Tax Alert: 17 December 2012

Changes in application of tax incentive by enterprises with foreign direct investments 

Resolution of the Ministry of Finance, Ministry of Economics and State Tax Committee of Uzbekistan No. 2312-1 introduced amendments to the Regulation “On application of tax incentives by enterprises attracting direct private foreign investments” (the Regulation). The amendments are introduced in accordance with the President’s Decree No. 4434. 

Minimum monthly wage increased 

In accordance with Presidential Decree No.ПП-4482 of 9 November 2012 effective from 1 December 2012 Minimum Monthly Wage is increased from UZS 72,355 to UZS 79 590. 

Resolution of the Cabinet of Ministers No.333 of 28 November 2012 

Resolution provides that in 2013 decrease in the level of localisation below 30% shall not be treated as violation if it results from reduction of production costs due to: 

  • rationalisation of technological processes, 
  • optimisation of cost norms for raw materials and energy resources, 
  • established by normative-technical documentation, 
  • decrease in costs of raw materials and components, 
  • decrease in operating and overhead expenses, 
  • optimisation of personnel count.