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Exporters of Uzbekistan may get new tax benefits

Business Materials 26 November 2018 11:08

Baku, Azerbaijan, Nov. 26

By Fikret Dolukhanov – Trend:

Since Jan. 1, 2019, legal entities that have an over 15-percent share of exports in the total revenue from the sale of goods (works, services) will receive new tax benefits, Uzbek media reported referring to the draft decree of the head of state.

The tax base will be reduced for corporate income tax, in terms of profit attributable to the volume of sales of goods for export, and the single tax payment, in terms of the volume of sales of goods for export.

At the same time, the tax benefits do not apply to the export of raw materials, as well as services for international transportation and transportation through pipelines and gas pipelines.

The funds released as a result of application of the benefits are subject to withdrawal to the state budget with charge of the penalty in cases of:

- lack of documentary evidence of export of goods in accordance with the legislation;

- not ensuring the receipt of foreign exchange earnings within 180 days from the date of release of goods into export.

In January-October 2018, Uzbekistan’s foreign trade turnover amounted to $25.76 million, which is 15.8 percent more than in the same period last year.

In the total value of the foreign trade turnover, exports accounted for $10.25 million (a 4.1-percent decline), and imports accounted for $15.51 million (a 34.4-percent growth). The foreign trade deficit reached $5.25 million.

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