Extensions of rights and enhancement of guarantees for foreign investors
Law of the Republic of Uzbekistan No.ЗРУ-365 of 20 January 2014 introduced a number of amendments to the legislation regulating activities of foreign investors in Uzbekistan, including Tax Code, Law on foreign investments, Law on guarantees and protection of foreign investors’ rights, Law on customs tariff and others. We have summarized the most notable amendments below.
Investments made by Uzbek citizens permanently residing outside of Uzbekistan are excluded from the list of investments that are treated as private foreign direct investments.
Criteria for eligibility of enterprises with foreign investment for tax exemptions were revised in the Tax Code to bring it in line with other legislative acts in this area; the current criteria are as follows:
Law on foreign investments
Law on guarantees and protection of foreign investors’ rightsIn accordance with the amendments introduced to the Article 4, additional guarantees for foreign investors (previously provided by special decisions of the Government) can be now provided by decisions of President or Government, which should either lay out terms and commitments of the foreign investors or approve investment agreements between the Government and the foreign investors.
List of technological equipment was updated
New edition of the list of technological equipment exempt from import customs duty and value added tax was approved by Resolution of the Ministry of Economy, Ministry of Finance, Ministry of Foreign Economic Relations and Trade and State Tax Committee, registered by the Ministry of Justice No.2436-1 of 16 January 2014.Changes affected two trade positions – 8415 and 8704. At your request we can provide you details of the changes introduced.