...

Uzbekistan to establish new FEZ

Economy Materials 14 September 2019 09:47 (UTC +04:00)

Baku, Azerbaijan, Sept. 14

By Fakhri Vakilov-Trend:

President of Uzbekistan signed a decree on the establishment of the Chirocci Free Economic Zone (FEZ) in the Chirakchi district of the Kashkadarya region, Trend reports citing the Uzbek media.

The period of functioning of FEZ will be 30 years with the possibility of its subsequent extension. During this time, special tax, customs and currency regimes will operate on its territory.

All enterprises of the zone, depending on the volume of investments, will be exempted for different periods from paying land tax, income tax, property tax for legal entities, tax on improvement and development of social infrastructure, a single tax payment for small enterprises, as well as mandatory contributions to target state funds.

For example, the person investing from $300,000 to $3 million will receive benefits for three years; from $3 to $5 million - for five years; from $5 to $10 million - for seven years, and over $10 million - for ten years.

In addition, for the entire period of activity of the FEZ , the investors will be exempted from paying customs duties on imported raw materials, materials and components of products to be exported.

Tags:
Latest

Latest