July 21, 2020
The Law of the Republic of Uzbekistan of 14.12.2019 No. 598 “On Investments and Investment Activity”
This legal act is adopted in Uzbek or Russian languages. The English lingual version is an unofficial translation. In case of any ambiguity (discrepancy), please refer to the text of the legal act in the state language.
CHAPTER 1: GENERAL PROVISIONS
Article 1. Purpose and scope of this Law
The purpose of this Law is to regulate relations in the field of investments and investment activities carried out by foreign and domestic investors.
This Law does not regulate relations related to centralized investments.
Legal relations in the field of concession activities, conclusion, performance and termination of product sharing agreements, investment, mutual and venture funds, capital market regulation, including operations with securities, public-private partnerships, and special economic zones are regulated by separate laws.
Article 2. The law on investment and investment activities
Legislation on investments and investment activities consists of this Law and other legislative acts.
If an international agreement of the Republic of Uzbekistan establishes other rules than those provided for by the legislation of the Republic of Uzbekistan on investments and investment activities, the rules of the international agreement shall apply.
Article 3. Basic concepts
The following basic concepts are applied in this Law:
investment project – is a set of interrelated measures aimed at implementing or attracting investments to obtain economic, social and other privileges;
investment obligation – an investor’s commitment to achieve certain goals.
investment policy – a set of interrelated measures to ensure the necessary level and structure of investment in the economy of the Republic of Uzbekistan and its individual sectors, increase investment activity of investment entities aimed at finding sources of investment and determining priority sectors for their use;
investment activity – a set of actions of subjects in investment activity related to the implementation of investments;
participant of investment activity – subject in investment activity that provides investment implementation as a performer of orders or on the basis of an investor’s order;
investment agreement – a written agreement concluded between subjects in investment activity that defines the rights, obligations and responsibilities of the parties to the investment agreement;
investments – tangible and intangible goods and rights to them, including intellectual property rights, as well as reinvestments invested by an investor on the terms of sharing the risks in social, business, scientific and other types of activities for the purpose of profit, which may include:
funds, including monetary funds (including foreign currency), targeting bank deposits, units, shares, stocks, bonds, promissory notes and other securities;
movable and immovable property (buildings, constructions, equipment, machinery, and other tangible assets);
exclusive rights to intellectual property, including patented or non-proprietary (know-how) technical, technological, commercial and other knowledge in the form of technical documentation, skills and production experience necessary for the organization of a particular type of production, as well as other values not prohibited by the legislation of the Republic of Uzbekistan;
investor – a subject in investment activity that invests its own and (or) borrowed funds or other attracted investment resources in objects of investment activity in order to make a profit;
domestic investors – citizens of the Republic of Uzbekistan, foreign citizens and stateless persons who have the status of a resident of the Republic of Uzbekistan, including individual entrepreneurs, as well as legal entities of the Republic of Uzbekistan engaged in investment activities;
reinvestment – any income from investments invested in objects of business and other types of activity, including profit, interest, dividends, royalties, license and Commission fees, payments for technical assistance, maintenance and other forms of remuneration;
foreign direct investment – investment at the expense of own or borrowed funds of a foreign investor on sharing a risk basis, without government guarantees;
foreign investment – tangible and intangible goods and rights to them, including intellectual property rights, as well as reinvestments invested by a foreign investor in social, business, scientific, and other types of activities;
foreign investors – foreign States, administrative or territorial authorities of foreign States, international organizations founded in accordance with agreements or other agreements between States or being subjects to international public law, legal entities, any other partnerships, organizations or associations founded and operating in accordance with the legislation of foreign States, citizens of a foreign state and stateless persons permanently residing outside the Republic of Uzbekistan;
enterprises with foreign investment in the territory of the Republic of Uzbekistan – enterprises in which foreign investment constitutes at least fifteen percent of the stocks (shares, units) or authorized capital.
Article 4. Basic principles of investment and investment activities
The main principles of investment and investment activities are:
legality;
transparency and openness;
freedom of investment activity;
equity and equality of subjects in investment activity;
non-discrimination against investors;
presumption of good faith of the investor.
The basic principles of legislation on investment and investment activities are applied at all stages of the investment process and implementation of investment activities.
CHAPTER 2. INVESTMENTS, OBJECTS AND SUBJECTS IN INVESTMENT ACTIVITY
Article 5. Types of investment by destination
Investments by destination are divided into capital, financial, and social investments.
Capital investments include investments in the creation and reproduction of fixed assets, including new construction, modernization, reconstruction, technical re-equipment, as well as in the development of other forms of material production.
Financial investments include investments in stocks, corporate, infrastructure and government bonds, as well as other types of securities.
Social investment includes investment in the development of human potential, skills and production experience, as well as in the development of other forms of intangible goods.
Article 6. Forms of investment
Forms of investment are:
creation of legal entities or equity participation in their authorized funds (authorized capital), including through the acquisition of property and stocks (shares);
purchase of securities, including debt obligations issued by residents of the Republic of Uzbekistan;
acquisition of concessions, including concessions for the exploration, development, production or use of natural resources, as well as participation in a product sharing agreement;
acquisition of ownership rights, including exclusive rights to intellectual property, copyrights, patents, trademarks, utility models, industrial designs, trade names and know-how, business reputation (goodwill), as well as trade and service facilities, together with the land on which they are located;
acquisition of the ownership right and right to use land plots (including on the basis of lease) and other natural resources.
Investors can also make investments in other forms that do not contradict the law.
Investment activities can be carried out through a combination of different forms of investment.
Changing the forms in which investments are initially or re-invested does not change their qualification as investments.
Article 7. Investment resources
Investment resources include:
monetary (including foreign currency) and other financial assets, including loans, units, shares, stocks and other securities;
movable and immovable property (buildings, structures, equipment, machinery and other tangible assets) and rights to them;
intellectual property objects, including patented or non-proprietary (know-how) technical, technological, commercial and other knowledge in the form of technical documentation, skills and production experience necessary for the organization of a particular type of production;
rights of ownership and use of land plots and other natural resources, as well as other property rights arising from property rights.
Article 8. Objects of investment activity
Objects of investment activity are objects of the social sphere, business, scientific and other types of activity that are not prohibited by law.
It is prohibited to invest in objects whose creation and use do not meet the sanitary, radiation, environmental, architectural, urban planning and other requirements established by law, violate the rights, freedoms and legally protected interests of legal entities and individuals.
Article 9. Subjects in investment activity
The subjects in investment activity are citizens, individual entrepreneurs and legal entities – residents of the Republic of Uzbekistan, state administration authorities and local public authorities, foreign States, administrative or territorial authorities of foreign States, international organizations and foreign legal entities and citizens, as well as stateless persons.
