Income tax is reduced from 14 to 12 percent
At the meeting that was held by the President of Uzbekistan on December 20, instructions were given on the introduction of modern information technologies, providing legal entities with necessary computer programs, preparing accountants for proper organization of the assigned tasks.
At the meeting that was held by the President of Uzbekistan on December 20, instructions were given on the introduction of modern information technologies, providing legal entities with necessary computer programs, preparing accountants for proper organization of the assigned tasks.
The need for improving the work of the web page with answers to frequently asked questions and round-the-clock call-centers so that taxpayers could get an explanation of any arising ambiguities was noted.
The Head of the state paid special attention to the issue of preventing price increases as a result of the spread of VAT on small business. Responsible persons were given instructions on ensuring correct pricing at all stages of production until the finished product is obtained by introducing a tax on the value added to be created, preventing unreasonable price increases at each stage of production of finished products.
A number of innovations were introduced to the new tax system for legalizing informal activities. So, the profit tax is reduced from 14 to 12 percent, it is paid only when the entrepreneur receives income. To reduce informal employment, instead of income tax, reaching up to 30 percent of the wage, a single 12 percent tax was introduced, and 8 percent insurance premiums were completely abolished. The rate of the unified social payment, which has put a heavy burden on the business community, has been reduced from 25 percent to 12 percent. The rates of fixed tax payment for individual entrepreneurs are reduced by 30 percent.
These opportunities will encourage entrepreneurs to work honestly and create more jobs.