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Uzbekistan to provide more preferences to foreign investors

27 December 2019

On January 27, 2020, the law "On Investments and Investment Activities" will come into force in Uzbekistan, Trend reports citing Uzbek media.

It combines the norms contained in several laws including "On Foreign Investments", "On Investment Activities", "On Investment and Mutual Funds", "On Free Economic Zones", "On Concessions", "On Production Sharing Agreements", and in a number of other legal acts.

The document stipulates the basic principles of investing, types of investments, as well as guarantees for the rights of foreign investors. In particular, it maintains the current state guarantees for the right to freely use and transfer funds, their return upon termination of investment activity, guarantees for protection against nationalization or requisition (expropriation) and adverse changes in legislation, as well as guarantees for transparency and openness, will be preserved.

The special rights of investors also remain. In particular, they can count on special types of visas, conditions for obtaining a residence permit, investment insurance. Foreign investors have a number of benefits and advantages in Uzbekistan. They can receive objects of state property or property rights to them on a preferential basis or at zero redemption value, and enjoy significant tax benefits. It also provides for subsidizing interest rates on loans received by the investor for the implementation of the investment project.

With the entry into force of the new law, investors will have the opportunity to use also investment tax credit. This rule will help change the deadline for fulfilling a tax obligation. That is, the taxpayer within a certain period of time reduces the tax payments due from him or her, and then gradually pays the loan amount and accrued interest.

Along with this, the government will provide an investment subsidy -- the construction of external engineering and communications networks, or financial assistance in the form of tax and customs benefits. Investors interact with the Ministry of Investment and Foreign Trade and its territorial units on the principle of "one window", receiving advice, assistance with paperwork and other basic types of services through public services centers.