Tax Alert: 2 November 2011
New benefits for small businesses
Decree of the President of the Republic of Uzbekistan #УП-4354 of 24 August 2011 “On additional measures on establishment of the most favorable business environment for further development of small business and private entrepreneurship” introduced a number of changes for small businesses and other business entities, the most notable of which are the following:
- As of 1 January 2012 the unified tax payment rate for micro-firms and small enterprises engaged in industry sector is to be reduced from 6% to 5%;
- Micro-firms and small enterprises should gradually move to electronic system of filing of tax and financial reports by the end of 2014;
- As of 1 September 2011 micro-firms, small enterprises and individual entrepreneurs are exempt from charges for opening of bank accounts in national currency in commercial banks;
- As of 1 October 2011 the rate of late payment interest for late settlement of taxes, customs duties and charges, and other obligatory payments for each day of delay is reduced by one third against the existing rate;
- As of 1 October 2011 deferral of up to six months is allowed to settle taxes and financial sanctions additionally charged as a result of tax inspections;
- Financial sanctions not related to calculation of taxes and obligatory payments are abolished.
