President Shavkat Mirziyoyev, during a meeting with entrepreneurs, announced important changes in the business sector. According to the head of state, during tax audits more than 20 thousand entrepreneurs were found to have errors and shortcomings amounting to over 16 trillion soums, but no penalties will be applied to them.
The president stressed that these shortcomings could negatively affect the ratings of thousands of business representatives, and emphasized the need to prevent such situations.
“Therefore, today we are announcing a kind of amnesty. There will be no penalties under these inspections. Instead, our entrepreneurs will be given until November 1 to voluntarily correct all mistakes. In other words, from November 1, the business rating will start from a ‘clean slate’,” said Mirziyoyev.
New reliefs in profit tax
The president announced that the threshold for advance payments of profit tax will be doubled.
According to the current system, companies with an annual turnover of more than 10 billion soums were obliged to make advance payments, which created difficulties with working capital.
Now this system will apply only to enterprises with an annual turnover of more than 20 billion soums. As a result, about 14 thousand entrepreneurs will retain an additional 1 trillion soums in working capital.
Benefits for companies switching to VAT
The president emphasized that many entrepreneurs still have doubts about switching from turnover tax to VAT: “Accounting becomes complicated, you need to hire an accountant, and expenses increase.” Therefore, the following relief measures are provided:
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companies switching from turnover tax to VAT will be exempt from profit tax for one year;
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even if there are errors in reporting, no fines will be applied;
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part of accountants’ salaries up to 5 million soums will be deducted from tax payments for 6 months.
In addition, the system introduced two years ago, where the tax authorities themselves maintain the accounting for turnover taxpayers, will be expanded. Starting next year, reports on land, property, social and income taxes will be prepared by the tax service itself. Entrepreneurs will have 5 days to make corrections.
Unified fine system to be introduced
According to Shavkat Mirziyoyev, until now both small and large businesses paid the same fine for delayed reporting, and the worst part was that a separate fine was applied for each type of report.
Therefore, from November 1, a system will be introduced in which a single fine will be applied regardless of the number of delayed reports. For small businesses, the fine will be reduced threefold.
Experts believe these reforms will significantly ease the business environment and open new opportunities for entrepreneurs.
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