Tashkent, Uzbekistan (UzDaily.com) -- Resolution of the President of the Republic of Uzbekistan “On measures to implement the Sustainability Rating of Business Entities” from 23 January 2024 determined the implementation of the “Sustainability Rating of Business Entities” in order to create even more favorable conditions for business entities businesses that pay taxes on time and comply with legal requirements in the course of their activities.

In order to explain the essence and significance of this resolution and ensure the implementation of the tasks specified in it, on 31 January, a “training seminar” was held in Tashkent with the participation of about 400 business entities.

The event was attended by relevant ministries and departments, industry associations, commercial banks, domestic entrepreneurs working in the textile industry, as well as media representatives.

The purpose of the event is to provide entrepreneurs with a detailed explanation of the content and essence of the standards provided for by the “Sustainability Rating of Business Entities,” which will be introduced on 1 February 2024, and to ensure its implementation.

The event was opened by the Chairman of the Chamber of Commerce and Industry of Uzbekistan D. Vahabov, the Chairman of the Tax Committee Sh. Kudbiev and the Commissioner for the Protection of Rights and Legitimate Interests of Business Entities under the President of the Republic of Uzbekistan D. Kasimov.

In particular, in accordance with the agenda, information was provided on the essence and significance of the resolution, the control that will be carried out over the timely application of benefits and preferences provided to entrepreneurs according to the Sustainability Rating, the Automated Platform for determining the sustainability rating of business entities, the essence and content of the Rating Criteria sustainability, approved by the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan No. 55.

Within the Rating, business entities are divided into the following categories:

• categories “AAA”, “AA” and “A” - high sustainability rating;
• categories “BBB”, “BB” and “B” - average sustainability rating;
• categories “CCC”, “SS” and “C” - satisfactory stability rating;
• category "D" - low sustainability rating;

The rating is generated automatically (online) on the electronic platform “Entrepreneur Sustainability Rating” of the Tax Committee through interdepartmental data exchange and published on the official website of the Chamber of Commerce and Industry.

The above incentive measures do not apply to state-owned enterprises and legal entities with a state share in the authorized capital of 50 percent or more.

During the training seminar, the relevance and importance of the Sustainability Rating introduced by this resolution in the field of economy, financial-budgetary and comprehensive development and support of entrepreneurship was emphasized; experts answered questions from entrepreneurs and voiced their opinions on the topic.