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Uzbekistan, Republic of Corporate - Significant developments

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The following notable changes were introduced to Uzbek legislation as of 1 January 2017.

  • Imputed taxable income from receipt of interest-free loans or financial aid shall be calculated based on the refinancing rate set by the Central Bank of Uzbekistan as at the date of issue of the loan/financial aid. If the interest charged under the interest-bearing loan is below the refinancing rate, the difference shall also be imputed as taxable income of the recipient of the loan. The above requirements shall not apply to loans provided by credit institutions (e.g. banks), loans under decisions of the President or Cabinet of Ministers of Uzbekistan, as well as loans from non-residents.
  • Double tax treaty (DTT) benefits (i.e. withholding tax [WHT] exemption or rate reduction) on all types of non-residents’ Uzbekistan-sourced income is automatically applied, provided the tax agent is supplied with an appropriate tax residency certificate. Such exemption/rate reduction for certain types of income previously required preliminary approval by the Uzbek tax authorities.
  • The list of taxes payable by taxpayers under the simplified tax regime was supplemented by VAT in respect of construction projects under competitive tenders and financed from centralised sources (i.e. state budget, designated funds, etc.).
  • The criterion for qualifying as a small enterprise (i.e. annual average headcount) was amended to exclude employees of subsidiary companies in calculation of the enterprise’s annual average headcount.
  • Taxpayers may be subject to a scheduled tax audit due to regular non-payment of taxes and other obligatory payments during a fiscal year.
  • Scheduled tax audits of private banks and other private financial institutions are to be carried out not more than once in five years.
  • Unified tax and customs regime was introduced for free economic zones operating in Uzbekistan.
  • Measures aimed at liberalisation of the foreign exchange market, including:
    • Legal entities of the Republic of Uzbekistan can purchase foreign currency for current international operations (import of goods, works or services, profit repatriation, repayment of loans, payment of travel expenses, and payment of non-trading nature) in commercial banks without restrictions.
    • Individual entrepreneurs engaged in the import of consumer goods are allowed to purchase foreign currency through bank accounts as per regulations established for individuals.
    • Requirement on mandatory sale of foreign currency proceeds from export of goods, services, and works is abolished for all entities, irrespective of legal/ownership form.
    • Individual entrepreneurs and farming enterprises receiving income in foreign currency can withdraw foreign currency from their bank accounts in cash.
    • Payments in foreign currency for goods, services, or works in the territory of Uzbekistan are prohibited, except for payments through international payment cards.
    • Prices and tariffs for goods, services, and works, as well as minimum capital requirements for companies, shall be set in national currency only.
    • State duties, fees, and other mandatory payments are charged in national currency only, except for consular fees.
  • New customs duties and excise tax rates were introduced. Import duties and excise tax for some goods (e.g. oil and oil products, certain types of fish, potatoes, wheat) are abolished.
  • As of 5 September 2017, the Central Bank of the Republic of Uzbekistan sharply devalued the official exchange rate of Uzbekistani som (UZS) against other foreign currencies. For example, the exchange rate of the United States dollar (USD) increased by approximately 92% from UZS 4,210.35 to UZS 8,100 per US dollar.

Revised rates of certain taxes were introduced to the tax legislation effective as of 1 January 2017:

  • Land tax rates for legal entities are raised by approximately 15%.
  • The monthly fee payable by mobile operators for each customer number is increased from UZS 1,500 in 2016 to UZS 2,000.
  • Excise tax rates for production and import of alcoholic drinks and cigarettes (and certain other goods) are increased.
  • Rates of compensation payments for pollution of the environment are increased by approximately two times.

Minimum monthly wage (MMW) is set as UZS 149,775 for the period from 1 October 2016 to 30 November 2017. Effective 1 December 2017, MMW is set at UZS 172,240.


Last Reviewed - 01 December 2017

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