Tashkent, Uzbekistan (UzDaily.com) – On 12 December, the Ministry of Innovative Development of the Republic of Uzbekistan together with the Banking and Finance Academy held a republican forum of financiers on the theme "Improving acceleration mechanisms in the field of fiscal and pension policies."

The main goal of the forum is to promote the development of industries, taking into account the best foreign practices, as well as the experience of Uzbekistan in order to improve the fiscal and pension sectors.

The fact of improving tax regimes in accordance with modern processes of globalization, integration and innovative development contributes to the effectiveness of the expected results in the economy. In particular, in developed countries, various tax incentives have been introduced to participate in research and development of innovative activities of the private sector and the commercialization of the results of their activities. The Ministry of Innovative Development proposes the introduction of tax credits and patent exemptions, which are used in world practice to promote the creators of intellectual property.

Tax credits are purposefully issued for innovative activities, in contrast to the existing tax holidays and tax debts held to maturity in the current tax legislation. At the same time, budget revenues are protected from the effects of inflation, while free cash remaining at the disposal of private sector enterprises contributes to the effective implementation of research and development work. As a result of the commercialization of the inventions created, a full and timely payment of a tax credit is ensured, and bad tax debts are also prevented.

“Patent-Box” is a type of targeted exemption aimed at the result of a tax deduction, that is, for each research and development work carried out aimed at creating a specific product and patenting it. New high-tech innovations in these markets lead to the creation of competitive goods and services and serve to ensure sustainable economic growth.

It is worth noting that the President of the Republic of Uzbekistan emphasized the need to increase the payment of pension contributions by moving to a three-tier pension system.

In this regard, employees of the Ministry of Innovation Development made suggestions on the prospects for applying international best practices in creating non-state pension funds in our country in order to increase the pension income of citizens and ensure the stability of the pension fund.