President got acquainted with a presentation on implementation of a business sustainability rating Monday. The development of doing business is a priority area of Uzbekistan’s economic policy course.
The proposed rating is intended to become another incentive for doing business.
The rating provides for the division of businesses into 4 categories according to 23 criteria, such as duration of activity, level of profitability, payment discipline, job creation and wages. The rating will be formed based on data from tax, justice and judicial authorities.
For businesses with a high rating, all tax audits will be canceled, the amount of value added tax will be refunded within one day, and overpayments for other types of taxes will be refunded within three days. The possibility of mutual offset by customs and tax authorities of VAT when importing and selling goods will be created. The timeline for payment of the cost of state-owned property and land acquired at auction will be extended from 3 to 5 years.
“A recent decree lifted 16 licenses and 34 types of reporting. The business class is becoming a leading force in society and the youth is looking up to them. Now, through this rating, it is necessary to stimulate law-abidingness, discipline and initiative among entrepreneurs,” said Shavkat Mirziyoyev.
President set that the Business Sustainability Rating platform should be launched by March 1.
