Profit tax will be reduced by 50% in Karakalpakstan

In Karakalpakstan, the profit tax rate will be reduced by 50% to 7.5%.  President Shavkat Mirziyoyev relayed this information in his speech at the special session of Supreme Council in Nukus.

The president gave specific orders to the heads of the official ministries and agencies to provide additional privileges and facilities in Karakalpakstan.  In particular, in order to develop entrepreneurship in Karakalpakstan, the following was instructed:

• lowering the profit tax rate for the region from 15 percent to 7.5 percent;

• reducing the turnover tax rate from 4% to 2% in the city of Nukus, from 2% to 1% in the districts, and from 1% to 0.5% in remote areas;

• submitting a draft decision on reducing property and land tax rates by 2 times.

In addition, this year, 200 billion soms will be allocated for family business programs in addition to the planned 650 billion soms.

Regarding solving issues in the agrarian sector, instructions were given as follows:

• reduce 6 thousand 620 hectares of cotton and grain lands by the end of the year, and 6 thousand hectares next year, and start renting them out to the population;

• allocation of 200 billion soms to farmers and 50 billion soms to peasants for the cost of planting crops;

• in order to improve the water supply, allocating subsidies of up to 15 million soms and other financial support for the drilling and commissioning of each well.

It should be noted that during the extraordinary session of the Supreme Council, the Speaker of the Parliament Murat Kamalov was relieved of his post.  Amanbay Tleubayevich Orinbayev, the first deputy of the Chairman of the Council of Ministers of the Republic of Karakalpakstan for issues of ecology and development of the Aral regions, was nominated in his post.