Mirziyoyev announces major tax relief for farmers

The collection of 1 trillion sums in penalties accumulated due to farmers' failure to pay their tax debts on time will be waived. This announcement was made on March 19 during a meeting between President Shavkat Mirziyoyev and representatives of small and medium-sized businesses, where discussions focused on strengthening the sector’s role in the economy and advancing its development.  

"Now, a three-year moratorium will be introduced on the adoption of regulatory documents that impose additional requirements and obligations on small and medium-sized businesses.  

An important update for farmers is that the collection of 1 trillion soums in penalties due to late tax payments will be waived," the President stated.  

Additionally, new regulations will be introduced to streamline business closures. Currently, businesses—regardless of size—are required to undergo a financial audit before terminating their operations. This has resulted in thousands of small enterprises waiting for an auditor to assess their financial records before they can officially close.  

To simplify the process, enterprises with a turnover of no more than 10 billion sums over the past three years and no outstanding tax debts will no longer be subject to mandatory inspections during voluntary liquidation.  

It was also announced that VAT and profit tax rates will remain unchanged until January 1, 2028.  

The President noted that entrepreneurs are becoming more eager to enter new markets by innovating, reducing costs, and improving quality. However, many lack the necessary guidance on where to expand, whom to collaborate with, and how to access specialists and new technologies.  

To address this, project offices dedicated to supporting small and medium-sized industrial enterprises will be established in 20 districts. These offices will bring in foreign experts, including engineers, technologists, designers, accountants, and marketers, to assist local businesses. A total of 100 billion sums will be allocated for this initiative in 2024.  

The project offices will help enterprises reduce costs, enhance quality and technology, scale up operations, and transition to industrial-level production.  

Additionally, specialized programs will be launched to support entrepreneurs in key sectors, such as equipment and devices, medical technology, the electronics industry, and logistics. These sectors are expected to become new drivers of growth for small businesses.