Uzbekistan to create Association of Fat-and-Oil Industry Enterprises
Baku, Azerbaijan, January 17
The Association of Fat-and-Oil Industry Enterprises is to be established in Uzbekistan, Trend reports via UzDaily.uz.
President of Uzbekistan Shavkat Mirziyoyev signed a decree "On additional measures for the further development of the oil and fat industry and the introduction of market mechanisms for managing the industry”.
The association is created on the basis of Uzpaxtayog JSC and will get property and other funds of “Uzpaxtayog”, as well as receivables and payables, with the exception of real estate and blocks of shares in the authorized capital of business entities owned by “Uzpaxtayog”.
The members of the Association “Uzkimyosanoat” are enterprises and organizations of the oil and fat industry entering on a voluntary basis. Its chairman and his deputies are elected by decision of founders’ general meeting on the proposal of Uzbekistan Ministry of Economy and Industry.
The current maintenance and financing of Uzkimyosanoat activities are carried out by contributions and deductions from its members and other sources not prohibited by law.
The Uzkimyosanoat association is responsible for creating a strategy for the development of the oil and fat industry as a single complex and also to evolve the raw material base and improve mechanisms of relations between organizations of oil and fat industry with oilseed producers.
The association is exempt from property tax, and income tax of legal entities, as well as from the deduction of organizations under contracts to Uzkimyosanoat is excluded from the taxable base on corporate income tax until January 1, 2022.
Whereas custom and tax benefits their members received only till January 1, 2021.
Also, Uzbekistan will gradually reduce the import of finished vegetable oil with a simultaneous increase in the import of oil raw materials in order to bring the level of available capacity to 90 percent and the production of oil and fat products with high added value.