Uzbek Senate rejects amendments to law on foreign investments

Uzbek Senate rejects amendments to law on foreign investments

Uzbekistan, Tashkent, March 26 / Trend D.Azizov /

Uzbek senators reached a decision at a meeting on Friday to reject and send for revision, a law on introducing amendments and addenda to the law 'On foreign investments'.

The law has been rejected due to the fact that it requires additional and a more in-depth study, taking into account the priorities to improve the investment activity set before the government by the head of state.

As reported in February, the lower house of the Uzbek parliament adopted the amendments and supplements to this law providing for incentives to attract foreign investment, to create more favourable conditions for foreign investors in Uzbekistan.

Amendments were made to six Articles and related regulations on foreign investment, enterprises with foreign investment, rights, responsibilities and business activities of foreign investors as well as the attraction of foreign workers.

In particular, for enterprises with foreign investment (FDI) the principle of the registration of a 'single window' has been approved and the visa regime simplified.

Foreign investors - FDI founders, have the right to enter and remain in the Republic for the entire period of their shares (deposits) in the FDI by getting multiple entry visas.

Currently, the maximum term of a single-entry visa for foreign citizens in Uzbekistan is three months.

Foreign investors have the right to own and freely dispose of income (including its unhindered repatriation), obtained as a result of investment activities, 'subject to payment of taxes and other obligatory payments in accordance with the laws of the republic'.

A separate article of the amended law specifies the right to the preferential application of tax and customs legislation within 10 years from the date of registration for FDI, in which the contribution of the foreign investor is $5 million or more.

In accordance with the amendments, this privilege does not apply to changes in interest rates of the single social payment and customs duties as well as the introduction of other non-tariff measures relating to the protection of economic interests of the republic, as well as changes in legislation in the sphere of national security, ensuring defence capability, environment and health.

Under the Uzbek law, enterprises with foreign investment are FDI with an authorised fund of at least $150,000, in which the share of foreign capital is 30 per cent.

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