Thursday, 24, June, 2021

Tashkent Inha University is expected to host the ICT Innovation Centre, a  free economic zone. This is stated in the draft Presidential decree which has been published for discussion on the portal of legal acts.

The document provides for the FEZ to operate until 1 January 2030, with the possibility of extension and further expansion of the territory. It is expected that the creation of a FEZ specializing in ICT  will “create favorable conditions for introduction of ICTs to the economy sectors and increase their competitiveness, improve the export capacity and bringing together talents, R&D, investment and finances”.

The main tasks and activities of the new FEZ are to be the following:

  • creation of technical, financial conditions to stimulate the development of primarily export-oriented software products and hardware-software systems, and to satisfy the needs of the priority economy sectors and social sphere;
  • attraction of investments for implementing of software projects and start-ups;
  • creating of research infrastructure which will able to attract highly qualified specialists and maintain an environment for enhancing their skills;
  • support the ICT projects and innovative ideas of entrepreneurs and talented youth;
  • expansion of cooperation between research institutes, universities and businesses through joint projects.

A special currency and tax regimes shall be applied to investors of FEZ. It is planned to establish a simplified taxation procedure for investors and their employees.

In particular, investors will be exempted from payment of all taxes and mandatory contributions to the state funds, as well as the single social payment for the entire period of operation of the FEZ.

The investors shall be provided with the right to make payments, within their revenue from exports of goods (works, services), in foreign currency on the territory of Uzbekistan, including the payment of wages to employees and dividends.

They will also be able to export works and services related to the development and servicing of software for foreign currency online without an export contract. In addition, it is proposed to exempt them from the mandatory sale of foreign currency proceeds from exports as part of activities in the FEZ.

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