President Shavkat Mirziyoyev signed a Measures to ensure equal conditions for doing business and a fair competitive environment Decree on Friday.
The document was adopted following the meeting with major business leaders on December 20.
According to the decree, the rates of value added tax (VAT) and income tax will remain unchanged until January 1, 2028.
Preferential tax rates will take effect from January 1, 2025 to January 1, 2028for enterprises in the clothing, footwear and leather goods industries that meet certain social conditions, namely, income tax - 1%, personal income tax - 1%. To achieve this, it is necessary that:
- at least 15% of the total number of employees are members of families added to the Unified Register of Social Protection or the register of poor families;
- the monthly salary of each employee must be at least twice the minimum wage (2.31 million soums);
- during the tax relief period, the total revenue received from the sale of sewing and knitwear, footwear or leather goods must be at least 90% of the total income received from the sale of goods (services).
A Center for Assistance to Entrepreneurs in Entering Foreign Financial Markets will be created under the Chamber of Commerce and Industry. The Center will provide consulting services to attract international financing.
At least 100 entrepreneurs will be able to use its services annually. The Center will be financed by the CCI Industry Support Fund.
In 2025, the Uzbekistan Fund for Reconstruction and Development (the country's sovereign fund) will contribute $100 million to the Trade Development Company to replenish the working capital of enterprises for a period of 5 years at a rate of 2% per annum with the condition of repayment starting from January 1, 2028.
Commercial banks will have access to these funds for lending to enterprises in agriculture, industry and trade.
The company will provide guarantees for bank loans up to 50% of the loan amount (but not more than 10 billion soums). Deposit funds in the amount of 50 million dollars will be formed to secure the obligations.
From January 1, 2025, businesses will be entitled for revolving loans for projects on calibration and packaging of agricultural products.
From January 1, 2025, export duties on textile products will be established:
- For each kilogram of cotton yarn - 2% of the export price (no more than $ 0.05).
- For each kilogram of knitted fabric - 1% of the export price.
This Decree also extends the period of application of the zero rate of import customs duty on 59 types of food and other goods until January 1, 2026, including meat, dairy products, vegetables and fruits. The decision is aimed at ensuring price stability in the domestic market.
Zero rates of customs duty for the import of vegetable oil will also be valid until January 1, 2026, but it was decided not to extend the period of validity of benefits on the import of poultry meat.
