Shavkat Mirziyoyev, the President of Uzbekistan, recently dedicated his time to familiarizing himself thoroughly with the draft rating of business sustainability. This significant initiative, developed by the Chamber of Commerce and Industry at the President’s behest, aims to provide a comprehensive assessment of businesses while incentivizing their development and growth in the country.
The rating system, meticulously designed to automatically calculate a company’s rating based on 23 specific criteria, encompasses various factors such as the duration of business activity, payment discipline, average salary, and credit history.
With such a holistic approach, this rating system has the potential to revolutionize the way businesses are evaluated and recognized. The platform will draw data from multiple sources, including the tax inspectorate, justice authorities, and the court, to ensure accuracy.
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Entrepreneurs who achieve high ratings in this system will enjoy many benefits and privileges. Tax audits will be waived for them, and the process of VAT refund will be expedited, possibly taking as little as one day. Additionally, any overpaid amounts for other types of taxes will be promptly refunded within three days.
Furthermore, businesses with exceptional scores will be granted VAT offset when importing and selling goods. Moreover, they will be able to pay for state property and land plots purchased at auctions in installments over five years instead of the previous three years, with an initial payment of 15% or more being exempt from interest.
While the rating system undoubtedly offers numerous advantages and opportunities, it also serves crucial protective functions. Business representatives will have access to reliable information about potential partners, enabling them to assess the risk of dubious transactions and unfair competition. This increased transparency will help combat the shadow economy and foster a more trustworthy and reliable business environment.
To ensure the effective operation and implementation of the rating system, the President has recommended involving the Public Council for Entrepreneurship Support. The platform is set to be launched by March 1, with the expectation that its implementation will significantly reduce the influence of the human factor in assessing entrepreneurs’ activities.
Furthermore, the rating system will enhance transparency in allocating subsidies and benefits, ultimately fostering economic growth and stability.
The draft rating of business sustainability holds great promise for both businesses and the overall economic landscape of Uzbekistan. Through its comprehensive and transparent assessment, it aims to encourage growth, reduce the prevalence of the shadow economy, and build a more reliable and thriving business ecosystem that will drive the country’s economic prosperity and development.