On November 1, President of Uzbekistan Shavkat Mirziyoyev held a meeting in Tashkent to evaluate the effectiveness of tax incentives for various sectors of the economy, the press office of the President of Uzbekistan reported.
The participants evaluated the intermediate impacts of the introduction of tax incentives for local entrepreneurs. Last year, these incentives made it possible to set up 170,000 new business entities in Uzbekistan, create more than 500 new jobs and increase the number of exporters among Uzbek manufacturers. The incentives partially compensate for the costs of international standardization, advertising services and insurance. However, some of the incentives turn out to be ineffective or misused. In this regard, the President instructed that measures be taken to improve the effectiveness of the incentives.
Tax incentives should be provided depending on the level of development of the regions. The need to inventory tax and customs incentives, unify the incentives provided to foreign and local investors and identified the ineffective incentives.
The President instructed the Chamber of Accounts to open a department for monitoring and evaluation of the effectiveness of incentives, and the Prime Minister and Minister of Finance to introduce a monitoring system that ensure that they were used for the purpose intended.
President Mirziyoyev emphasised the need to make on-site visits and adopt decisions, taking into account the conditions of the regions, particularly the most remote ones.
