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 In a recent open dialogue with entrepreneurs, Uzbek President Shavkat Mirziyoyev revealed a series of measures to support food and drink venues in the country. From January 1, catering businesses will be eligible to receive a portion of the VAT in cashback.

Under the new scheme, catering enterprises that process 60% of their monthly turnover through non-cash transactions will receive an immediate 40% VAT refund after payment. If the non-cash turnover exceeds 60%, the cashback will be reduced to 20%.
The president also announced a half-cut in income tax for restaurants and cafes that are VAT payers. Furthermore, starting from...

President Shavkat Mirziyoyev believes that Uzbekistan’s decision to join the World Trade Organization (WTO) is a carefully considered and forward-thinking choice. During a discussion with Uzbek entrepreneurs, he emphasized that WTO membership is crucial to the country’s reforms.
Addressing concerns about potential negative impacts, Mirziyoyev stressed the importance of import duties and ongoing negotiations with WTO members.

He highlighted the significance of establishing a level playing field for trade and pursuing an export-oriented industrial and trade policy to ensure the nation’s future economic growth.

Mirziyoyev further emphasied the need for Uzbekistan to align with international standards to enhance the...

Agricultural exports are vital to Uzbekistan’s economy, but this reliance makes the country vulnerable to climate change. Suna Park, advisor to the Minister of Ecology, Environmental Protection, and Climate Change and director of the National Center for Green Transformation and Adaptation to Climate Change, told how the weather affects the country’s economy.

The expert underlines that the air temperature in Central Asia has increased by 1.5 degrees over 30 years, double the global average. Moreover, in the past 50-60 years, the region’s glaciers have decreased by 30%.

These factors lead to water scarcity, soil degradation, and an increased risk of...

The Central Bank of Uzbekistan has approved regulations on Islamic funding for microfinance institutions (MFIs). The regulations are developed in accordance with the standards of AAOIFI (the Accounting and Auditing Organization of Islamic Financial Institutions) and consider local expertise, as explained by the Central Bank.

The regulations outline the core requirements for the provision of services. For instance, an MFI should establish Special Board of Islamic finance coordination (with the option to outsource this function).

In cases where MFIs also provide traditional financial services, the accounting for Islamic transactions must be kept separate.

The regulation details the procedure...

Nowadays, distances seem shorter, and borders are more open, so travelling has become an essential part of the lifestyle. It opens up world destinations for exploring different cultures, promoting tolerance and creating opportunities for international cooperation.

In May 2024, Mastercard released its fifth annual report, Travel Trends 2024: Breaking Boundaries, identifying current travel industry trends. For example, the report revealed that travellers spend one more day on holiday than before the COVID-19 pandemic.

Kursiv interviewed Suleyman Sozeri, the company’s vice president for the CIS countries, about how Mastercard turns tourism into a world economic development driver by hard numbers...