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PRESIDENT Our only path is to boost entrepreneurship, realize the business potential of people

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PRESIDENT Our only path is to boost entrepreneurship, realize the business potential of people

On January 8, President of the Republic of Uzbekistan Shavkat Mirziyoyev chaired a videoconference meeting on the priority tasks of fulfilling the parameters of the national budget and promoting entrepreneurship.

A national tax system has been formed in the country based on international best practices and conventional experience. The number and rates of taxes have been optimized. The value added tax rate has been reduced from 20 to 15 percent. As a result, last year, 2 trillion soums remained at the disposal of entrepreneurs.
On 1 January 2020, Tax Code in the new edition entered into force. It is worth reminding that to secure economic growth in this and subsequent years, tax reform has been introduced.
To this end, efforts are in progress to support entrepreneurship and steadily increase budget revenues.
“Our only path is to boost entrepreneurship, realize the business potential of people! Every khokim should take the initiative to secure additional revenues to the budget, create conditions for entrepreneurs and work side by side with business representatives”, the Head of the state insisted.
The methods of work of local executives have been criticized at the meeting. The President pointed to the absence of accurate calculations on consumption and payments for energy resources, indifference to issues of concern for entrepreneurs. Last year, for example, inactive business entities grew in number in Mirzo Ulugbek, Ghuzar and Mubarek districts.
“Even one case of suspension of activities by an entrepreneur should be considered extraordinary”, Shavkat Mirziyoyev noted. “Increase in the number of competitive business entities is the basis of economic stability.”
The meeting participants identified tasks for khokims, their first deputies, tax bodies and financial departments – to ensure revenues to the budget in the first quarter of this year.
The President indicated urgent need for the organization of new business entities and assistance to entrepreneurs who have suspended work. To do this, the existing gas, electricity and water supply networks, road infrastructure should be improved and new ones built. Therefore, khokimiyats were instructed to direct extra revenues primarily to perk up local infrastructure.
Vast new capacities can be created provided that the 263 hectares of land and over 50 thousand facilities of small industrial zones with ready-made infrastructure are used effectively. The State Assets Management Agency, the Ministry of Economy and Industry were tasked thus with elaborating relevant target programs together with local khokimiyats.
Instructions were voiced on the accounting of resource tax payers and their facilities in the context of each district, on the legalization of jobs and activities of entrepreneurs.
Particular attention was paid to reducing consumer debt for electricity and natural gas.
It was noted that in Tashkent, Syrdarya, Samarkand, Navoi and other regions, receivables increased, large-scale larceny cases were revealed at gas stations. This, along with damage to the financial condition of energy producers, leads to disruptions in the power and gas supply to entrepreneurs.
The Head of the state emphasized the need to curb such cases, reduce debt for electricity and natural gas, and ensure uninterrupted delivery of these resources to individuals and business bodies.
Navoi and Almalyk mining and metallurgical plants, Uzbekneftegaz, Uztransgaz, Uzqurilishmateriallari, Uzkimyosanoat and other foremost enterprises and organizations have a significant impact on budget indicators. From now on, the recently created Inspectorate for Major Taxpayers will deal with the proceeds from them.
Deputy Prime Ministers and advisors to the Prime Minister have been instructed on a monthly basis to discuss production indicators at enterprises within their subordinate facilities.
Another important factor in boosting budget revenues is government assets. Last year, enterprises with public share paid as little as 1.6 trillion soums of dividends to the budget.
In this regard, the responsible officials were entrusted with the task of ensuring the privatization of state property facilities, including mills of oil and fat and alcohol products, as well as determining the amount and frequency of dividend payments by large taxpayers.
To organize the effective fulfillment of the tasks set at the meeting, the first deputy khokims of the regions need to undertake constant interaction with financial, tax, customs authorities, banks and other organizations of the economic complex to deliver decent conditions for entrepreneurs and increase budget revenues.
At the videoconference session, one more important issue was considered in detail – the comprehensive implementation of the new Tax Code.
Last year, a working group was formed to widely explain to the population and entrepreneurs the essence and significance of tax reforms. The territorial structures of the working group have carried out targeted work on this front.
Starting from January 1 this year, more than 120 new rules entered into force in the tax system of Uzbekistan. For their proper application, to ensure the rights and interests of the population, it is essential to secure universal awareness.
In this respect, the President pointed out the necessity for arranging training courses for khokims of regions, districts and towns, as well as staff of the economic complex and entrepreneurs.