Article 10. The rights of the investor
The investor has the right to:
freely carry out investment activities, determine the volume, types, forms, scope and directions of investment that do not contradict the legislation of the Republic of Uzbekistan;
enter into agreements with legal entities and individuals for investment activities;
own, use and dispose of their investments and investment results, as well as sell and export the results of investment activities;
independently and freely dispose of income received as a result of investment activities, after paying taxes, fees and other payments stipulated by law (hereinafter-taxes and payments);
use the property and any property rights belonging to it on the right of ownership as security for all types of obligations assumed by it, including obligations aimed at attracting borrowed funds;
receive adequate compensation in case of requisition (expropriation) of its investments and other assets;
raise funds in the form of loans and borrowings;
receive compensation for losses caused as a result of illegal actions (omission) and decisions of state administration authorities, local public authorities and their officials.
Article 11. Obligations of the investor
The investor is obliged to:
pay taxes and fees;
perform contractual obligations assumed by them in connection with the investment;
comply with legal requirements, including competition, anti-corruption, investment and investment activities, labor, urban development, environmental protection, and safety and health regulations;
compensate for losses caused to the participant in investment activity by non-performance or improper performance of the terms of the agreement;
comply with the requirements of authorized state administration authorities and local public authorities within their competence.
Article 12. Rights of a participant in investment activities
The participant in investment activity has the right to:
be a participant in exchange, competitive and tender auctions, electronic stores and auctions;
enter into agreements with investors for the performance of their orders;
involve other persons in the performance of their obligations to investor, unless a different procedure is established by the agreement.
Article 13. Responsibilities of a participant in investment activities
The participant in investment activity is obliged to:
comply with the norms, rules and standards established by law, including the requirements of competition law, anti-corruption law, investment and investment activity law, labor law, urban planning law, and environmental protection law;
perform the terms of agreement in a timely and proper manner;
compensate for losses caused to investor by non-performance or improper performance of terms of the agreement;
comply with the requirements of state administration authorities and local public authorities within the limits of their authority.
Article 14. Pricing in investment activities
The cost of goods (works, services) in the course of investment activity is determined at contractual prices, with the exception of prices fixed by law.
Prices for goods (works, services) that are objects of investment can also be formed at exchange, competitive, auction and other organized auctions.
Prices for government assets that are sold at exchange, competitive, auction and other organized auctions are recognized as market prices regardless of the book value and estimated value of these assets.
CHAPTER 3. STATE GUARANTEES OF THE RIGHTS OF SUBJECTS IN INVESTMENT ACTIVITY AND PROTECTION OF INVESTMENTS
Article 15. Guarantees of the rights of subjects in investment activity
The state guarantees the rights of subjects in investment activities. Public authorities and their officials do not have the right to interfere in the activities of investment entities carried out in accordance with the law.
If pubic authorities and their officials find violations of the law in the activities of investment entities, they can take the measures that they are authorized to take and that are directly related to the elimination of a specific violation.
Public authorities and their officials may not use the fact of a violation as a basis for interfering with or restricting other legal activities of investment entities that are not related to investment.
The state guarantees non-discrimination against investors in relation to their citizenship, place of residence, place of economic activity, as well as depending on the country of origin of investors or investments.
The exercise of rights by an investor must not violate the rights and legally protected interests of other investors. At the same time, the state as a co-founder (shareholder, participant) of a business entity has equal rights and obligations along with other founders (shareholders, participants).
The rules of this article do not apply to the adoption, modification, addition or termination of legislative acts that are directly related to ensuring the national security of the Republic of Uzbekistan, determined in accordance with generally recognized principles and norms of international law.
Article 16. Guarantees for the use of funds
The income of an investment entity received as a result of investment activities may be reinvested or used in any other way at its discretion after taxes and payments are paid.
Restrictions on the use of funds or forced withdrawals from the accounts of enterprises with foreign and domestic investments by public authorities may be exercised exclusively in accordance with the procedure established by law.
Article 17. Guarantees of free transfer of funds
Investors are guaranteed in free transfer of funds in foreign currency to and from the Republic of Uzbekistan without any restrictions, stipulated by fact that they pay taxes and payments, including currency conversion for repatriation. Such transfers include:
initial and additional amounts to maintain or increase foreign investment;
return on investment;
funds received as compensation for losses caused in accordance with this Law;
payments made in order to perform the terms of agreements;
revenue from the sale of all or part of foreign investments;
payments arising from the settlement of a dispute, including any court or arbitral award;
wages and other employee privileges;
funds from other sources received in accordance with the law.
In accordance with the laws and international treaties of the Republic of Uzbekistan, the state may suspend the repatriation of funds of a foreign investor on the basis of non – discriminatory application of legislation in cases of insolvency and bankruptcy of an enterprise with foreign investment or violation of the rights of creditors, criminal acts or administrative offenses committed by a foreign investor-an individual, or other need to suspend such repatriation in accordance with a court or arbitration decision.
Article 18. Guarantees of return of foreign investments due to the termination of investment activities
A foreign investor has the right to terminate investment activities in the Republic of Uzbekistan.
After the termination of investment activity, the foreign investor has the right to freely repatriate in cash or in kind their assets received as a result of the termination of investment activity, without prejudice to the fulfillment of obligations of the foreign investor in respect of the Republic of Uzbekistan or other creditors.
Article 19. Guarantee against adverse changes in legislation for the investor
Acts of legislation do not have retroactive effect in cases where their execution causes damage to the investor or investment.
If the subsequent legislation of the Republic of Uzbekistan worsens the investment conditions, the legislation in force on the date of investment is applied to investors within ten years from the date of investment. The investor has the right to apply those provisions of the new legislation that improve the conditions of his investment at his own discretion.
The guarantee of application for ten years of the legislation in force at the time of investment, in case of deterioration of investment conditions by subsequent legislation of the Republic of Uzbekistan, is applied in the following cases:
introduction of additional requirements that complicate the procedure of repatriation or reduce the amount of income (profit) of the investor transferred abroad, except for cases when the state suspends the repatriation of the investor’s funds on the basis of non-discriminatory application of legislation in cases of insolvency and bankruptcy of an enterprise with foreign investment or violation of the rights of creditors, criminal acts or administrative offenses committed by the investor – a natural person, or any other need to suspend such repatriation in accordance with a court or arbitration decision;
introduction of quantitative restrictions on the volume of investment and other additional requirements for the amount of investment, including in the form of increasing the minimum amount of foreign investment in enterprises with foreign investment;
introduction of restrictions on the share participation of foreign investors in the authorized funds of enterprises of the Republic of Uzbekistan;
introduction of additional procedures for registration and extension of visas for foreign investors, as well as other additional requirements for foreign investment.
