INFORMATION DIGEST - PRESS OF UZBEKISTAN - February 18, 2016

Отправлено 23 февр. 2016 г., 8:37 пользователем Webmaster Ambasciata
INVESTMENTS
Uzbekistan to sell 15% stake in companies to foreign investors

BUSINESS CLIMATE
Uzbekistan: Taxes as Motivation for Development

CONTESTS
International competition for XI National award "Oltin Qalam" kicks off

CULTURE
Uzbekistan to host International jazz festival in April 2016


investments

Uzbekistan to sell 15% stake in companies to foreign investors

The Government of Uzbekistan approved a list of joint stock companies, at least 15% of state share in the stock capital to foreign investors.

Cabinet of Ministers approved a list of 25 joint stock companies, at least 15% of state stakes in which will be realized to foreign investors.

The list includes such companies as Uzbekyengilsanoat, Uzbektelecom, Uzbekiston Pochtasi, Matbuot Tarqatuvchi, Uzsanoatexport, Markaziy Ipodrom, Uzbekistan Stock Exchange, etc.

It is also planned to sell shares of five banks – Asaka Bank, Qishloq Qurilish Bank, Agrobank, Ipoteka Bank and Microkreditbank.

The resolution also approved a list of 64 joint stock companies, at least 15% of state stakes in which will be realized to foreign investors due to placement of additional shares.

The list includes enterprises of oil and gas industry, wine and vodka factories, construction companies of Uzbekenergo, Shargunkumir and others.

(Source: UzDaily.com)

BUSINESS CLIMATE

Uzbekistan: Taxes as Motivation for Development

The Uzbek tax system has been leading in the region in the level of modern technologies and transparency, by right. At the same time, it is seen not a burden for businesses, but a partner shoulder that provides not only benefits and preferences, but also consulting support, if needed.

Reduced single tax rate for small businesses and micro-firms engaged in the service sector by 5% has been a notable innovation in the tax field this year. Experts say this is the most optimal rate on global scale. The tax practice of foreign countries does not stipulate a separate taxation scale for small or medium-sized enterprises.

In many developed countries, taxes are levied in accordance with incomes obtained. In the United States, for example, large and small businesses pay taxes in accordance with income, and with the minimum tax rate of 15%. In the UK, small and medium enterprises, as well as other taxpayers, follow the rules of accounting and income declaration. There is a growing taxation scale there, which implies that the rate increases in line with incomes.

“The single tax rate for microfirms and small enterprises was introduced in Uzbekistan on July 1, 2005,” comments the chief of the Main Taxation Department, the State Tax Committee of Uzbekistan, Khamidjon Khabibiddinov. “This means that businessmen pay a single tax instead of paying compulsory contributions to the Off-Budget Pension Fund, the Republican Road Fund and the School Education Fund. This allows them to increase their revenues and consistently developing their business.”

In 2005, the single tax rate was 13%. It has been significantly reduced in recent years, reaching 5%. It is noteworthy that the income tax rate does not change regardless of increased profits. This year alone, the reduction will enable microfirms and small businesses saving 58.4 billion soums. (currency rates of CB RU from 18.02.2016, 1$= 2846.63 soums)

Uzbekistan has been pursuing a policy of overall support for small businesses and private enterprises, providing them with privileges, preferences and guarantees, and creating favorable conditions for their development. As a result, the share of small business and private entrepreneurship in the gross domestic product has grown to 56.7% against 31% in 2000. The sector produces a third of the total country’s industrial output, and 98% of agricultural production. It employs more than 77% of the employed population.

Article 354 of the Tax Code entitles single taxpayers to extend the period of single tax payment by one year from the date of registration. Upon the expiry of the grace period, the prolonged amount is paid in equal installments within twelve months in accordance with legislative acts. This is a powerful incentive for microfirms and small enterprises to organize their work.

Business entities were provided with a privilege of reduced tax for the purchase of new technological equipment for five years, introduction of quality management systems, certification of products for compliance with international standards, the acquisition systems for laboratory tests and trials. It also provides the conditions for enterprises to develop in line with the requirements of the time.

The term of benefits on income and single tax for small businesses and microfirms that are engaged in the service sector was extended by January 1, 2017.

