Operation of free economic zones has been standardized in Uzbekistan

Almaty. October 28. Silkroadnews – Acting President of Uzbekistan Shavkat Mirziyoyev has established new measures aimed at strengthening and expanding the activities of free economic zones, UzTAG reports.

Now, according to the new rules, all three operating zones on the territory of Uzbekistan will be renamed in free economic zone “Navoi”, “Angren” and “Jizzakh”. Tax and customs regimes will also be unified for these zones.

Their members will be exempt from land tax, income tax, property tax of legal entities, tax on improvement and development of social infrastructure, single tax payment for micro and small enterprises, as well as mandatory contributions to the Republican Road Fund and off-budget fund of reconstruction, overhaul and equipping secondary schools, professional colleges, academic lyceums and medical institutions.

Among the privileges for the zone’s participants there are also exemptions from customs duties for equipment, raw materials and components, imported for one’s own production needs, as well as construction materials not produced in the country.

These benefits, as explained, are granted for a term of 3 to 10 years depending on the amount of investments made. In addition, participants of the free economic zone “Angren” and “Jizzakh” got a number of additional benefits. For example, for the entire period of zones’ operation they are exempt from customs duties for imported raw materials and components in products aimed at export.

Also within the free economic zones the participants are entitled to make settlements and payments using foreign currency in accordance with the agreements and contracts concluded, as well as to use foreign currency to pay supply of goods and works from other economic entities-residents of Uzbekistan, use convenient for them conditions and forms of payments and settlements for exported and imported goods.

A special administrative board of the free economic zones will be created to control the operations of all the areas and all other managing authorities will be abolished.