The guarantee against adverse changes for the investor begins upon:
establishment of an enterprise-from the date of its state registration;
acquisition of property, shares, stocks and other securities issued by residents of the Republic of Uzbekistan, ownership of trade and service facilities, residential premises together with land plots on which they are located, as well as the right to own and use land (including on the basis of lease) and natural resources-from the date of entry into force of the document confirming the right of ownership or other propertyrights;
investment of exclusive rights to intellectual property, including copyrights, patents, trademarks, utility models, industrial designs, trade names and know-how, as well as business reputation (goodwill) – from the effective date of the document confirming the investment of exclusive rights to intellectual property;
acquisition of concessions, including concessions for exploration, development, production or use of natural resources-from the date of registration of the concession agreement in accordance with the procedure established by law;
investment with simultaneous fixing of investment obligations in the investment agreement with the Government of the Republic of Uzbekistan-from the date of entry into force of the agreement;
investment in other forms that do not contradict the legislation of the Republic of Uzbekistan – from the date of entry into force of the document confirming the implementation of investment activities by the investor in the territory of the Republic of Uzbekistan.
This article does not apply to the adoption, modification, addition or termination of legislative acts that are directly related to ensuring the protection of the national security interests of the Republic of Uzbekistan, determined in accordance with generally recognized principles of international law.
Article 20. Guarantee of transparency and openness
Normative legal acts that are not officially published for public information do not entail legal consequences as they have not entered into force and cannot serve as a basis for regulating investment relations, applying any sanctions to investment entities for failure to comply with the requirements contained in them.
State administration authorities and local public authorities are required to publish information about their participation and decisions in the field of investment activities through the mass media, including on their official website.
Individuals and legal entities are provided with an open and unhindered access to information about the activities of state administration and local public authorities and their decisions in the field of investment activities.
Article 21. Investment Protection
The state guarantees investment protection in accordance with the legislation and international agreements of the Republic of Uzbekistan.
Investments and other assets of investors are not subject to nationalization.
Investments and other assets of investors are not subject to requisition (expropriation), except in cases of natural disasters, accidents, epidemics, epizootics and other circumstances of an emergency nature.
The decision on the requisition and expropriation of investments is made by the Cabinet of Ministers of the Republic of Uzbekistan and is subject to the requirements for which the requisition or expropriation:
is limited to the minimum amount of investments or other assets of investors necessary to solve the tasks arising from the cases specified in part three of this article;
is not carried out on a discriminatory basis;
is accompanied by payment of compensation adequate to the loss caused. The state guarantees the timely implementation of these compensation payments.
The investor has the right to challenge in court and arbitration, in particular:
legality of the purpose used for requisition (expropriation);
amount of requisition (expropriation);
assessment of requisitioned (expropriated) investments and other assets;
compliance of payment of compensation to be paid;
the procedure followed by the state administration authorities and local public authorities when carrying out the requisition (expropriation).
Investment and investor risk insurance is provided on a voluntary basis.
Article 22. Additional guarantees and investment protection measures
Additional guarantees and investment protection measures may include the provision of guarantees by the Government of the Republic of Uzbekistan, assistance in financing investment projects, the creation of a special tax and payment regime, state monitoring of the implementation of investment projects, and other measures based on investment agreements with the Government of the Republic of Uzbekistan.
Article 23. Conflicting provisions
In case of any discrepancy between the provisions of this Law and other laws and regulations or international agreements of the Republic of Uzbekistan, the provisions that are most favorable to investors shall prevail.
CHAPTER 4. STATE REGULATION OF INVESTMENT ACTIVITY
Article 24. Objectives of state regulation of investment activity
State regulation of investment activities is carried out by state administration authorities and local public authorities in order to implement investment policies that ensure the implementation of state tasks of socio-economic development of the Republic of Uzbekistan and its territories, increase the efficiency of investment, and ensure safe conditions for investment in various investment objects on the territory of the Republic of Uzbekistan.
Article 25. Methods of state regulation of investment activity
State regulation of investment activities is carried out by:
improving the legal framework for investment activities;
creating favorable conditions for the development of investment activities and providing guarantees to the Government of the Republic of Uzbekistan;
creation of special economic zones and small industrial zones on the territory of the Republic of Uzbekistan;
granting the right to accelerated depreciation of fixed assets;
establishing norms, rules and requirements of technical regulation;
application of measures to support competition;
establishing conditions for the ownership and use of land plots and other natural resources.
It is not allowed to grant investors exclusive provisions and rights that put them in a dominant position on the market.
Article 26. Authorized state authority in the field of state regulation of investments and investment activities
The authorized public authority in the field of state regulation of investments and investment activities is the Ministry of investment and foreign trade of the Republic of Uzbekistan.
The main powers of the authorized public authority in the field of state regulation of investments and investment activities are:
advising potential investors on legal, economic and other business issues and providing them with the necessary assistance and assistance in solving emerging issues;
implementation of the unified state investment policy and coordination of activities of public authorities and organizations in the field of investment regulation;
ensuring interaction with foreign competent authorities, foreign government financial organizations and international financial institutions, as well as companies and potential foreign investors on issues of investment cooperation – with the mandatory approval of areas and projects of cooperation;
providing constant feedback to investors, assisting territories and domestic legal entities in attracting investment, organizing the development of investment proposals;
representing the interests of the Republic of Uzbekistan and participating in the work of international investment communities;
developing and submitting of proposals for further improving in the normative-legal base in the sphere of attracting investments, development of investment climate and investment activity on the territory of the Republic of Uzbekistan.
Article 27. Powers of local public authorities in the field investment regulation and investment activities
Public authorities in the field of state regulation of investments and investment activities within the limits of their powers and jointly with territorial divisions of the authorized state authority shall carry out:
implementation of investment policy at the local level, including attracting investment, aimed at stimulating the expansion of investment volumes in the relevant territory of the country, further improving the investment climate in the territory, supporting the development of enterprises in the relevant territory;
study and identification of promising projects that require investment, as well as empty objects of state property and land plots based on the needs and potential (resource, climate, labor, etc.) of territories;
consideration of issues directly related to the activities of investors, as well as, if necessary, proposals for the implementation of promising business initiatives and projects by attracting direct investment;
identification of factors that hinder the timely and effective implementation of investment projects, including those involving foreign investment in the relevant territory, with the adoption of operational measures to address them;
improving the efficiency of using investments attracted to the economy of the relevant territory based on the analysis of the activities of enterprises with foreign investment, as well as the fulfillment of investment obligations by investors;
development of proposals for the development and diversification of investment cooperation areas of the relevant territory with foreign banks, funds, agencies and companies on a mutually beneficial basis;
implementation of the main directions for attracting investment to the relevant territory and measures in the field of attracting foreign investment to create the most favorable conditions.
Article 28. Functions of state authorities, attracting investments
In order to attract, implement and protect investments, the authorized public authority in the field of state regulation of investments and investment activities, other state authorities and local authorities:
prepare and distribute information about opportunities and conditions of investment activity in the Republic of Uzbekistan;
advise potential investors on legal, economic and other business issues and provide them with the necessary assistance and assistance in resolving emerging issues;
represent the Republic of Uzbekistan in international relations on issues of foreign investment within the limits of their powers.
