Chief Editor: Ansar Mahmood Bhatti

CCI develops proposals to support medium-sized businesses in Uzbekistan

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Tashkent, Uzbekistan  : The Chamber of Commerce and Industry (CCI) has developed a draft resolution of the President of Uzbekistan “On measures to introduce a mechanism to encourage and support medium-sized enterprises.” The draft resolution was published for discussion.

The CCI document proposes to establish criteria for business entities from 1 January 2021.

According to the document, small businesses will include individual entrepreneurs, microfirms (up to 10 employees and net revenue of up to 1 billion soums per year), small businesses (up to 100 employees and net revenue of up to 5 billion soums per year).

Medium businesses will include companies with up to 250 employees and net revenue of up to 15 billion soums per year. Companies with more than 250 employees and net revenue of more than 15 billion soums per year will be considered large businesses.

The draft resolution emphasizes that state unitary enterprises and companies with a state share of 50% or more, regardless of the number of employees and the amount of income from the sale of goods and services, do not belong to medium-sized enterprises.

The document proposes, from 1 January 2021, to reimburse 50% of the costs of attracting foreign specialists and all costs of training employees at retraining courses at the expense of the State Employment Fund.

It is also proposed to reduce the rent for the use of state real estate in an amount equal to the part sent to the Fund for Support of Privatized Enterprises and the Center for the Organization of the Effective Use of Empty Objects.

The Export Promotion Agency will reimburse up to 75% of the cost of road, rail and air transport when exporting goods.

It is proposed not to include funds from the placement of corporate bonds on the stock exchange in the income tax base.

According to the draft resolution, enterprises with temporary financial difficulties can postpone the payment of taxes for 6 months by notifying the tax authorities.

The document proposes, from 1 January 2021, to introduce a procedure for providing subsidies and guarantees to medium-sized enterprises at the expense of the Entrepreneurship Support Fund.

The draft resolution proposes to give an advantage to medium-sized businesses in the allocation of space in economic zones and public auctions with state property.



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