Uzbekistan Establishes Business Development Bank
Uzbekistan Establishes Business Development Bank
A Business Development Bank has been established in Uzbekistan.
This bank is formed by merging the joint-stock commercial bank "Qishloq Qurilish Bank" with the Limited Liability Company "Small Business Development Fund" and the incorporation of 14 small business assistance centers in the regions.
Under the family entrepreneurship program, the Business Development Bank offers loans for small business projects with a maximum duration of 7 years. Entrepreneurs with a positive credit and tax history will benefit from a 50 percent reduction in collateral requirements.
Furthermore, the decision outlines the implementation of the "140 advanced industrial enterprises" program in various industrial sectors. Manufacturers within this program will receive loan funds for a 10-year period, with an annual interest rate of 4 percent in foreign currency and 10 percent in the national currency. An electronic platform will also be introduced to streamline program management.
Additionally, the decision discontinues the practice of using the tax break coefficient for offsetting negative value-added tax amounts, eliminates the procedure for suspending the special VAT registration certificate's validity, and raises the income threshold for entrepreneurs paying monthly profit tax from 5 billion soums to 10 billion soums.
.png "YouTube UZREPORT TV")