Article 29. Powers of state authorities monitoring the activities of investors
The public authorities authorized by the Government of the Republic of Uzbekistan within their powers shall monitor compliance by investors and enterprises with investments with the requirements of the legislation on investment and investment activities.
When performing control functions, the state authority is obliged to ensure the safety of trade secrets.
CHAPTER 5. STATE SUPPORT OF INVESTMENTS AND INVESTMENT ACTIVITY
Article 30. Goals and methods of state support of investment and investment activities
State support for investment and investment activities is carried out in order to create a favorable investment climate, stimulate investment in the creation of new competitive and innovative, export-oriented and (or) import-substituting industries, expand and update existing production facilities using modern technologies and introducing modern management experience.
State support for investments and investment activities is provided in the following ways:
application of privileges and preferences;
allocation of centralized investments for joint financing of an investment project;
providing financial, advisory and informational support.
Article 31. Assistance to investors and businesses with investments when interacting with government agencies
The authorized public authority in the field of state regulation of investments and investment activities in order to assist investors in interaction with other public authorities organizes work on the principle of “single window”.
In order to organize work on the principle of “single window”, the authorized public authority in the field of state regulation of investments and investment activities and its territorial divisions ensure the provision of public services, including through the appropriate centers of public services.
The organization of work on the principle of “single window” also includes:
receiving and consulting on existing public services;
assistance in the preparation and execution of documents required for obtaining public services;
assistance in obtaining an electronic digital signature, electronic applications, and other documents;
support of the investor by state administration authorities and local public authorities when receiving public services.
The authorized public authorities in the field of state regulation of investments and investment activities provides assistance to the reception offices of the Prime Minister of the Republic of Uzbekistan for consideration of requests from entrepreneurs in solving problems related to attracting foreign and domestic investments and implementing projects with their participation.
Article 32. Advisory and informational support
State administration authorities and local public authorities, including diplomatic missions and consular offices of the Republic of Uzbekistan abroad, as well as representatives of the Republic of Uzbekistan in international financial institutions, provide them with advice and information on issues related to their powers in order to solve problems and issues of investors.
Article 33. Powers of the Commissioner under the President of the Republic of Uzbekistan on protection of rights and legitimate interests of business entities in the realm of investment activity
Commissioner under the President of the Republic of Uzbekistan for the protection of the rights and legitimate interests of business entities (hereinafter referred to as The Commissioner for the protection of the rights of entrepreneurs) in the field of investment activities:
considers appeals of investors and enterprises with investments on issues arising in the course of investment activities in the Republic of Uzbekistan, and makes recommendations for their resolution, including interacting with state administration authorities and local public authorities;
provides assistance to investors in resolving issues arising out of court and pre-trial procedures;
develops and submits proposals to the President of the Republic of Uzbekistan on improving legislation on investment and investment activities;
explains issues related to the investor’s rights and legitimate interests, including the forms and methods of their protection;
conducts analysis of investor applications and interview results of the state administration authorities and local public authorities;
analyzes legislation and identifies norms that violate the rights of investors or make it difficult to conduct business, and as a result develops recommendations for restoring violated rights, freedoms and protecting the legitimate interests of investors;
makes recommendations to the relevant state administration authority aimed at restoring violated rights, freedoms and legitimate interests of investors.
The state administration authority and local public authority that received the recommendations provides a written response to the Commissioner for the protection of entrepreneurs ‘ rights on the results of their consideration.
If necessary, The Commissioner for the protection of entrepreneurs ‘ rights requests from state administration and local public authorities, as well as enterprises, institutions and organizations, regardless of their form of ownership, the information necessary for the consideration of applications from investors and enterprises with investments, with the exception of information constituting state secrets or other secrets protected by law.
CHAPTER 6. PRIVILEGES AND PREFERENCES ON STATE SUPPORT OF INVESTMENTS AND INVESTMENT ACTIVITY
Article 34. Granting of privileges and preferences on state investment support and investment activities
Privileges and preferences applied for state support of investments and investment activities may include:
transfer to the investor of state owned objects or property rights to them at a preferential or zero purchase price;
providing tax and payment privileges;
subsidizing interest rates on loans received by an investor for the implementation of an investment project.
Privileges and preferences are provided depending on:
volume of investments;
conditions of the area where the investment project is being implemented;
expected socio-economic impact and creation of new jobs;
areas and branches of the investment project implementation.
Tax and payment privileges are provided in accordance with the procedure established by law.
Preferences that apply for state support for investments and investment activities referred to in the first paragraph of this article may be granted by decision of the Council of Ministers of the Republic of Karakalpakstan, governors (khokims) of regions and Tashkent city respectively, including in respect of municipal ownership, at the expense of the budget of the Republic of Karakalpakstan, local budgets of provinces and Tashkent city.
Privileges and preferences are granted to investors who provide for investment in the relevant territory based on the level of development of the infrastructure of this territory.
The enterprises established with foreign direct investment in the production of goods (rendering services) in the economy according to the list approved by the legislation, are envisaged by features of application of privileges for certain taxes in the manner prescribed by Tax code of the Republic of Uzbekistan.
Article 35. Investment tax credit
In order to support investors, they can be granted an investment tax credit, which is a form of changing the term of performance of a tax obligation, in which the taxpayer-investor is given the opportunity to reduce the tax payments due from it within a certain period, followed by a phased payment of the loan amount and accrued interest in accordance with Tax code of the Republic of Uzbekistan.
Article 36. Investment subsidy
The government of the Republic of Uzbekistan can provide an investment subsidy as a financial assistance provided in the form of an investment preference for the implementation of an investment project to ensure the necessary engineering and communication conditions, as well as providing privileges.
Investment subsidy to the investor in the form of necessary engineering and communication conditions is provided by the construction of external engineering and communication networks on the part of the Republic of Uzbekistan, which are connected to the object of investment activity.
Investment subsidies can also be provided as tax and customs privileges.
The authorized public authority in the field of state regulation of investments and investment activities, together with the Ministry of Finance of the Republic of Uzbekistan, considers the investor’s application for investment subsidies in accordance with the procedure and terms established by the Law of the Republic of Uzbekistan “On Appeals of Individuals and Legal Entities”, and makes a proposal to the Government of the Republic of Uzbekistan.
CHAPTER 7. NON-CENTRALIZED INVESTMENTS
Article 37. Sources of non-centralized investments
Sources of non-centralized investments are:
investor’s own funds;
Bank loans received without guarantee from the Republic of Uzbekistan, including from foreign banks;
foreign direct investment.
Non-centralized investments can also be made from other sources that do not contradict the law.
Non-centralized investments are managed by the investor independently.
Article 38. Decision-making on implementation of non-centralized investments
The decision to make non-centralized investments is made by investor, a commercial Bank, including a foreign Bank.
Article 39. Expertise of investment projects
Investment projects financed by non-centralized investments are subject to state expertise in terms of compliance with sanitary, radiation, environmental, architectural, urban planning and other requirements.
