President of Uzbekistan Shavkat Mirziyoyev signed a decree on 27 December outlining measures to ensure equal conditions for entrepreneurs and a fair competitive environment.
The document was adopted following a meeting with leading entrepreneurs on 20 December.
According to the decree, VAT and corporate tax rates will remain unchanged until 1 January 2028.
From 1 January 2025 to 1 January 2028, preferential tax rates will be introduced for enterprises in the textile, footwear and leather industries that meet certain social conditions: corporate income tax — 1%, personal income tax — 1%. To qualify, the following conditions must be met:
- At least 15% of the total workforce must be members of families listed in the Unified Social Protection Registry or the register of low-income families.
- The monthly salary of each employee must be at least twice the minimum wage (2.31 million soums, or $178.5).
- During the tax period, at least 90% of the total revenue must come from the sale of textile, footwear or leather products.
Center for Assisting Entrepreneurs in Accessing International Financial Markets will be established under the Chamber of Commerce and Industry (CCI). The center will provide consulting services for attracting international financing.
Each year, at least 100 entrepreneurs will be able to use its services. The center will be funded by the CCI Support Fund.
In 2025, the Uzbekistan Reconstruction and Development Fund (the country’s sovereign fund) will allocate $100 million to the Trade Development Company to replenish enterprises' working capital for a 5-year term at an annual rate of 2%, with repayment starting from 1 January, 2028.
Commercial banks will gain access to these funds to provide loans to enterprises in agriculture, industry and trade.
The company will guarantee up to 50% of bank loans (but not exceeding 10 billion soums, or $772,961, per loan). Deposit funds of $50 million will be formed to secure obligations.
From 1 January, 2025, entrepreneurs will be able to receive revolving loans for projects involving the calibration and packaging of agricultural products.
Starting 1 January, 2025, export duties will be introduced for textile products:
- For each kilogram of cotton yarn — 2% of the export price (but not exceeding $0.05).
- For each kilogram of knitted fabric — 1% of the export price.
Additionally, a list of “champion” entrepreneurs who annually create more than 5,000 jobs and pay taxes exceeding 100 billion soums ($7,729,612) will be compiled.
The president’s decree also extended the zero import customs duty rate for 59 types of food and other products until 1 January, 2026, including meat, dairy products, vegetables and fruits. This decision aims to stabilize prices in the domestic market.
Zero customs duty rates for the import of vegetable oil will also remain in effect until 1 January 2026, but benefits for importing poultry meat will not be extended.
The president also approved the composition of expert groups under the Business Support Council. 46 entrepreneurs included in the list feature Zafar Khashimov (founder of Korzinka, largest supermarket chain, Jakhongir Artikkhodjayev (ex-mayor of Tashkent, founder of Akfa, Artel and numerous other companies), Murod Nazarov (head of large development company), founders of Click, Amirsoy, as well as others.
