Uzbekistan increases taxes on certain non-ferrous, precious metals
Baku, Azerbaijan, July 24
By Fikret Dolukhanov – Trend:
Uzbekistan has increased taxes on use of subsoil for extraction of non-ferrous and precious metals, Uzbek media reported referring to the decree of Uzbek President Shavkat Mirziyoyev.
According to the decree, the tax on gold mining increased from 5 percent to 32 percent of the taxable base, silver – from 8 percent to 32 percent, copper – from 8.1 percent to 30 percent, and zinc – from 4 percent to 20 percent. Previous rates have been in force since 2000.
These measures were taken to increase revenues of the state budget of Uzbekistan, as well as to rationalize use of the funds of individual enterprises in the sphere.
It was earlier reported that the Navoi Mining and Metallurgical Combine and the Almalyk Mining and Metallurgical Combine are in the Top-3 taxpayers in Uzbekistan.
The total share of the two plants in the budget revenues in 2018 is 8.1 percent, with the contributions of the Navoi MMC at 5 percent and the contributions of the Almalyk MMC at 3.1 percent.
The mineral and raw materials potential of Uzbekistan's subsoil is estimated at $5.7 trillion.
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