Investment projects of small business entities financed from banks ‘ credit resources are subject to examination by commercial banks on the feasibility of implementing these investment projects.
CHAPTER 8. INVESTMENT AGREEMENT WITH THE GOVERNMENT OF THE REPUBLIC OF UZBEKISTAN
Article 40. Procedure for concluding an investment agreement with the Government of the Republic of Uzbekistan
The government of the Republic of Uzbekistan may conclude an investment agreement in order to ensure the fulfillment of obligations by foreign investors, who are provided with additional guarantees and support measures (privileges and preferences) by mutual agreement.
An investment agreement with the Government of the Republic of Uzbekistan must be concluded if the Government of the Republic of Uzbekistan provides additional guarantees and support measures (privileges and preferences) to a foreign investor within the framework of state support for investments and investment activities.
Additional guarantees and support measures (privileges and preferences) are provided to foreign investors in each specific case when investing:
in priority sectors that ensure sustainable economic growth and progressive technological changes in the country’s economy;
in priority projects that ensure the strengthening and expansion of the export potential of the Republic of Uzbekistan, its integration into world economic relations.
At the same time, additional privileges for paying taxes and payments are provided to enterprises with foreign investments created by foreign investors only for a specific defined period and cannot be of an indefinite nature.
This article does not in any way restrict the validity of investment agreements between an investor on the one hand and other subjects of investment activity on the other, including state administration authorities and local public authorities, concluded in order to ensure the fulfillment of obligations under investment projects that do not require the provision of additional guarantees and support measures (privileges and preferences) by the Government of the Republic of Uzbekistan to the investor within the framework of state support for investment and investment activities.
Article 41. Parties to investment agreement with the Government of the Republic of Uzbekistan
The parties to investment agreement with the Government of the Republic of Uzbekistan are foreign investor and the Government of the Republic of Uzbekistan represented by the authorized public authority in the field of state regulation of investments and investment activities.
Article 42. Terms of the investment agreement with the Government of the Republic of Uzbekistan
An investment agreement with the Government of the Republic of Uzbekistan should include:
object and amount of investment, project start and completion dates;
terms and conditions of investment agreement;
anti-corruption and antitrust clause;
rights and obligations of a foreign investor, including the volume of investment, production, localization, product quality, volume of exports of goods and services, as well as compliance with the norms, rules and standards established by law, including the requirements of the competition law, anti-corruption, investment and investment activities, labor, urban development and environmental protection;
obligations of a foreign investor to supply modern equipment and technologies that meet international standards, as well as modern requirements for energy efficiency and environmental standards;
the rights and obligations of the Government of the Republic of Uzbekistan, including providing additional to established by the investment legislation and investment guarantees and support measures (privileges and preferences);
information about funding sources, graphs, project implementation, technical supervision over the implementation of the investment project;
procedure and terms for submission of reports by a foreign investor on the performance of its obligations;
liability of the parties for non-compliance with the terms of the investment agreement, including compensation to a foreign investor for damage caused as a result of illegal actions (omission) of state officials, as well as the right to unilateral refusal of the Republic of Uzbekistan to fulfill its obligations under the investment agreement, if the foreign investor does not comply or improperly complies with its obligations;
procedure for making alterations;
the order of termination;
procedure for resolving, place and body of consideration of disputes between the parties to the investment agreement related to the provisions of the investment agreement.
An investment agreement with the Government of the Republic of Uzbekistan may contain other conditions depending on the specifics of the investment project, including:
mutual obligations of the parties for the development of industrial and social infrastructure of the territory;
the right of a foreign investor to export from the Republic of Uzbekistan produced as a result of fulfillment the terms of the agreement, products belonging to him and the resulting profit (income);
obligations of a foreign investor to hire and train employees among the citizens of the Republic of Uzbekistan, conditions for the use of technologies, as well as for training employees of the established organization after the completion of the investment project.
The investment agreement with the Government of the Republic of Uzbekistan prohibits granting to a foreign investor exclusive provisions and rights that put him in a dominant position on the market.
Article 43. Initiation of proposals for conclusion of investment agreement with the Government Republic of Uzbekistan
The foreign investor initiates a proposal to conclude an investment agreement with the Government of the Republic of Uzbekistan independently or jointly with state and economic management bodies, local executive authorities, or business entities.
To conclude an investment agreement with the Government of the Republic of Uzbekistan a foreign investor independently or jointly with the relevant initiators of the project submits to the authorized public authorities in the field of state regulation of investment and investment activity or its subordinate organization in the field of attracting foreign investment:
statement indicating information about the intention to conclude an investment agreement and make investments in the object of investment activity, as well as the experience (if any) of implementing investment projects;
draft investment agreement;
business plan of the project, executed on the basis of a feasibility study (technical and economic calculation), which has passed in cases established by law, expertise in the authorized bodies.
The authorized public authority in the field of state regulation of investments and investment activities or its subordinate organization in the field of attracting foreign investment receives the conclusions of public authorities in terms of legal expertise of the draft investment agreement, financial and economic evaluation of the investment project, providing foreign investors and (or) an established enterprise with investments with additional guarantees and support measures (privileges and preferences) to be submitted to the Government of the Republic of Uzbekistan for further consideration.
Based on the results of a positive conclusion of the Government of the Republic of Uzbekistan, an investment agreement is concluded in writing between a foreign investor and the Government of the Republic of Uzbekistan represented by an authorized public authority in the field of state regulation of investments and investment activities.
The signed investment agreement with the Government of the Republic of Uzbekistan shall enter into force from the date of the decision of the President of the Republic of Uzbekistan or the Government of the Republic of Uzbekistan on its approval, unless otherwise provided by this decision.
Monitoring and control of the performance of investment agreements with the Government of the Republic of Uzbekistan is carried out by the authorized public authority in the field of state regulation of investments and investment activities.
Article 44. Terms of termination of investment agreement with the Government of the Republic of Uzbekistan
Additional guarantees and support measures (privileges and preferences) in the framework of state support for investments and investment activities shall be terminated upon the expiration of investment agreement with the Government of the Republic of Uzbekistan or may be terminated before the expiration of such period in accordance with the procedure established by this article.
An investment agreement with the Government of the Republic of Uzbekistan may be terminated prematurely:
by mutual agreement of the parties;
unilaterally.
In case of nonperformance or improper performance by foreign investor of the obligations under the investment agreement with the Government of the Republic of Uzbekistan public authority in the field of state regulation of investment activity the foreign investor sends a written notice of the need to submit documents justifying the suspension and (or) the possibility of further implementation of the investment project, for possible amendments to the investment agreement with the Government of the Republic of Uzbekistan.
