 12% to 1% within May 1 to July 1, 2020. Such an exemption is granted only if the payers maintain the expenses for the remuneration of workers in the amount of at least 50% of the same indicator for February 2020. If a micro-company or small business was established after February 2020, a reduced social tax rate is applied without comparing the payroll fund. However, this procedure does not apply to excisable goods producers, state enterprises, legal entities with a state share in the authorized capital of 50% or more.
State Fund for support of entrepreneurship will begin to issue compensation for the covered interest expenses on investment loans issued by business entities in national currency.
As an additional measure to support the population, Tashkent extends individual housing lending construction using the resources of the Ministry of Finance, previously introduced experimentally in Andijan, Namangan and Ferghana regions.
Starting from June 1, 2020 the number of recipients of benefits to families with children under the age of 14 years, for caring for a child until they reach the age of 2 years and financial assistance increases by 10%.

“Dunyo” IA