Enterprises transitioning to the Value Added Tax (VAT) system will be exempt from profit tax for one year. This was reported by Zamin.uz.
This was announced by President Shavkat Mirziyoyev during a meeting with entrepreneurs. Due to the VAT rate being reduced to 12 percent, the number of entrepreneurs transitioning to this system is increasing.
Within the framework of the new benefits, if there is an error in the calculations of enterprises that have switched to VAT, no penalty will be applied. Additionally, the portion of the accountant's salary up to 5 million soms will be exempt from taxes for six months.
The advance payment requirement currently applicable to enterprises with an annual turnover exceeding 10 billion soms will now only apply to those with a turnover exceeding 20 billion soms. Through this measure, nearly 14,000 entrepreneurs will retain a total of 1 trillion soms in funds.
Until November 1, entrepreneurs will have the opportunity to independently correct tax errors and start their tax rating from a "clean slate." This opportunity has been created through a tax amnesty.
Starting from 2026, tax authorities will prepare reports on land, property, social, and income taxes. Entrepreneurs will then have five days to review these reports and make necessary corrections.
Furthermore, the amount of fines for small businesses will be reduced threefold. Source: Kursiv.uz