If, within three months from the date of receipt of the written notification, the foreign investor has not submitted documents justifying the suspension and (or) the possibility of further implementation of the investment project, the authorized public authority in the field of state regulation of investments and investment activity brings representation to the Government of the Republic of Uzbekistan on early termination of the investment agreement with the Government of the Republic of Uzbekistan and after obtaining the opinion of the Government of the Republic of Uzbekistan, the foreign investor sends a written notice of early termination of the investment agreement with the Government of the Republic of Uzbekistan unilaterally.
In case of termination of the investment agreement with the Government of the Republic of Uzbekistan, the foreign investor pays the amount of taxes and payments not paid to the budget as a result of additional guarantees and support measures (privileges and preferences) provided under the investment agreement with the Government of the Republic of Uzbekistan within the framework of state support for investments and investment activities.
In case of early termination of the investment agreement with the Government of the Republic of Uzbekistan on the initiative of the foreign investor, entered into an investment agreement with the Government of the Republic of Uzbekistan unilaterally specified, the foreign investor shall pay amounts of taxes and fees not paid to the budget as a result of provided under the investment agreement with the Government of the Republic of Uzbekistan additional safeguards and support measures (privileges and preferences) within the framework of state support of investment activities.
In case of early termination of the investment agreement with the Government of the Republic of Uzbekistan by agreement of the parties, the performance of further obligations is determined by their mutual consent.
Article 45. The obligations of the state foreign investment
The state is responsible only for the obligations assumed in the relevant agreements with foreign investors signed by persons whose powers are confirmed in accordance with the procedure established by law.
The state is not responsible for the obligations of residents of the Republic of Uzbekistan who attract foreign investment, except in cases when these obligations are guaranteed by the state.
It is prohibited for government agencies, local government agencies, law enforcement and regulatory agencies, and banks to establish additional requirements and restrictions related to the activities of foreign investors and enterprises with foreign investment.
CHAPTER 9. LEGAL REGIME FOR FOREIGN INVESTMENT
Article 46. Legal regime for foreign investors and their investments in the territory of the Republic of Uzbekistan
Foreign investors and foreign investments are provided with fair and equal treatment, full and permanent protection and security. Such a regime cannot be less favorable than the regime defined in international treaties of the Republic of Uzbekistan.
The legal regime for foreign investment cannot be less favorable than the corresponding regime for investments made by legal entities and individuals of the Republic of Uzbekistan.
The legislation of the Republic of Uzbekistan may contain restrictions or prohibitions on foreign investment in certain sectors of the economy and protection of public health, animal and plant life, the environment, as well as protection of the interests of national security of the Republic of Uzbekistan, in accordance with international treaties of the Republic of Uzbekistan, generally recognized principles and norms of international law.
Restoration of violated rights and interests of foreign investors guaranteed by the laws of the Republic of Uzbekistan, is regulated by the legislation and international agreements of the Republic of Uzbekistan.
Article 47. Rights of foreign investors
A foreign investor, along with the rights provided for in the article 10 of this Law, has the right to independently make a decision on patenting of inventions, utility models and industrial designs belonging to him, obtained as a result of investment activities in the Republic of Uzbekistan abroad and in the Republic of Uzbekistan.
Foreign investors-citizens of foreign States, including founders (participants) of enterprises with foreign investment, who have made investments in the organization of enterprises in the territory of the Republic of Uzbekistan for the production of goods and services, are issued a simplified residence permit in the Republic of Uzbekistan on the terms stipulated by the decisions of the President of the Republic of Uzbekistan.
Foreign investors-founders (participants) of enterprises with foreign investments have the right to receive an “investment visa”, and their family members (spouse, parents and children) – a visitor’s visa for the duration of the “investment visa” on the terms stipulated by the decisions of the President of the Republic of Uzbekistan, with the possibility of extending its term without leaving the Republic of Uzbekistan.
Foreign investors outside of the Republic of Uzbekistan, the visa type of “investment visa” is issued by the Ministry of Foreign Affairs of the Republic of Uzbekistan and in the territory of the Republic of Uzbekistan – the Ministry of Internal Affairs of the Republic of Uzbekistan.
The procedure for issuing foreign investors an “investment visa” and a residence permit in the Republic of Uzbekistan is established by the Cabinet of Ministers of the Republic of Uzbekistan.
Foreign investors who have a residence permit in the Republic of Uzbekistan or an “investment visa”, as well as their family members(spouse, parents and children) have the right to:
employment in the territory of the Republic of Uzbekistan;
use medical and educational services on equal rights provided for citizens of the Republic of Uzbekistan;
secondary and higher education in educational institutions of the Republic of Uzbekistan.
Article 48. The recruitment of foreign workers
Investors and enterprises with foreign investments for the purpose of implementation of investment activities have the right to freely conclude employment contracts with citizens of any foreign state and stateless persons permanently residing outside the Republic of Uzbekistan. Such persons have the right to enter and remain on the territory of the Republic of Uzbekistan for the entire period of the employment contract with the appropriate multiple-entry visas.
Issues of remuneration, vacation, and pension provision for foreign employees should be resolved in employment contracts with each of them. The wages of these employees and other income obtained legally may be transferred by them to other States without any restrictions after payment of tax and payment established by law.
An investor or an enterprise with foreign investment can transfer pension payments for a foreign employee to the appropriate funds in the state of the employee’s permanent residence.
Article 49. Freedom of movement
Foreign investors, their representatives and employees situated in the Republic of Uzbekistan in connection with investment activities have the right to free movement throughout the territory of the Republic of Uzbekistan.
Certain restrictions may be applied solely for the purpose of ensuring the national security of the Republic of Uzbekistan, provided that such restrictions on free movement are defined by law.
Article 50. Investment insurance
Investors enjoy the right to insurance protection in any insurance organization legally operating in the territory of the Republic of Uzbekistan. Investment insurance against political and other risks can also be provided by international organizations, foreign agencies, and other insurance companies.
Insurance organizations that provide investment insurance are not liable for the obligations of the Republic of Uzbekistan. The state is not liable for the obligations of insurance organizations, except in cases stipulated in the agreement of the parties.
Investment insurance provides insurance protection and guarantees against political and other risks, including:
requisition (expropriation) of property, as well as any legislative or administrative measures leading to the seizure of property or alienation from it, loss of control over it or income derived from it;
introduction of restrictions on the transfer of foreign currency outside the country;
interference of state administration authorities, local public authorities and their officials in the contractual relations of investors;
wars, civil unrest, or other similar events;
other types of political and other risks associated with investors and foreign investments.
CHAPTER 10. ENTERPRISES WITH FOREIGN INVESTMENTS
Article 51. The activities of enterprises with foreign investment
Foreign investors may establish enterprises with foreign investments on the territory of the Republic of Uzbekistan and enjoy all the rights, guarantees and privileges provided to them by legislation and international agreements of the Republic of Uzbekistan.
Enterprises with foreign investment have the right to:
open, use and manage accounts in any currency, in any bank on the territory of the Republic of Uzbekistan, as well as abroad;
receive and repay loans in foreign currency.
