Business Development Bank established in Uzbekistan
Tashkent, Uzbekistan (UzDaily.com) -- A Presidential Resolution "On measures to implement the tasks identified in the open dialogue of 2023 between the President of the Republic of Uzbekistan and entrepreneurs" was adopted.
According to the Resolution, a "Business Development Bank" was established on the basis of the joint-stock commercial bank "Qishloq Qurilish Bank" and the following were formed under it:
- Limited Liability Company "Small Business Development Fund";
- 14 small business assistance centers in the regions.
The Business Development Bank provides loans for up to 7 years for small business projects.
For business entities with a positive credit and tax history, the requirement for collateral is reduced by 50 percent.
According to the Resolution, the program "140 advanced industrial enterprises" will be implemented in industries.
Accordingly, to finance projects of business entities included in this program, credit funds are allocated in foreign currency at a rate of 4 percent per annum, in national currency - at a rate of 10 percent per annum for up to 10 years.
In addition, an electronic platform will be launched to digitalize the implementation of the program.
In accordance with the Resolution:
- in case of compensation (refund) of a negative amount of value added tax, the practice of applying the tax gap coefficient (tax gap) is prohibited;
- the procedure for suspending the validity of a special VAT registration certificate is cancelled;
- the maximum income of business entities paying monthly advance payments on income tax is increased from 5 billion soums to 10 billion soums.