Tuesday, 21, August, 2018

Economy

Uzbekistan delegation led by Deputy PM/Chairman of Uzbekneftegaz Alisher Sultanov visited the construction site of the Belarusian Nuclear Power Plant, the Belarus Ministry of Energy said in a statement.

Zero rate import customs duty will be applied to cars having a price tag of 40,000 US dollars and over, and manufactured less than two years ago, and to electric cars (HS Code 870380) starting from January 1, 2019, with the excise tax rate at 20% of the customs value.

The Cabinet issued the Measures to Organize Tea Production and Supply the Population With Quality Tea and Tea Products produced in Uzbekistan Resolution Monday.

President Shavkat Mirziyoyev today signed decree raising the salaries of employees of budget-financed organizations, as well as pensions, stipends and allowances by 7% starting from July 15.

Uzbekistan intends to ensure a deficit-free budget for the next three years to give a clear signal to the business that the state will continue strict macroeconomic policies, the Deputy PM/Finance Minister Jamshid Kuchkarov said at a meeting of the International Press Club Monday.

In Q1 of 2018 Uzbekistan's exports of goods were worth a total of US$ 2.9 billion, while imports amounted to US$ 3.6 blns, with trade deficit at US$ 0.6 bln. Imports are higher than exports due to, inter alia, the fact that some import operations shifted from shadow economy and were conducted through the banking sector, as well as due to production capacities being boosted by loans in foreign currency, the Central Bank  said in its quarterly report.

President Shavkat Mirziyoyev, by his June 29 decree, approved the Concept for Improving Uzbekistan’s Tax Policy, which is aimed at “reducing the tax burden, simplifying the taxation system and improving tax administration" and which has been prepared based on the recommendations of the International Monetary Fund, the World Bank and other experts, with its draft passing public discussion.

Uzbekistan Airways will receive two Airbus A320 Neo aircrafts in December, and in the second half-year of 2019 - two new Boeing 787 Dreamliners, the carrier said. Expansion of the fleet is part of the company's development strategy and modernization program.

Uzbek Foreign Ministry hosted a meeting with New Zealand's Ambassador Ian Alexander Hill, the foreign ministry said. The sides reportedly made arrangements to sign accords on trade-economic, scientific and technical cooperation, mutual protection and promotion of investments, avoidance of double taxation, and a number of others accords.

The construction of a solar power plan in the Samarkand plant is suspended, the chief of strategic development at Uzbekenergo Eso Sadullayev said at the conference: Realities and Proxpects of the Electricity Sector Reforms– Experience Gained, Lessons Learned and Myths Debunked in Tashkent on Monday, adding that the study of project feasibility study found that the project should be reviewed.