The President of Uzbekistan, Shavkat Mirziyoyev, has been briefed on the presentation regarding the implementation of a sustainability rating for entrepreneurs.

Entrepreneurship development is a key focus of the country’s economic policy, with continuous improvements to the business environment. In 2024, as part of the Year of Support for Youth and Business, which aims to employ 5 million people, even more opportunities will be created for entrepreneurs. A total of 83 trillion soums and $275 million in loans and subsidies will be allocated for this purpose.

Details

The proposed rating system will introduce an additional incentive for entrepreneurial activity. Its significance was discussed during an open dialogue between the President of Uzbekistan and entrepreneurs, leading to the establishment of criteria and principles for the rating.

The rating will categorize entrepreneurs into four categories based on 23 criteria: business longevity, profitability, payment discipline, and contribution to employment and salary. Data from tax, justice, and judicial authorities will form the rating. Each entrepreneur will have real-time access to their position and assessment.

Entrepreneurs with a high rating will enjoy several benefits, including exemption from tax inspections, a one-day refund of value-added tax, and reimbursement of overpayments for other types of taxes within three days. Customs and tax authorities will also be able to offset VAT on imports and sales of goods. The payment term for state property and land plots acquired through auctions will be extended from 3 to 5 years, and no annual interest will be charged on the remaining amount if a lump-sum down payment of at least 15 percent is made.

It is worth noting that the rating system is significant because it replaces the evaluation of entrepreneurs by tax authorities with an electronic system. In the future, subsidies, benefits, and preferences will be granted based on the rating, motivating entrepreneurs to strive for a higher rating and gain more opportunities.

Additionally, the rating will serve as a protection system by providing entrepreneurs with reliable information about their partners, warning them about the risks of dubious transactions and unfair competition, ultimately reducing the prevalence of the “shadow” economy.

The “Rating of Entrepreneurs’ Sustainability” platform is expected to be launched by March 1, 2024. The Chamber of Commerce and Industry will actively work with entrepreneurs to explain the functionalities of the rating system while also establishing a transparent system for allocating subsidies, benefits, and preferences.

In conclusion, the President emphasized the importance of targeted support for low-rated entrepreneurs, assisting them in revitalizing and restoring their activities.