31.08.2021

Uzbekistan will introduce new tax incentives and exemptions

President of the Republic of Uzbekistan Shavkat Mirziyoyev, at a meeting with entrepreneurs of the country, spoke about plans to improve the tax sector and to minimize the tax burden on business in Uzbekistan. In particular, it is planned to introduce tax breaks and concessions for manufacturers of building materials.

Shavkat Mirziyoyev stated that he had received proposals from more than 50 manufacturers of building materials to reduce the cost of production.

The tax rate for the use of subsoil will be reduced by 2 times for the extraction of non-metallic minerals such as sand, gravel, limestone, gypsum, dolomite. Thanks to this, around 1,500 enterprises will leave at their disposal 500 billion soums per year.

The President noted that the benefits provided to entrepreneurs registered in special economic zones will remain. “In particular, these entrepreneurs were exempted from property, land and water taxes for up to 10 years, depending on the amount of investment. Now, profit tax will be added to these benefits, and about 300 billion soums a year will remain at the disposal of the business,” Shavkat Mirziyoyev stated.

In addition, raw materials imported by such entrepreneurs for the production of export products will be exempted from import duties for equal competition in the domestic market. A number of other changes in the tax area will also be introduced.

Region: Uzbekistan
Source: Gazeta.uz
Tags: deal
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