Tashkent, Uzbekistan (UzDaily.com) -- On 15 January, President of Uzbekistan Shavkat Mirziyoyev got acquainted with a presentation on the introduction of an entrepreneurial sustainability rating.

The development of entrepreneurship is a priority direction of the economic policy of our country. Business conditions are consistently improving. This Year of Youth and Business will create even more opportunities for entrepreneurs as part of efforts to employ 5 million people. It is planned to allocate 83 trillion soums and US$275 million in loans and subsidies for this.

The proposed rating is intended to become another incentive for entrepreneurial activity. Its importance was discussed during an open dialogue between the head of state and entrepreneurs, then criteria and principles for this rating were developed.

The rating envisages the division of entrepreneurs into 4 categories according to 23 criteria, such as duration of activity, level of profitability, payment discipline, participation in providing employment to the population and wages. The rating will be formed based on data from tax, justice and judicial authorities. Each entrepreneur will be able to find out his position and assessment in real time.

For entrepreneurs with a high rating, all tax audits will be canceled, the amount of value added tax will be refunded within one day, and overpayments for other types of taxes will be refunded within three days. The possibility of mutual offset of VAT between customs and tax authorities on import and sale of goods will be created. 

The deadline for payment of the cost of state property and land acquired at auction will be extended from 3 to 5 years. If you make a one-time down payment of at least 15 percent, annual interest will not accrue on the remaining amount.

The rating is also important because now the activities of entrepreneurs will be assessed not by tax authorities, but by an electronic system. In the future, subsidies, benefits and preferences will be provided based on the rating. Entrepreneurs will strive to join the ranks of disciplined entrepreneurs and gain more opportunities.

On the other hand, this rating will serve as a protection system, providing entrepreneurs with reliable information about their partners, warning about the risk of dubious transactions and unfair competition. This will serve to reduce the “shadow” economy.

The head of state pointed out the need to carefully study the system, ensure its effectiveness and objectivity.

- Based on entrepreneurs’ proposals, we improve business conditions. A recent resolution canceled 16 licenses and 34 types of reporting.

The entrepreneurial class is becoming a leading force in society and the youth is looking up to them. Now, through this rating, it is necessary to stimulate law-abidingness, discipline and initiative among entrepreneurs. In implementing and ensuring the effectiveness of the rating, an important role should belong to the Public Council for Support of Entrepreneurship, said Shavkat Mirziyoyev.

It has been determined that the Entrepreneur Sustainability Rating platform should be launched by 1 March. The Chamber of Commerce and Industry will carry out comprehensive work with entrepreneurs to explain the possibilities of the rating. A transparent system for allocating subsidies, benefits and preferences will be organized.

The importance of targeted work with entrepreneurs with low ratings, helping them to intensify and restore their activities was emphasized.