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Uzbekistan presents new incentives to foreign investors

11 April 2012

http://www.uzdaily.com of 4/11/2012 - President of Uzbekistan Islam Karimov signed a decree "On additional measures to stimulate attracting foreign direct investments" on April 10, 2012.  It purports to create a favorable investment climate for foreign investors, direct foreign investments to develop high-technologies, strengthen foreign direct investments and modern technologies' development in Uzbekistan's regions and further promote a system of guarantees and preferences for foreign investors and enterprises with foreign investments.

According to this decree, Uzbekistan needs to further attract foreign direct investments so as to upgrade local industries.  To do so, the country needs to abolish the red tape faced by foreign investors and prevent illegal infringement and interference by controlling and state bodies in the activities of enterprises with foreign investments.

The decree says that newly established enterprises with investment volume of at least $5 million reserve the right to pay for 10 years the taxes that were in place at the time of registration. The rule applies to income taxes, property taxes, for the improvement and development of social infrastructure, the single social tax, single tax, as well as mandatory contributions to the Republican Road Fund and Reconstruction Fund, refurbishment and equipping of educational and medical institutions.

In addition, the decree establishes a procedure where investment projects worth more than US$50 million and with a foreign investors share over 50%, the construction of the required engineering and communication networks will be carried out using budget funds and other domestic sources of financing.

The decree banned and said it is illegal to set additional requirements and limitations to the activities of foreign investors and enterprises with foreign capital by ministries and departments, state bodies, law enforcement and other controlling bodies.

The country's prosecutors are to make sure that state and controlling bodies adhere to the laws on protection of rights and guarantees to foreign enterprises and companies with foreign investors.  They are responsible for adopting measures to prevent violations to the decree.

The decree entrusted the State Tender Commission to sell at the request of foreign investors to low liquid objects at zero redemption cost to set up enterprise with foreign investment through signing direct contracts with the investor under concrete investment obligations.

The Ministry of Foreign Affairs and the Ministry of Interior Affairs were assigned the task to provide multiple 12 months visas to employees of enterprises with foreign investments by President Karimov.

The Cabinet of Ministers was instructed to provide access to foreign investors to economic information considered necessary to their investment activities.