Article 52. Subsidiaries, branches, representative offices and other separate divisions of enterprises with foreign investment
An enterprise with foreign investment may establish subsidiaries, branches with the rights of a legal entity, as well as representative offices and other separate divisions that are not legal entities on the territory of the Republic of Uzbekistan.
Article 53. Economic associations of enterprises with foreign investments
Enterprises with foreign investments may voluntarily establish associations and other economic associations on the territory of the Republic of Uzbekistan, as well as enter as a full member into existing economic associations.
Article 54. Economic activity of foreign investors
Economic activity of foreign investors including establishment, selling, reorganization or liquidation of enterprises with foreign investments, their subsidiary enterprises, affiliates and other structures as well as economic associations, the formation of funds of enterprises with foreign investments, conclusion of lease and other agreements is regulated by legislation and international treaties of the Republic of Uzbekistan.
Enterprises with foreign investment pay taxes and fees.
All expenses of enterprises with foreign investments in foreign currency must be provided by their own foreign exchange earnings, as well as other sources of foreign currency receipt permitted by law. Their currency sustainability can also be ensured within the framework of the activities of associations and other organizational structures that are being created.
Enterprises with foreign investments independently carry out export-import operations in compliance with the requirements of legislation. Export of own-made products is not subject to licensing and quotas.
Enterprises with foreign investment have the right to import products for their own production needs without a license in accordance with the legislation of the Republic of Uzbekistan. The procedure for determining the products of own production that are exported and products imported by enterprises for their own needs is established by the Cabinet of Ministers of the Republic of Uzbekistan.
Property imported to the Republic of Uzbekistan by enterprises with foreign investment for their own production needs shall be exempt from customs duty within two years from the date of their state registration in accordance with the procedure established by the legislation of the Republic of Uzbekistan. Property imported for the personal needs of foreign investors, citizens of foreign States and stateless persons permanently residing outside the Republic of Uzbekistan, who are in the Republic of Uzbekistan in accordance with employment agreements concluded with foreign investors, is not subject to customs duty.
Patenting of inventions and introduction of industrial designs belonging to foreign investors who invest them as investments and enterprises with foreign investments shall be exercised in accordance with the procedure established by legislation.
Enterprises with foreign investment independently establish the list, procedure for the formation and use of funds of the enterprise.
Enterprises with foreign investment have the right to long-term lease of non-agricultural land for up to fifty years, but not less than the period specified in the application, for the implementation of investment projects.
Enterprises with foreign investment may acquire land plots in cases and under conditions stipulated by law.
When the ownership of buildings and structures is transferred, the right to use land plots is transferred along with these objects in accordance with the procedure and conditions established by law.
Leasing of property to foreign investors is carried out by the landlord on the basis of relevant agreements.
The labor relations of employees of enterprises with foreign investments are regulated by Labor Code of the Republic of Uzbekistan.
Pension provision for employees of an enterprise with foreign investment is regulated by law.
Article 55. Securing of the obligations
The property and property rights of an enterprise with foreign investment can be used as security for all types of its obligations, including borrowing. As a security for obligations, its ownership right to trade and service objects, as well as residential premises with land plots on which they are located, property rights to buildings, structures, equipment, as well as other proprietary rights may act.
All property and property rights that belong to a foreign investor on the property rights, regardless of their location, can be used by them as security for their obligations.
Article 56. Reorganization or liquidation of an enterprise with foreign investments
An enterprise with foreign investment may be reorganized or liquidated in accordance with the procedure provided for by law.
An enterprise with foreign investment that has not formed its statutory Fund (authorized capital) within the established period in the amounts provided for in the constitutive documents may reduce it to the amount actually formed, but not less than the minimum amount established by law, or transform into another organizational and legal form.
The assets of an enterprise with foreign investment are subject to taxation when it is liquidated. The remaining part is distributed among the participants of the enterprise with foreign investments in proportion to their share in the property of the enterprise, unless otherwise provided by the constitutive documents.
A foreign investor, in case of withdrawal from an enterprise with foreign investment or liquidation of this enterprise, receives the right to return his share in the property of the enterprise in monetary or commodity form in accordance with the market value.
When reorganizing or liquidating an enterprise with foreign investment, employees whose employment contracts have been terminated are guaranteed to maintenance of their rights and interests.
CHAPTER 11. THE IMPLEMENTATION OF INVESTMENT ACTIVITIES OUTSIDE THE REPUBLIC OF UZBEKISTAN
Article 57. Investment activity of legal entities and individuals outside the Republic of Uzbekistan
Individuals and legal entities that are residents of the Republic of Uzbekistan have the right to implement investment activities outside the Republic of Uzbekistan.
Adjusting the direction of investments in the territory of foreign States is exercised in accordance with this Law, the legislation of the state in whose territory the investment activity is implemented and international treaties of the Republic of Uzbekistan.
Article 58. Investment activity outside the Republic of Uzbekistan
State administration authorities of the Republic of Uzbekistan have the right to implement investment activities outside the Republic of Uzbekistan. Investment of the property of the Republic of Uzbekistan in the authorized funds (authorized capitals) of legal entities on the territory of foreign States is exercised with the consent of the owner or authorized state administration authorities.
Article 59. Forms of investment activity when investing outside of the Republic of Uzbekistan
Investment activities of individuals and legal entities – residents of the Republic of Uzbekistan outside the Republic of Uzbekistan can be carried out in the following forms:
establishment of legal entities with the participation of investments of individuals and legal entities – residents of the Republic of Uzbekistan, as well as subsidiaries, branches, representative offices and other separate divisions in compliance with the requirements of the legislation of a foreign state;
acquisition of property or property rights;
any other forms that do not contradict the legislation of foreign States and comply with international agreements of the Republic of Uzbekistan.
CHAPTER 12. FINAL PROVISIONS
Article 60. Restriction, suspension or termination of investment activity
Restriction, suspension or termination of investment activity may be exercised by the decision of investor, by the decision of the authorized state body or by a court decision.
A decision to restrict, suspend or terminate investment activities may be made in the following cases:
declaring or recognizing an investor bankrupt in accordance with the procedure established by law;
emergencies, epidemics and other real threats to the life and health of the population;
non-performance and (or) gross violation of the obligations established in the investment agreement, including those concluded with the Government of the Republic of Uzbekistan;
identification of circumstances in the course of investment activities that may lead to violations of sanitary, radiation, environmental, architectural, urban planning and other requirements, rights and legally protected interests of legal entities and individuals.
Restriction, suspension (except for cases of restriction, suspension of investment activity for a period of no more than ten working days in connection with the prevention of emergencies, epidemics and other real threats to the life and health of the population) or termination of investment activity, entailing the suspension or termination of the business entity, is exercised in court.
Article 61. Appeal against decisions of public authorities, actions (omission) of their officials
Decisions of public authorities, actions (omission) of their officials that violate or restrict the rights, freedom and legitimate interests of investment entities may be appealed to a superior authority or court.
