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In Uzbekistan, entrepreneurs facing challenges in maintaining their businesses will receive additional support of government

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In Uzbekistan, entrepreneurs facing challenges in maintaining their businesses will receive additional support of government

President of Uzbekistan Shavkat Mirziyoyev held a meeting where he put forward the next steps of quarantine removal aimed at steady revival of country’s economy. Actions should be implemented with strict adherence to sanitary rules.
During the event, Uzbek President suggested several proposals.
Particularly, social tax rate for small businesses and farms will be reduced from 12 percent to 1 percent in May-July. Next, small businesses and individual entrepreneurs will be freed from paying land and property tax for the next three months.
Besides, in April-May, more than 1000 entrepreneurs will be dismissed 80 billion soums fine for late payments of land and property taxes.
Shavkat Mirziyoyev noted that entrepreneurs will be permitted to pay customs duties with up to 120 days delay.
In addition, the compensation sum for loans amounting up to 500 billion soums (previously up to 10 billion soums) issued to entrepreneurs for working capital replenishment will be increased from 5 to 10 percent.
In general, additional 2 trillion soums will be allocated from budget to support the economy and citizens.

“Kindness and support” – a movement that displays unity and solidarity of the people of Uzbekistan
In mid-March, the World Health Organization declared COVID-19 outbreak a pandemic. Countries of the world were advised to reinforce their efforts in ensuring balance between protecting the lives of people and preventing economic and social collapse.
Uzbekistan was among the first to adopt a range of bold measures aimed at preventing the rapid spread of disease in the Republic. Epidemic situation was under control.
Alongside with this, the Uzbek Leader took decisive measures in supporting the country’s economy and providing social security for vulnerable groups.
The government provided free testing opportunities, thus showed readiness to be flexible in transferring available resources to the needs of people. This action also demonstrates country’s sustainable healthcare system.
For these purposes the country established an Anticrisis Fund with a 10 trillion soums budget. These resources are streamlined to ensure social protection and sustainable work of the economy.
500 billion soums out of the Fund were directed to granting preferential loans to entrepreneurs; 200 billion soums were transferred to the Public Works Fund for targeted job creation.
Noteworthy that the general public and the local entrepreneurs supported the country’s efforts. Particularly, they responded to the President’s appeal to establish “Kindness and Support” Nationwide Movement by helping the citizens who faced challenges due to COVID-19 outbreak. They also actively participate in the activities of the Sponsorship Coordination Centers, established under the The Ministry for Supporting Mahalla and Family.
Entrepreneurial charity is organized on a territorial basis. This allows strengthening the targeted assistance, removing bureaucratic barriers on this path and eliminating local corruption.
Entrepreneurs hire jobless and those who temporarily lost their income due to coronavirus.
Moreover, business and citizens can collaborate by creating a consolidated production chain. For example, a large businessman on a preferential basis provides the unemployed with the necessary raw materials for the production of goods and services.
In turn, the state will provide entrepreneurs supporting citizens with appropriate compensation through various taxes, leasing, loans benefits and preferences as well as access to necessary resources.
If the company, for instance, starts working in 2-3 shifts, it will receive a discount for the use of electricity up to 50 percent. In the near future the government is expected to make a separate decision on additional state support for entrepreneurs involved in the charity events.
Notably, not only businesses provide the help, but also government entities, whose employees donate daily or weekly income on a voluntary basis.
A nationwide movement has become an example of unity and solidarity of the people of Uzbekistan in combating COVID-19. The strategy developed by the President of the country during a pandemic is supported by an absolute majority of citizens - 92.3%, which is confirmed by a sociological study conducted by the Izhtimoiy Fikr Public Opinion Research Center.

UzA