As previously reported by Spot, Shavkat Mirziyoyev is holding a meeting to discuss the outcomes of the year in the field of entrepreneurship support and plans in this direction for 2025.
The President promised to maintain a "stable" tax policy aimed at creating the most convenient and favorable business environment in the region. The rates for major taxes will not change regardless of the required budget revenues.
Starting from January 1, there will be no value-added tax on the sale of land and state property. Additionally, the excise tax on mobile communications, currently at 10%, is set to be abolished.
The taxation of agricultural land within urban areas at a double rate will also be eliminated. Furthermore, publishing houses will be exempt from profit tax for a period of 5 years.
A special tax regime for IT Park residents will be extended until 2040 (provided that the enterprise derives the majority of its revenue from digital exports — Note by Spot). Benefits for private schools and kindergartens will remain in place until 2030.
Other topics discussed at the meeting include:
- The cost of the Sea Breeze Uzbekistan tourist center on the shores of Charvak is estimated at $10 billion, and 23 hotel brands will enter the country's market;
- The process of Uzbekistan's accession to the WTO is nearing completion;
- Uzbekistan's GDP is planned to increase to $120 billion next year;
- A center to assist in accessing international financial markets will be opened;
- Uzbekistan's mineral reserves are valued at $1 trillion;
- The airports of Bukhara and Namangan will be transferred to private management;
- A project for an updated Customs Code is planned to be developed.
At the end of October, the Ministry of Economic Development and Finance presented the budget message for 2025. The outlined directions for budget policy include the abolition of the excise tax on mobile communications, which was initially planned for 2023.
At the same time, an excise tax on imported natural gas sold to end consumers will be reinstated, but the rate will be set at 12% instead of 20%. The excise tax on sugary carbonated beverages will also apply to juices and iced tea, with a reduced rate for drinks containing sugar substitutes.
An increase in taxes for marketplaces is expected, as well as a rise in fixed turnover tax rates. Additionally, tax benefits for income from the export of goods and services will be eliminated.
Earlier, Spot reported on how the application of tax and customs benefits for the supply of agricultural machinery would change.