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Uzbekistan creates association of medicinal plant producers

Business Materials 2 February 2018 12:23 (UTC +04:00)

Baku, Azerbaijan, Feb. 2

By Nigar Guliyeva – Trend:

Association of organizations manufacturing and processing of licorice and other medicinal plants was established in Uzbekistan in accordance with the Resolution of the Cabinet of Ministers.

The Association should coordinate implementation of programs on integrated development of this industry, increase production volumes, create specialized plantations (up to 25,000 hectares to be allocated for this); actively attract foreign investments, specialists, etc.

Organizations engaged in cultivation and processing of licorice and other medicinal plants can become members of the association.

Furthermore, the decree stipulates introduction of incentives for businesses that create licorice plantations and other medicinal plants, as well as processing and manufacturing of finished products from the root of licorice and other medicinal plants.

Until Jan.1, 2024, they are granted benefits in the form of exemption from payment of land tax, profit tax, corporate property tax, single tax payment, single land tax, as well as mandatory contributions to the Fund for the Development of the Material and Technical Base of Educational and Medical Institutions under the Finance Ministry.

They are also exempted from customs payments (except for customs clearance fees) for technological equipment not manufactured in the republic, specialized agricultural machinery, component parts and spare parts, raw materials, materials, construction materials, as well as seeds and seedlings of licorice and other medicinal plants imported for their own production needs.

The document came into force from Feb.1, 2018.

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