From 1 April 2020, according to innovations in tax legislation, the income tax exemption for individuals who received assistance from charitable foundations was canceled.
During quarantine, when every citizen is asked not to leave their place of residence unnecessarily and to remain isolated, on the recommendation of the Central Bank, banks in Uzbekistan began to provide borrowers with credit holidays and take other support measures.
The Central Bank of Uzbekistan launched a new website designed using infographics and the function of adapting to various devices. The website takes into account all the needs of a wide range of users, including a list of interactive services, and meets the established requirements for posting information on the official pages of government bodies.
The World Bank’s Board of Executive Directors today approved a first set of emergency support operations for developing countries around the world, using a dedicated, fast-track facility for COVID-19 (coronavirus) response. The first group of projects, amounting to $1.9 billion, will assist 25 countries, and new operations are moving forward in over 40 countries using the fast-track process. In addition, the World Bank is working worldwide to redeploy resources in existing World Bank financed projects worth up to $1.7 billion, including through restructuring, use of emergency components of existing projects (CERCs) and triggering of CAT DDOs and spanning every region.
By a decree of the President of the Republic of Uzbekistan “On priority measures to mitigate the negative impact on the economy of the coronavirus pandemic and global crisis phenomena” from 19 March 2020, the tax burden for entrepreneurs during the quarantine period is reduced. This was reported by the press service of the State Tax Committee.
In order to create favorable conditions for the further development of microfinancing, on 17 March 2020, the President signed the Law “On Amending the Law of the Republic of Uzbekistan “On Microfinancing”.
In the Best Bank Awards 2020 contest held by AsiaMoney magazine, Uzpromstroybank (UzPSB) was recognized as the winner in the Best Local Bank nomination.
The Asian Development Bank’s (ADB) Trade Finance Program (TFP) and Asia Alliance Bank from Uzbekistan today signed an agreement to provide guarantees supporting trade in the country.