Legal Alert for November and December 2023

Recent regulatory updates in Uzbekistan’s business sector are designed to cultivate a favorable environment for key sectors such as advertising, microfinance, licensing, foreign exchange (FX) operations, intellectual property (IP) protection, and litigation. Uzbekistan has taken proactive measures in the past two months, reinforcing reforms in areas such as legislative changes for economic, civil, and administrative procedures. Tax incentives are being provided for projects carried out with international organizations, and efforts are being made to promote the growth of the microfinance sector and enhance consumer protection related to payment organizations.

Legal Alert for September 2023

September 2023: The legal framework governing key business sectors has undergone rapid and significant development, resulting in positive transformations that align with global standards. These advancements have been particularly noteworthy in pivotal sectors, including the stock market, taxation, financing, cryptopolitics, and intellectual property law, showcasing a commitment to professionalism and international best practices.

Legal Alert for August 2023

New regulations and changes in the business sector of Uzbekistan were aimed to improve and develop a better legal framework for water management and related structures, economic relations with Qatar, real estate and cadaster issues resolution, amending of the customs system, tax reporting in voluntary liquidation, advancement of construction professionals, and compliance with WTO agreements.

Review of significant changes in taxation for 2023 in Uzbekistan

Major changes in taxes in Uzbekistan for 2023 are: reduction of VAT to 12%, some benefits in personal income tax and VAT are canceled, the rate of turnover tax is unified, more benefits are provided for a tax on profit, most fixed rates rise in average by 10%.

In 2023 the current rates for tax on profit (15%, for certain categories - 20%), tax on personal income (12%), tax on property of legal entities (1.5%), land tax for agricultural land (0.95%), social tax (budget organizations - 25%, others - 12%).