Uzbekistan exempts exporters from obligatory sale of foreign exchange earnings
Uzbekistan, Tashkent, April 3 / Trend D. Azizov /
Uzbek exporting companies have been exempted from the mandatory sale of some foreign exchange earnings, directed to pay off as of April 1.
The move is envisaged by Uzbek President Islam Karimov's decision on "Additional measures to strengthen the incentives of exporting enterprises and expand exports of competitive products".
Moreover, the companies producing the goods are entitled to participate in international tenders for projects implemented in Uzbekistan.
According to the document, these contracts are almost equal to the export contracts by providing exporting enterprises with tax incentives.
The tax base for the single tax payment for micro firms and small enterprises to buy new equipment is being reduced by the amount of funds to implement quality management systems, certification of products for compliance with international standards, as well as the acquisition of complexes to hold laboratory tests.
Uzbekistan has a number of tax privileges and preferences granted to
The turnover on the sale of goods for export in foreign currency,
except for precious metals, is subject to VAT at a zero rate.
Textile enterprises selling 80 percent or more of its products for
freely convertible currency are exempt from property tax till January
Micro firms and small enterprises are exempt from the mandatory sale
of 50 percent of foreign exchange earnings coming from the export of