A Business Development Bank was established in Uzbekistan

The Presidential decision "On measures to implement the tasks set in the open dialogue of the President of the Republic of Uzbekistan with entrepreneurs in 2023" was adopted. By decision, the Business Development Bank was established on the basis of the joint-stock commercial bank "Kishloq Kurilish Bank" and the following: - Limited Liability Company "Small Business Development Fund"; - 14 small business assistance centers in the regions. As part of family entrepreneurship programs, the Business Development Bank allocates loans for small business projects for a period of up to 7 years. For entrepreneurs with a positive credit and tax history, the collateral requirement is reduced by 50 percent. According to the decision, the "140 advanced industrial enterprises" program will be implemented in industrial sectors. Accordingly, for the financing of the projects of the manufacturers included in this program, loan funds will be allocated for a period of 10 years at an annual rate of 4 percent in foreign currency and 10 percent in national currency. In addition, an electronic platform will be launched to digitize the implementation of the program. According to the decision: - the practice of using the coefficient of tax break (tax gap) in compensating (refunding) the negative amount of value added tax is prohibited; - The procedure for suspending the validity of the special VAT registration certificate is cancelled; - the income threshold of entrepreneurs who pay profit tax every month will be increased from 5 billion soums to 10 billion soums. Source: Uzreport.news