Tashkent, Uzbekistan (UzDaily.com) -- At the fiftieth plenary meeting of the Senate, the Law “On introducing amendments to the Tax Code of the Republic of Uzbekistan in connection with the identification of measures aimed at establishing mutually beneficial cooperation with business entities to reduce poverty” was considered.

As is known, in recent years, in the country, as part of increasing the efficiency of the support system for families in need of social protection, large-scale work has been carried out aimed at reducing poverty and ensuring employment for members of low-income families.

At the same time, it is advisable to actively involve business entities in activities aimed at reducing poverty by providing tax benefits and preferences, in particular the possibility of installment payment of taxes and the establishment of reduced tax rates.

The law introduces amendments to the Tax Code of the Republic of Uzbekistan providing for the provision of installments for business entities to pay relevant taxes for certain periods depending on the number of new jobs they create, as well as payment of property tax for legal entities and land tax for legal entities at reduced tax rates.

In particular, it is possible to pay in installments all taxes, except value added tax, income tax and personal income tax provided for by the Code, depending on the number of new jobs created by them. In particular:

up to three months – when creating from 51 to 100 new jobs;
up to six months – when creating from 101 to 200 new jobs;
up to twelve months – when creating over 200 new jobs.

In addition, within the framework of the program “20 thousand entrepreneurs - 500 thousand qualified specialists”, legal entities that employ citizens included in the “Unified Register of Social Protection”, and they make up at least 20 percent of the total number of employees, are provided with tax benefits. property and land tax. In this case, the amount of tax benefits is determined by business entities based on the number of new jobs in the following amounts:

- 50 percent of the established tax rate - when they create from 51 to 100 new jobs;
- 75 percent of the established tax rate - when they create from 101 to 200 new jobs;
- when more than 200 new jobs are created, they are exempt from paying these taxes.

The enterprise must provide employment to citizens included in the “Unified Register of Social Protection” for at least one year with a monthly payment of wages in the amount of at least one minimum wage.

The senators noted that this Law serves to create favorable conditions for increasing employment, reducing poverty and encouraging business entities to hire members of low-income families.

The law was approved by senators.