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Home News & Information digests Interim President of Uzbekistan signs decree on expansion of activities of SEZs

Interim President of Uzbekistan signs decree on expansion of activities of SEZs

Interim President of Uzbekistan Shavkat Mirziyayev signed a decree “On additional measures on boosting and expanding free economic zones” on 26 October 2016. The document was adopted in order to create favourable conditions for further developing free economic zones in Uzbekistan as important factor of expanding foreign direct investments to create new high technological production capacities, launch of production of competitive and export-oriented ready goods, etc.

Shavkat Mirziyayev approved proposal of Ministry of Economy and Ministry of Foreign Economic Relations, Invetsments and Trade of Uzbekistan on unification of names of free industrial-economic zone “Navoi” and special industrial zones “Angren” and “Jizzakh”.

The document said that zones will be renamed into free economic zones Navoi, Angren and Jizzakh respectively.

The decree set main directions of further development of free economic zones Navoi, Angren and Jizzakh.

The document said that single legal regime will be set for all zones. They will have also single tax and customs preferences.

The zones should actively attract direct investments, first of all, to create modern high technological and localized production capacities, which use local resources and produces competitive products with added value.

The zones will also start to render all state services, including issuing permission, on principle of one-stop-shop.

The Uzbek leader approved proposal on unification of tax and customs regimes at the zones, which are provided to the investors. The investors will be exempted from payment of land tax, income tax, property tax, tax for development of social infrastructure, single tax payment for microfirms and small enterprises, payments to Republican Road Fund, etc.

The investors will be also exempted from payment of customs payments (excluding registration fees) for imported equipment, tools, raw materials and other goods, which are not produced in Uzbekistan and imported in line with the list, approved by the Uzbek Government.

The preferences, mentioned in the decree, will be provided from 3 to 10 years based on the volume of investments:

For three years – if the investment volume is between US$300,000 and US$3 million;

For five years – if the investment volume is between US$3 million and US$5 million;

For seven years – if the investment volume is between US$5 million and US$10 million;

For ten years – if the investment volume is over US$10 million.

After the end of the preferential period, the investors will pay only 50% from the set rate of income tax and single tax payment within five years. In line with the decree, participants of special economic zones Angren and Jizzakh are exempted from payment of customs duties (except registration fee) for imported raw materials, materials and spare parts, used in production of goods, directed to export.

The decree also allowed participants of the zones to make payments in hard currency on signed agreements and contracts within the zones.

They also have right to pay for supplied goods, services and works in hard currency to businesses of Uzbekistan. They can use convenient forms of payments at exporting and importing goods.

Mirziyayev ordered local ministries to develop a programme on further improving and expanding activities of free economic zones Navoi, Angren and Jizzakh.