TASHKENT (TCA) — Uzbekistan’s Interim President Shavkat Mirziyoev on October 5 approved new measures aimed at accelerated development of entrepreneurship, the full protection of private ownership and qualitative improvement of the business climate in the country, Uzbekistan’s official Jahon information agency reported.
The decree is aimed primarily at further strengthening the legal protection of private property, creation of favorable conditions and comprehensive support for small business and private entrepreneurship, and increasing the investment attractiveness of the country.
The decree establishes a number of fundamentally new mechanisms of state control, aimed at providing reliable legal guarantees against unjustified interference of the state in the activities of business entities.
In particular, starting from 1 January 2017, unprecedented measures will be applied, such as the abolition of all kinds of unscheduled inspections of activities of business entities (excluding inspections in connection with the liquidation of a legal entity and inspections conducted in cases of violations of the law).
The decree also provides for such drastic new measures as the exemption of businesses and their employees, who made financial and economic violations for the first time, from all kinds of responsibility. In this regard, appropriate amendments will be made to the Penal Code, the Code of Uzbekistan on Administrative Responsibility, the Tax Code and other laws.
To improve the investment attractiveness of Uzbekistan, the newly established industrial enterprises with foreign investment will enjoy tax rates and other mandatory payments in effect on the date of their registration during 5 years of their subsequent activity. This exemption applies to all enterprises with foreign investment irrespective of the amount invested.
