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NEWS

Uzbekistan may allow foreigners to head local companies

en.trend.az
30 October 2015

Legislative chamber of Uzbekistan’s parliament adopted amendments to the country’s laws that allow bringing foreign specialists to head the country’s companies.

“Earlier, MPs adopted a law on amendments and additions to some legislative acts of the country in connection with introduction of modern methods of corporate governance in joint stock companies,” said the press office of the Uzbek parliament’s lower house Oct. 30.

The parliament’s lower house in particular approved a norm of bringing highly-qualified foreign managers to management positions in joint-stock companies.

Aside from that, according to the amendments, the foreign specialists’ incomes from their work as managerial staff will be exempted from the income tax, the income tax deducted at source, and the mandatory insurance contributions.

The joint-stock companies, in their turn, will be exempted from paying a single social fee from the fund of payment for foreign workers involved as managerial staff.

In May 2015, Uzbekistan’s President Islam Karimov issued a decree allowing foreign managers to assume leading positions in the executive bodies of joint stock companies.

Draft laws adopted by the parliament’s legislative chamber were sent for consideration of Senate, the Uzbek parliament’s higher chamber.

Senate is expected to consider the draft law at its plenary meeting in late November - early December.