Only a complete understanding of the Code will ensure its high-quality realization. In addition, to explain the rules stipulated by the document to the general public, it is important to conduct roundtable discussions, workshops, and other awareness-raising events everywhere. Instructions were outlined to develop a media plan to cover this topic in mass media and during public awareness events in the first quarter of this year.
The new Code also places many tasks on tax authorities. President Shavkat Mirziyoyev emphasized the necessity of stirring up the knowledge and qualifications of workers in the field along with securing a fundamental change in their attitude to entrepreneurship.
The State Tax Committee, the Ministry of Justice, the Chamber of Commerce and Industry and the Business Ombudsman have been instructed to develop a new procedure for conducting tax audits taking into account the opinions of entrepreneurs and international experience.
The meeting participants raised the issue of funding construction works. It is inadmissible, it was noted, to start the construction and to assign funds for this in the absence of specific sources of financing and design estimates.
“The effective organization of the execution of these directives places a great responsibility today on the economic complex. Therefore, for the government and regions this year will be a year of mobilization of the economic complex”, Shavkat Mirziyoyev said.
Khokims, executives of spheres and industries presented reports on the execution of forecast indicators and the promotion of entrepreneurship.
(Source: UzA)
Uzbekistan introduces business development assessment system
In accordance with the resolution, from March 1, 2020, a system for assessing the level of business development in the regions of the Republic will be introduced.
The Uzbek government has adopted a Resolution "On measures to introduce a system for assessing the level of business development in the regions of the Republic".
In accordance with the resolution, from March 1, 2020, a system for assessing the level of business development in the regions of the Republic will be introduced.
Until March 1, 2020, an automated online information system "BUSINESS INDICATOR" will be launched to calculate and evaluate indicators of business development.
For the development of this system and the provision of technical services to it, an agreement will be concluded on an exceptional basis by selecting the best offers without holding a tender (selection) auction.
Investment Promotion Agency of Uzbekistan: New Year with updated investment portal
The investment portal of the Investment Promotion Agency of the Republic of Uzbekistan is a constantly updated online platform that includes the most significant events of the country’s investment activity.
Top News in the new year 2020: updated visual design, improved content and enhanced site features. For convenience, when submitting an electronic application for an investment proposal, you now need to fill only 18 points instead of 92.
For your convenience, investment projects and recommended investment proposals by region were combined. Now it has become much more convenient and easier to search for suitable investment projects.
In total, today about 192 investment proposals worth more than $ 2 billion have been posted, and the added new search function will help orient you by industry, amount and region of the project.
You can get acquainted with the latest news, benefits and preferences, as well as with the investment climate of the Republic on the newly created section “Why is it profitable to invest in Uzbekistan?”
You can see the new design of the Investment Portal and see all the changes at the link:
(Source: Press Service of the Investment Promotion Agency of Uzbekistan)
Call for bids to be announced for 2 PV plants
The Ministry of Energy, together with the International Finance Corporation (IFC), is preparing the second stage of call for bids for solar power plants in Samarkand and Jizzakh provinces.
Discussions of the second stage within the framework of the Scaling solar II project for the construction of photovoltaic power plants was held at the Ministry of Energy on January 7 and 8.
The IFC was represented by the Senior Investment Officer Atlan Bernard, while on behalf of Uzbekistan were present experts from the Ministries of Energy, Finance, Investment and Foreign Trade, as well as the Public-Private Partnerships Development Agency.
The attendees decided to hold a call for bids for one lot: the construction of two photovoltaic stations in the Samarkand and Jizzakh provinces, 200 MW capacity each. The call for bids is set to be announced in Q1 of 2020, the Energy Ministry said.
The first phase of international bidding with the support of IFC was held last year. 23 companies from China, South Korea, Japan, Saudi Arabia, the United Arab Emirates, India, South Africa, Russia, Spain, Norway and France participated for the first photovoltaic power plant with a capacity of 100 MW in the Navoi province.
11 companies prequalified, five of them submitted commercial offers. As a result, Masdar (UAE) was awarded the contract at a tariff of 2.679 US cents per 1 kWh of generated electricity. The company pledged to build a photovoltaic plant within a year.
Statement by the Ministry of Foreign Affairs of the Republic of Uzbekistan
Uzbekistan is particularly concerned about events in the Middle East, the region directly adjacent to Central Asia.
A further aggravation of the military-political situation can lead to numerous casualties and a large-scale humanitarian disaster, destroy vital economic ties and communications, and cause irreparable damage to regional and global security.
Uzbekistan advocates maximum restraint and calls on the parties involved in the confrontation to take political and diplomatic measures to reduce tensions and normalize the situation in the region.
(Source: Web site of the MFA of the Republic of Uzbekistan)