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Uzbekistan to launch test project to improve investment climate

Business Materials 16 August 2018 12:48 (UTC +04:00)

Baku, Azerbaijan, Aug. 16

By Fikret Dolukhanov – Trend:

An experiment for improvement of investment climate in the capital of Uzbekistan will be implemented for the period of one year (until August 15, 2019), according to which the decisions on many issues will be taken by the metropolitan administration, the Uzbek TV channel "Uzbekistan 24" reported.

The corresponding decree was signed by President of Uzbekistan Shavkat Mirziyoyev Aug. 15. The document allows for a new system of cooperation with investors.

The head of the administration of Tashkent city has the right to conclude investment agreements, if they refer to the implementation of investment projects with a share of foreign investments in the amount equivalent to $10 million and above.

In accordance with the new procedure, now the land plots and state-owned facilities regardless of their area can be transferred in possession of and for use by investors for implementation of investment activities after direct negotiations and with the conclusion of contracts.

Other innovations include the provision to private management organizations of the functions of the directorates of small industrial zones on the basis of a fiduciary management agreement.

Land plots will now first be allocated to the investor for a period of one year or more, depending on the complexity of the project. During this period, the conditions stipulated in the contract must be fulfilled. If the investor fails to do so, the allocation will be cancelled without compensation and reimbursement of damages.

Beginning from October 1, 2018, the procedure for payment of fixed tax by legal entities providing services for temporary storage of vehicles will be canceled and the transition to the payment of a single tax payment or a generally established tax will be implemented.

As a result of the experiment, the effect of the decree can be extended to other regions of Uzbekistan.

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