Entrepreneurs in northwest Uzbekistan to enjoy tax benefits

Uzbekistan Materials 29 March 2017 12:30 (UTC +04:00)

Tashkent, Uzbekistan, Mar. 29

By Demir Azizov - Trend:

Legal entities registered and operating in Karakalpakstan autonomous republic and the Khorezm region (northwest of Uzbekistan) will be exempt from the mandatory sale of foreign exchange earnings obtained from export of industrial products manufactured on their own with the exception of commodities, according to a decree by Uzbek President Shavkat Mirziyoyev.

The exemptions will be in force from April 1, 2017 to January 1, 2022 in the above mentioned areas of Uzbekistan.

The legal entities specializing in the production of pharmaceuticals, electrical products (except for wire and cable products), as well as fit-out building materials, will be also exempt from property tax, land tax, tax on improvement and development of social infrastructure, as well as mandatory contributions to the Uzbek Republican Road Fund.

The Uzbek president’s decree is aimed at ensuring accelerated economic development, creating the most favorable conditions for business activities and expansion of export potential, as well as timely and effective implementation of investment projects in the northwest of Uzbekistan.