Gov’t plans to grant tax incentives to some entrepreneurs

A bill providing for amendments to the Tax Code has been forwarded to the Legislative Chamber.

The draft law envisages the right to pay all taxes (with the exception of VAT and taxes paid as tax agents) and customs fees for a period of up to one year without security and without interest to the business entities included in the “20 thousand entrepreneurs – 500 thousand qualified specialists” program.

When the citizens included in the “Unified Register of Social Protection” are hired by the business entities, until January 1, 2025, the business entities provide employment to these citizens by paying them a monthly salary of at least one times the minimum wage for at least one year, and they when it is at least 20% of the total number of employees, it is also decided to give an exemption from property tax and land tax.

These benefits are available to business entities included in the Program “20 thousand entrepreneurs – 500 thousand qualified specialists” (except business entities registered in the city of Tashkent) when hiring citizens included in the “Unified Register of Social Protection” at the same time and monthly wages for at least one year when ensuring employment by paying a salary not less than one times the minimum amount of payment, it is envisaged that they will be given when they make up at least 20% of the total number of employees.

In case of non-fulfillment of the obligations stipulated in the “partnership agreements” by the business entities, the applied tax benefits will be canceled with the restoration of the obligations to pay these taxes for the entire tax period.