On March 17, President Shavkat Mirziyoyev signed the resolution ‘On additional favorable conditions for entrepreneurial activity in Karakalpakstan and Khorezm regions’.
The resolution aims at boosting economy, supporting entrepreneurs, nudging exports, and implementing investment projects in the two regions.
Legal entities registered and doing business in Karakalpakstan and Khorezm are exempt from compulsory sale of foreign-currency proceeds, except for some raw materials in Annex 2 to the October 10, 1997 Presidential Decree ‘On additional measures for stimulating exports’.
Pharmaceutical, electrotechnical, and building-material producers from these two regions are exempt from property, land, social infrastructure, beautification, and road taxes from April 1, 2017 till January 1, 2022.
The tax exemptions are applicable to businesses returning at least 60% in net proceeds.
The economy, finance, and health ministries, the Tax Committee, Uzfarmsanoat, Uzeltehsanoat, and Uzstroymateriali have been given the April 1, deadline to work out a list of products falling under the tax exemptions.
Uzbekistan Railways will now charge Karakalpak and Khorezm businesses’ cargo carriage according to applicable tariffs. (UzReport/Business World Magazine)