On April 28-29, 2022, a plenary session of the Senate of the Oliy Majlis of the Republic of Uzbekistan was held. At the plenary session, the Law “On Amendments and Additions to the Tax Code of the Republic of Uzbekistan” (the “Law”) was considered and approved.
According to the Law:
- donations to the Public Child Support Fund are non-deductible
expenses in determining the tax base;
- from February 1, 2022 to January 1, 2025, business entities
(including business entities exporting through a commission agent
(attorney), exporting dyed fabric, dyed textile and sewing and
knitwear products, pay social tax at a tax rate of 1 percent. At
the same time, this exemption applies to taxpayers whose revenue
from the export of dyed fabric, dyed textile and sewing and
knitwear products is at least 80 percent of the revenue from the
sale of all goods and services;
- from May 1, 2021 to December 31, 2022, the import of vegetable
oil, sunflower and flax seeds, as well as soybeans, turnover for
the production and (or) sale of vegetable oil (except cottonseed
oil) into the territory are exempt from value added tax;
- for the period from October 10, 2021 to December 31, 2022, the turnover on the sale of meat (beef, lamb), live animals (cattle and sheep) and products of their slaughter, potatoes, as well as their import into territory of the Republic of Uzbekistan is exempt from value added tax.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
