A truly festive piece of good news and a gateway to immense opportunities has opened for all our enterprising compatriots, small and medium-sized business representatives who are establishing their ventures and working diligently for the prosperity of our Motherland! A revolutionary and historic step has been taken to further improve the entrepreneurial environment and create relief for the business community in our country.
Saida Mirziyoyeva, Head of the Executive Office of the Presidential Administration, stated that entrepreneurs are welcoming these historic changes, aimed at significantly reducing the tax burden for small business entities, with great joy and high spirits. According to the new decree signed by the Head of State, the mandatory threshold for transitioning to Value Added Tax (VAT) payment has been fundamentally revised.
We will provide you with a detailed overview of the key aspects and specifics of this important reform, which will change the fate of thousands of families and business entities for the better.
Reporter's Diary: A long-standing problem has been resolved
Saida Mirziyoyeva specifically noted that this issue in the tax system has been one of the most painful problems for years, hindering the development of small business owners and private sector representatives.
During field trips to the regions and open, sincere dialogues with entrepreneurs, representatives of the sector continuously raised the following systemic difficulties:
Low threshold barrier: The previous threshold of 1 billion UZS was too low, limiting the growth of businesses.
Administrative complexity: The excessive complexity of tax reporting and documentation processes.
Chain of inspections: The high number of inspections by regulatory bodies and the burden of paperwork.
Most regrettably, due to this existing order, some enterprises were forced to artificially split their activities into several small firms to avoid the tax burden instead of developing their business freely and on a large scale. The new decree has completely shattered these artificial barriers.
Who will benefit most from the new system?
In accordance with the historic document signed by the President, the annual turnover threshold for VAT transition has been increased to 5 billion UZS This means that enterprises with an annual turnover of less than 5 billion UZS will now be free from excessive tax burdens and complex reporting.
Who is this relief intended for first and foremost?
This revolutionary innovation will primarily benefit thousands of family businesses, cozy cafes and restaurants, local shops, service outlets, and our ordinary citizens who are strengthening the foundation of our economy with their honest labor.
A fierce fight against bureaucracy
This decree is not limited to just expanding the tax threshold. The document envisages a drastic reduction of excessive bureaucratic hurdles to fully support small business entities and ensure they can breathe freely. Furthermore, a program of systemic and comprehensive measures aimed at fundamentally improving the investment and entrepreneurial climate in our country is being implemented.
In conclusion, there is no doubt that such high attention and endless opportunities provided by our state will initiate a new wave of entrepreneurship in our country. May your work prosper and your earnings be blessed, dear compatriots! We will continue to follow new achievements.
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