PRESS OF UZBEKISTAN
April 18, 2017
ALL CONDITIONS ARE CREATED FOR INVESTORS
In days of independence in Uzbekistan the effective system of formation of favorable investment climate ensuring the rights and guarantees of the business entities with participation of the foreign capital has been created.
The laws "On Foreign Investments in the Republic of Uzbekistan", "On guarantees and measures of protection of foreign investors' rights", a number of decrees and resolutions of the President of the country and the Cabinet of Ministers have been adopted for this purpose.
Now such directions as decrease in a tax burden, improvement and simplification of method of taxation, increase in the stimulating role of taxation, as well as establishment of a number of privileges and preferences in this sphere have determined as the main directions of tax policy in our country. Such measures are intended to provide, among other, further modernization of production with participation of foreign investments, their technical and technological rearmament, employment of the population. An important role in this direction is played by the resolution of the President of the Republic of Uzbekistan "About additional measures for stimulation of expansion of production of domestic nonfood consumer goods" of January 29, 2009. According to this document 18 enterprises created with participation of foreign investments in the Samarkand region have gained tax benefits worth 1,1 billion Soums in 2014. 23 enterprises with participation of the foreign capital have used such preferences worth 1,9 billion Soums in 2015 (currency rates of CB RU from 18.04.2017, 1$= 3678.89 soums). Upon adoption of the Decree of the President of the Republic of Uzbekistan "About additional measures for stimulation of attraction of direct foreign investments" of April 10, 2012 opportunities for business activity of business entities with participation of the foreign capital have considerably extended.
Also note that profit and property tax burden, assignments for improvement and development of infrastructure, other obligatory payments are considerably reduced for the enterprises with direct participation of foreign investments in our country. Such preferences are provided to the enterprises for three years with direct attraction of foreign investments for the amount from $300 thousand to $3 mln., for five years with investment obligations worth from $3 to $10 mln., for seven years - over $10 mln. Where once such privileges were applied for 8 production lines, since 2012 preferences have already covered 20 lines.
In 2014 in the Samarkand region one enterprise had used such privileges for the amount over 672 million Soums , in 2015 already 4 enterprises have received preferences for 2 479,8 million Soums. Staff of all divisions of the Samarkand regional management on a regular basis carries out work on an explanation of an essence and importance of the documents aimed at formation of favorable investment climate in our country.
(Source: «Business partner.uz» newspaper)