September 18, 2023

The amendments in the tax system and other areas, encouraging economic development were approved.

On 11.09.2023, Presidential Decree No. UP–158 “On the strategy “Uzbekistan – 2030” was adopted.

The President also signed Resolution No. PP-300 on measures aimed at implementing the strategy “Uzbekistan – 2030”. The document specifies a list of measures and changes in the tax system and other areas, the purpose of which is to encourage economic development.

From October 1, 2023, fines of over 10 million soums for tax offenses (when challenging the fact of an offense) will be applied to entrepreneurs exclusively in court.

From November 1, the practice of suspending financing, lending, and other operations in relation to facilities without a positive conclusion of environmental expertise will be introduced.

From January 1, 2024. entrepreneurs who have committed an offense for the first time and reimbursed the damage caused to the state before the judges go to a deliberation room will be released from liability.

A system of preferential taxation for research and development (R&D) centers will be established. In the first 3 years from the date of opening of such centers, the property and land tax rate for them will be 1% and the social tax rate for their employees will be 1%.

Subsidies in the amount of 50% of the insurance premium will be provided to agricultural producers for crop insurance.

Enterprises in the charter fund of which more than 50% of the share belongs to the state will need to attract at least 5% of financing for investment projects through the issuance of bonds.

Foreign tourists will be able to refund VAT for products purchased in Uzbekistan and issued Tax-Free, and tour operators — for export services under contracts with foreign contractors.

A fund for the development of public-private partnership (PPP) projects will be created. Among the main activities of the foundation is the development of documentation for PPP projects in energy, utilities, transport, ecology, education, medicine, and others.