World Bank: Uzbekistan among TOP-20 reformer countries

According to the World Bank Doing Business report, Uzbekistan is among TOP-20 countries that have implemented major reforms in the field of business facilitation.

The World Bank noted the achievements of 20 countries that have undertaken major reforms in the field of business facilitation. In the report, measures taken by the Uzbek government in five areas were highlighted.

As per the WB, Uzbekistan has recently strengthened the protection of minority investors, simplified the tax system, introduced measures to enforce contracts and achieved significant success in facilitating foreign trade.

In addition, new requirements for the independence of board members in commercial organizations have been established and the role of audit committees has been strengthened.

Also, tax reforms, in particular combining infrastructure taxes with income taxes, were emphasized. The World Bank also recognized the steps taken to develop the institution of mediation, noting the creation of a unified legal framework and the introduction of incentive mechanisms for the use of mediation in disputes arising from entrepreneurial activities.

It was stated that in the customs sphere, qualitatively new customs control procedures based on a risk analysis have been introduced.