Entrepreneur’s tax burden to be reduced 3–4 times

Starting from November 1 of this year, entrepreneurs in Uzbekistan will be provided with a universal QR code that enables payments through all mobile payment applications. This was announced today, August 20, during President Shavkat Mirziyoyev’s open dialogue with entrepreneurs.

It was noted that there are more than 40 electronic payment providers in the country, and citizens use whichever mobile application is most convenient for them. Beginning November 1, entrepreneurs will receive a universal QR code that allows payments through all mobile payment applications.

From January 1 next year, all entrepreneurs with an annual turnover of up to 1 billion soums will switch to a unified tax system, paying 1 percent of their turnover. For example, an individual entrepreneur with a turnover of up to 100 million soums, who currently pays up to 12 million soums in fixed tax annually, will instead pay no more than 1 million soums. Likewise, entrepreneurs with a turnover between 100 million and 1 billion soums, who previously paid 30–40 million soums in taxes, will see their tax burden reduced three to four times.

"In general, thanks to the conditions being created, individual entrepreneurs will retain 1 trillion soums annually. Imagine that, 1 trillion soums. This serves as an additional resource for small businesses and offers individual entrepreneurs another opportunity to take their ventures to the next stage," the President said.

The Head of State also introduced entirely new initiatives in other areas of entrepreneurship, all of which will take effect immediately. In particular, the services sector, one of the most efficient areas for creating short-term and rapidly profitable jobs, will be developed at an accelerated pace.

Since the beginning of the year, nearly 7 million foreign tourists have visited Uzbekistan, while 15 million citizens have traveled domestically. Over the next three to four years, the annual inflow of foreign tourists is expected to reach at least 15 million. For this reason, a new program to boost tourism will be launched.