State entrepreneurial support fund to appear in Uzbekistan
By Trend
Uzbekistan’s State Entrepreneurial Support Fund will be created under the supervision of the Cabinet of Ministers.
Under the relevant presidential decree, the fund’s main objective is to provide financial support to small businesses.
The sources of the fund’s resource base will be comprised of the initial contributions from the, to be subsequently abolished, Guarantee Fund for Small Industrial Zones in Tashkent and the Guarantee Fund for the development of small businesses in the amount of $50 million and 100 billion soums, respectively. Additional resources will be formed by the direct transfers from the state budget (within the limits of annually approved allocations for these purposes – 100 billion soums in 2017) and transfers of the part of the annual net profit of the Central Bank allocated to the state budget, as well as foreign loans and grants.
Uzbekistan’s president exempted the Fund from paying all kinds of taxes and mandatory transfers to the state trust funds, with the targeted use of the released funds for strengthening the State Entrepreneurial Support Fund’s resource, material and technical base.
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