Futures contracts are registered in the electronic information system of tax authorities

President Shavkat Mirziyoyev held a meeting on January 23 to support the cotton industry. The meeting discussed problems in the field, identified the necessary measures to solve them.

In particular, it was noted that the practice of compensating 50 percent of the cost of electricity consumed for irrigation of cotton fields by pumps will be introduced.

Last year, the price of mineral fertilizers in the domestic market increased by 50 percent, which caused a shortage of them. In this regard, it is proposed to extend the customs privileges for mineral fertilizers for another 3 years.

Responsible persons are instructed to streamline contracts and settle settlements between clusters and farmers, coordinate the cultivation of cotton and grain. It is determined that the penalties accrued to farms for non-payment of VAT at one time, as an exception, will be written off.

The task is to establish the registration of futures contracts in the electronic information system of tax authorities and integrate it with the Agroplatform information system Ministry of Agriculture. From now on, the average monthly futures quotes of the New York Stock Exchange will be published on the website of the Ministry of Agriculture.

The necessity of localization by domestic scientific institutes in the field of cotton growing of high-yielding and undemanding cotton varieties used abroad is emphasized.

The meeting also touched upon the challenges facing agriculture in the current year. There is also a great need in our country for top and middle-level specialists for the food industry. In this regard, the proposal to create a new institute for the training of such personnel based on the experience of foreign countries was approved.