Tashkent, Uzbekistan (UzDaily.com) -- From 1 February 2024, a sustainability rating of entrepreneurs will begin to function in Uzbekistan, encouraging efficient business conduct.

The President of Uzbekistan Shavkat Mirzayev signed a resolution “On measures to implement the sustainability rating of business entities.”

Enterprises with a high rating are exempt from all inspections, will quickly receive a VAT refund and will have privileges when purchasing land and state property.

Entrepreneurs will be divided into categories:

• AAA, AA and A – high level of stability;
• BBB, BB and B – average;
• CCC, CC and C – satisfactory;
• D – low.

The rating is generated automatically on the electronic platform of the Tax Committee (TC) through interdepartmental data exchange and published on the website of the Chamber of Commerce and Industry (CCI).

The Chamber of Commerce and Industry, together with the Tax Committee, the business ombudsman and interested departments, was instructed to develop a methodological manual on the criteria for rating indicators within two weeks and ensure its distribution among businesses through the taxpayer’s personal account.

Entrepreneurs with a high rating will be given incentives.

A business with a AAA rating does not undergo tax audits (with the exception of audits in criminal cases). VAT amounts are refunded within one day without inspections (currently from 7 to 30 days).

Entrepreneurs with a rating of “AA” and above, operating in areas of the 4th and 5th tax categories, can purchase state property and land on more favorable terms. In particular, if you pay an initial payment of at least 15% for a state asset and a non-agricultural land plot, the remaining balance can be paid within 5 years (currently 3 years). In this case, annual interest at the main rate of the Central Bank is not accrued on the remaining amount.

For businesses rated “A” and above, overpaid taxes (excluding VAT) are refunded within three days (currently 15 days). In addition, the procedure for mutual accounting of VAT amounts paid when importing goods and selling goods (services) is applied.

These incentive measures do not apply to state-owned enterprises and companies with a state share of 50% or higher.

Entrepreneurs with a high rating every year on the eve of 20 August - Entrepreneurs Day - will be recommended for state awards and the “Faol Tadbirkor” badge.

From 1 April, subsidies, benefits and preferences will be applied to businesses depending on their rating level.