Article 62. Compensation for losses caused to entities of investment activity
Compensation for losses caused to an investment entity in connection with the restriction, suspension or termination of investment activities is determined by law.
In the event of decisions taken by state administration authorities or local public authorities that infringe the rights of investment entities, as well as in cases of illegal interference in the economic activities of investment entities, the losses incurred are compensated in accordance with the law.
Losses caused to investment entities as a result of an illegal administrative act of a public authority (official) are subject to compensation or compensation by the state on the basis of a court decision, primarily at the expense of extra-budgetary funds of the relevant authorities, with subsequent recovery from offender in a recourse order.
Article 63-Settlement of disputes
A dispute related to foreign investments and arising in the course of investment activities of a foreign investor (investment dispute) on the territory of the Republic of Uzbekistan is resolved through negotiations. If the parties to an investment dispute are unable to reach an agreed settlement through negotiations, the dispute must be resolved through mediation.
An investment dispute that is not settled through negotiations and mediation must be resolved by the appropriate court of the Republic of Uzbekistan.
If it is impossible to resolve investment disputes in the manner provided for in parts one and two of this article, such a dispute may be resolved through international arbitration, if an international agreement of the Republic of Uzbekistan and (or) an agreement concluded between the investor and the Republic of Uzbekistan provides for an appropriate and valid arbitration clause.
The consent of the Republic of Uzbekistan to arbitration of an investment dispute can only be a written consent within the framework of signed and existing international agreements of the Republic of Uzbekistan and (or) the agreement concluded between the investor and the Republic of Uzbekistan at the time of applying to international arbitration.
Article 64. Application of the provisions of this Law to previously made investments
This Law applies to existing investments previously made in the Republic of Uzbekistan prior to the entry into force of this Law, only in the most favored part to investor.
Article 65. Liability for violation of legislation about investments and investment activities
Persons guilty of violating the legislation on investments and investment activities are liable in accordance with the established procedure.
Article 66. Invalidation of certain provisions legislative acts of the Republic of Uzbekistan
Recognize as invalid:
1) The Law of the Republic of Uzbekistan dated April 30, 1998 No. 609-I “On Foreign Investments” (Statement of the Oliy Majlis of the Republic of Uzbekistan, 1998, No. 5-6, Article 91);
2) The Law of the Republic of Uzbekistan dated April 30, 1998 No. 611-I “On guarantees and measures to protect the rights of foreign investors” (Statement of the Oliy Majlis of the Republic of Uzbekistan, 1998, No. 5-6, Article 93);
3) The Law of the Republic of Uzbekistan dated December 24, 1998 No. 719-I “On Investment Activities” (As amended by act of the Law of the Republic of Uzbekistan dated December 9, 2014 № LRU -380) (Statement of the Oliy Majlis of the Republic of Uzbekistan, 2014, No. 12, Article 342);
4) Section XXIII of the Law of the Republic of Uzbekistan dated August 20, 1999 No. 832-I “On Amending and Adding to Some Legislative Acts of the Republic of Uzbekistan” (Statement of the Oliy Majlis of the Republic of Uzbekistan, 1999, No. 9, Article 229);
5) Sections XXII and XXIV of the Law of the Republic of Uzbekistan dated December 12, 2003 No. 568-II “On Amendments and Additions to Some Legislative Acts of the Republic of Uzbekistan” (Statement of the Oliy Majlis of the Republic of Uzbekistan, 2004, No. 1-2, Article 18);
6) The Law of the Republic of Uzbekistan dated September 16, 2005 LRU № -6 “On Amendments and Additions to the Tax Code of the Republic of Uzbekistan and the Law of the Republic of Uzbekistan “On Guarantees and Measures to Protect the Rights of Foreign Investors” (Statement of the Chambers of the Oliy Majlis of the Republic of Uzbekistan, 2005, No. 9, Article 310);
7) Articles 23, 24 and 27 of the Law of the Republic of Uzbekistan dated December 31, 2008 LRU № -197 “On Amendments and Additions to Some Legislative Acts of the Republic of Uzbekistan in Connection with the Improvement of Tax Legislation” (Statement of the Chambers of the Oliy Majlis of the Republic of Uzbekistan, 2008, No. 12, Article 640);
8) Article 3 of the Law of the Republic of Uzbekistan dated December 25, 2012 LRU № -343 “On Amendments and Additions to Some Legislative Acts of the Republic of Uzbekistan in connection with the adoption of the main directions of tax and budget policy for 2013, as well as reducing the frequency of tax reporting” (Statement of the Oliy Majlis of the Republic of Uzbekistan, 2012, No. 12, Article 334);
9) Articles 16 and 17 of the Law of the Republic of Uzbekistan dated January 20, 2014 LRU № -365 “On Amendments and Additions to Some Legislative Acts of the Republic of Uzbekistan” (Statement of the Chambers of the Oliy Majlis of the Republic of Uzbekistan, 2014, No. 1, Article 2);
10) Article 7 of the Law of the Republic of Uzbekistan dated April 18, 2017 LRU № -429 “On Amendments and Additions to Certain Legislative Acts of the Republic of Uzbekistan” (Statement of the Chambers of the Oliy Majlis of the Republic of Uzbekistan, 2017, No. 4, Article 137);
11) Article 40 of the Law of the Republic of Uzbekistan dated September 14, 2017 LRU № -446 “On Amendments and Additions, as well as Recognizing Certain Legislative Acts of the Republic of Uzbekistan” as Void (Statement Chambers of the Oliy Majlis of the Republic of Uzbekistan, 2017, No. 9, Art. 510);
12) Article 2 of the Law of the Republic of Uzbekistan dated July 26, 2018 LRU № -488 “On Amendments and Additions to Some Legislative Acts of the Republic of Uzbekistan in Connection with Taking Additional Measures to Ensure Accelerated Economic Development” (Statement of the Chambers of the Oliy Majlis of the Republic of Uzbekistan, 2018. No. 7, Article 433).
Article 67. Enforcement, communication, explanation of the essence and meaning of this Law
The Ministry of investment and foreign trade of the Republic of Uzbekistan, the Ministry of justice of the Republic of Uzbekistan and other interested organizations shall ensure that the essence and meaning of this Law is implemented, communicated to the performers and explained to the public, especially among the subjects of investment activity.
Article 68. Enforcement of legislation in accordance with this Law
To The Cabinet Of Ministers Of The Republic Of Uzbekistan:
bring government decisions in accordance with this Law;
ensure that the state administration authorities review and cancel their normative legal acts that contradict this Law.
Article 69. Entry into force of this Law
This Law shall enter into force on the expiry of one month from the day of its official publication.
President of the Republic of Uzbekistan Sh. Mirziyoev
“Narodnoye Slovo”, December 26, 2019
“Collection of legislation of the Republic of Uzbekistan”,
December 30, 2019, N 52, article 918