Uzbekistan to launch an entrepreneurship sustainability rating

© Peshkova

As reported by the press service of the President of the Republic of Uzbekistan on its website, Uzbekistan plans to launch a rating of entrepreneurs’ sustainability by March 1, 2024, which will constitute a new incentive for entrepreneurial activity in the country.

The rating list is planned to have four main categories, which in turn will be based on 23 criteria, including such areas as the duration of activity, level of profitability, payment discipline, participation in providing employment and the level of wages.

The list will be compiled on the basis of data from fundamental state services, such as tax, justice and judicial authorities, among others.

The aim of the project is to motivate entrepreneurs to join the ranks of disciplined businessmen. Accordingly, benefits of securing a top spot on the list will include:

  1. Exemption from all types of tax audits;
  2. Value Added Tax will be returned to these entrepreneurs in full amount within 24 hours, and overpayment of other types of taxes in three days;
  3. Customs and tax authorities will be able to offset VAT on import and sale of goods;
  4. The term of payment for acquired state property or land plots purchased at auction will be extended from three to five years;
  5. Annual interest will not be charged on the remaining amount if the initial installment is not less than 15%.

The press service also notes in regards to this rating that entrepreneurs will be evaluated not by the tax service, but by an electronic system, which in turn will increase the level of fairness of accrual of subsidies, benefits and preferences.

In addition, the rating will give entrepreneurs reliable information about competitors as well as provide warnings about possible risks, dubious transactions and unfair competition. This is expected to reduce the level of “shadow economy”, according to the report.