Universal QR code and tax cuts: new opportunities for Uzbekistan’s business
Uzbekistan
Today, during an open dialogue with entrepreneurs, President Shavkat Mirziyoyev announced major measures to support business in Uzbekistan. Small enterprises will benefit from tax relief, a universal QR code for payments, and savings of up to 1 trillion soums annually.
On August 19, President of Uzbekistan Shavkat Mirziyoyev met with entrepreneurs and business representatives to present new initiatives aimed at supporting the private sector.
Starting from November 1, a universal QR code will be introduced, enabling entrepreneurs to process payments through any mobile payment application.
From January 1 next year, all entrepreneurs with an annual turnover of up to 1 billion soums will switch to a flat tax rate of 1% of turnover.
The president illustrated the changes with examples:
An individual entrepreneur with a turnover of up to 100 million soums will pay a maximum of 1 million soums instead of 12 million fixed tax;
Entrepreneurs with turnovers between 100 million and 1 billion soums will see their tax burden cut 3–4 times.
“In total, thanks to these new conditions, individual entrepreneurs will retain an additional 1 trillion soums annually. This is a powerful resource that will allow small businesses to reach the next stage of growth,” the president emphasized.
Starting from November 1, a universal QR code will be introduced, enabling entrepreneurs to process payments through any mobile payment application.
From January 1 next year, all entrepreneurs with an annual turnover of up to 1 billion soums will switch to a flat tax rate of 1% of turnover.
The president illustrated the changes with examples:
An individual entrepreneur with a turnover of up to 100 million soums will pay a maximum of 1 million soums instead of 12 million fixed tax;
Entrepreneurs with turnovers between 100 million and 1 billion soums will see their tax burden cut 3–4 times.
“In total, thanks to these new conditions, individual entrepreneurs will retain an additional 1 trillion soums annually. This is a powerful resource that will allow small businesses to reach the next stage of growth,” the president emphasized.
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