Enterprises switching to the Value Added Tax (VAT) system will be exempt from profit tax for one year, Kursiv reported.
This was announced by President Shavkat Mirziyoyev during a meeting with entrepreneurs. Due to the VAT rate being reduced to 12 percent, the number of entrepreneurs switching to this system is increasing.
According to the new privileges, if there is an error in accounting in enterprises switching to VAT, no penalty will be applied. Also, the part of the accountant's salary up to 5 million soms will be exempt from taxes for 6 months.
The advance payment requirement currently applicable to enterprises with an annual turnover exceeding 10 billion soms will now only apply to those with a turnover exceeding 20 billion soms. This will free up 1 trillion soms for nearly 14 thousand entrepreneurs.
Until November 1, entrepreneurs will have the opportunity to independently correct tax errors and start their rating from a “clean slate.” This opportunity was created through an “amnesty.”
From 2026, tax authorities will prepare reports on land, property, social, and income taxes, and entrepreneurs will be able to review them within 5 days and make necessary corrections. The amount of fines for small businesses will be reduced threefold.
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