Tashkent, Uzbekistan (UzDaily.com) -- Bukhara regional Council of Liberal Democratic Party of Uzbekistan in cooperation with its faction in parliament, regional tax body, regional department for privatization, demonpolization and development of competition, regional department of Chamber of Commerce and Industry of Uzbekistan organized a seminar titled “Issues of further improving policy and tax system to support business entities”.

Uzbekistan ensures sustainable economic growth and macroeconomic balance in economy. The bank allocated 4.8 trillion soums to small and private businesses, which rose 1.3 times year-on-year. Improvement of business environment ensures growth of GDP and stability of national economy.

Since 2005, Uzbekistan adopts legal acts to improve business environment in Uzbekistan. In particular, the country cut number of inspection of enterprises. The controlling bodies can impose sanctions against businesses only via courts.

On 7 April 2014, the moratoria for inspection of businesses, who timely pay taxes and ensure sustainable growth rates, was prolonged in Uzbekistan till 1 January 2017.

According to opinion of UzLiDeP activists, the country is also decreasing of tax burden for businesses. Uzbekistan also simplifies and unifies taxation system, which creates additional opportunities to businesses.

From 1 January 2014, the income tax was cut from 9% to 8%, which will allow business entities to save about 2.6 billion soums. The farmers were exempted from payment of 3.5% mandatory payment to off-budget funds, etc.

At the event, it was underlined that it is necessary to improve business environment further to eliminate existing problems and shortages.

Recommendations were developed at the meeting.