Better Conditions for Entrepreneurs to be Established
Business
On August 30, 2024, the President issued Decree No. UP-132, outlining measures to implement tasks identified in the fourth open dialogue with entrepreneurs. The decree aims to improve business conditions and address existing challenges in the entrepreneurial sector.
Starting November 1, 2024, all commercial banks and microfinance organizations will be involved in supporting small and medium-sized enterprises by providing unsecured microloans of up to 300 million soums from their own funds. This will enhance the capabilities of businesses amidst growing competition.
From January 1, 2025, the turnover from the sale of vacant non-agricultural land plots through electronic auctions will be exempt from VAT. This initiative is expected to stimulate entrepreneurship development across the country.
Additionally, the decree stipulates an increase in the consumption limits for electricity and natural gas when prepayment is made, and a reduction of extra payments for exceeding these limits by up to 10 times. This will significantly ease the financial burden on businesses.
Other measures include a 50% reduction in profit tax rates for catering enterprises from 2025 to 2028, and the introduction of a VAT refund system for tourism and hotel businesses.
From January 1, 2025, the turnover from the sale of vacant non-agricultural land plots through electronic auctions will be exempt from VAT. This initiative is expected to stimulate entrepreneurship development across the country.
Additionally, the decree stipulates an increase in the consumption limits for electricity and natural gas when prepayment is made, and a reduction of extra payments for exceeding these limits by up to 10 times. This will significantly ease the financial burden on businesses.
Other measures include a 50% reduction in profit tax rates for catering enterprises from 2025 to 2028, and the introduction of a VAT refund system for tourism and hotel businesses.
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