All the benefits and preferences for the development of small business and private entrepreneurship have been contributing in improvement of people's welfare and country’s prosperity, because this sector is currently seen as a major driver of economic growth in most countries in the world.

(Source: «Uzbekistan Today» newspaper)

Contests

International competition for XI National award "Oltin Qalam" kicks off

On February 10, the National press center of Uzbekistan hosted a meeting of the organizing committee on preparation and holding of the International competition for the XI National journalism award “Oltin Qalam” (Golden pen).

Established at the initiative of our President and devoted to world press freedom day this competition is organized by the Creative Union of journalists of Uzbekistan and the Center for retraining of journalists in cooperation with the Public Fund for support and development of independent print media and news agencies , National electronic media association, the National broadcasting company, the Ministry of culture and sports, Information Agency “UzReport” and the Council of the Federation of trade unions of Uzbekistan in order to popularize the best achievements in journalism, the existence of high civil position of media workers, journalists, development of critical thinking and new approaches in their work.

The competition is held among 4 types of media - television, radio, print and Internet journalism. There are thirteen awards available – one major national award and on three in each nomination. There is also available an incentive nomination "Best photo report" and "Best press service".

The meeting discussed the organizational issues of organization and holding of the International competition. In particular, the participants discussed and approved the composition and work plan of the organizing committee and its working groups.

As was noted, a jury comprised of prominent journalists and median experts will determine the winners. Submitted to the contest creative works will be judged on the basis tasks put before the journalists, particular attention will be given to analytical, critical material on the current topic.

The participants also highlighted the incentive awards established by the Council of Federation of trade unions of Uzbekistan, Public Fund for support and development of independent print media and news agencies.

According to a tradition, the prize for the competition is established by accredited in Uzbekistan representative offices of the UN, UNESCO, USAID, international NGO “Regional dialogue” (Slovenia) and the Association of national universities of Germany.

The winners of the International competition will be announced on May 3, in the World press freedom day, at a ceremony in the Palace “Turkiston”.

The prestige of the competition is increasing from year to year. At the first competition for National prize “Oltin Kalam”, held in 2006, a total of 136 journalists presented 669 creative works, the competition held in 2015 was attended by more than 690 creative workers with 15 thousand materials. Overall, about 70 thousand creative works of about 5 thousand journalists have been considered by this time. 222 journalists had been announced as winners of the contest. They were awarded funds in the amount of 1 billion 200 million soums. (currency rates of CB RU from 18.02.2016, 1$= 2846.63 soums)

(Source: UzReport.uz)

CULTURE

Uzbekistan to host International jazz festival in April 2016

In April, it is planned to hold the II International jazz festival in Uzbekistan. This festival is organized by the State Conservatory of Uzbekistan, the State jazz orchestra of Uzbekistan named after B. Zakirov and the Theatre "Ilkhom" ("Ilkhom jazz Club" project) with the support and participation of several embassies and of the Ministry of culture and sports of Uzbekistan, under the auspices of the UNESCO office in Uzbekistan.

The aim of the festival is to enable jazz musicians of Uzbekistan and abroad to hold a celebration of this universal language of the world, through various events in Tashkent and other cities of Uzbekistan.

"Today, musicians from France, Latvia, Turkey and the USA have already confirmed their participation, and some embassies are currently reviewing the participation of their musicians", - the message of the UNESCO office in Tashkent states.

In November 2011, April 30 was officially proclaimed by UNESCO as the "International jazz day" in order to emphasize its role in uniting people from all corners of the globe. In December 2012, the UN General Assembly officially approved the decision to proclaim April 30 as International jazz day. April is a common month for the recognition of jazz.

International jazz day promotes the pursuit of peace, intercultural dialogue, cultural diversity and respect for human rights and human dignity. International jazz day brings together civil society, educational institutions, artists, historians, teachers, and music lovers from around the world to mark this celebration and to learn more about jazz, its roots, culture and influence.

All countries of the world are invited to join the celebration and to pay tribute to the jazz. The goal is to create a world community that through jazz brings together and builds peace. The capital of International jazz day in 2016 will be Washington. On 30 April, 2016, thousand jazz performances and programs will be held in more than 190 countries around the world.

(Source: UzReport.uz)

 

 

 

Reference to the source is a must in reproducing materials

Comments