Uzbekistan proposes to cancel accounting for micro-firms

Tashkent, Uzbekistan (UzDaily.com) -- The Ministry of Economy has developed measures to further stimulate expansion of small businesses and private entrepreneurship in order to create competitive companies.

The draft decree of the President was developed by the Ministry of Economy. The document is posted on the RIA portal.

The document proposes from 1 January 2019 to abolish the requirements:

on conducting of accounting, introducing the procedure for filling the book of income and expenses, including in the form of an electronic document;

on providing of financial reporting, introducing a simplified system for declaring income and expenses.

It is also proposed to establish that from 1 January 2019, the subjects of small and medium business are:

• individual entrepreneurs;
• microfirms with an average annual number of employees of no more than twenty-five people;
• small enterprises with an average annual number of employees not more than one hundred;
• medium-sized enterprises with an average annual number of employees of no more than two hundred and fifty people.