Doing business in Uzbekistan - An introductory guide to taxes and regulations - EY
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Doing business in Uzbekistan An introductory guide to taxes and regulations
3 Doing business in Uzbekistan
Contents
Preface . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
1. Welcome to Uzbekistan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Highlights. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
2. Getting started. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
2.1. Arriving in Uzbekistan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
2.2. Forms of legal presence available in Uzbekistan . . . . . . . . . . . . . . . . . . 8
2.3. Establishing a legal presence. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
3. Overview of tax rules in Uzbekistan. . . . . . . . . . . . . . . . . . . . . . . . 12
3.1. Changes to the Tax Code of Uzbekistan in 2022. . . . . . . . . . . . . . . . . 13
3.2. Personal income tax (PIT) and social tax. . . . . . . . . . . . . . . . . . . . . . . 13
3.3. Corporate income tax (CIT). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
3.4. Withholding tax (WHT) (other than personal income tax) . . . . . . . . . 17
3.5. Value added tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
3.6. Other taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
3.7. Taxes for subsoil mineral users. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
3.8. Revenue tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
3.9. Transfer pricing. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
3.10. Tax administration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
4. Overview of other laws that affect business administration . . . . . 24
4.1. Employment regulations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
4.2. Work permits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
4.3. Banking regulations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
4.4. Currency regulations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
5. EY in Uzbekistan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
Supporting our clients in a dynamic landscape . . . . . . . . . . . . . . . . . . . . . 29
Our major services. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
Contact information. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
6. Appendix. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
A.1. Double tax treaties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31
A.2. List of countries with preferential tax regimes . . . . . . . . . . . . . . . . . . 33
Doing business in Uzbekistan 1
Preface 2 Doing business in Uzbekistan
This booklet is intended to provide
useful practical guidance on legal and
tax issues faced by foreign investors
when starting a business in Uzbekistan.
We hope that it will help investors
to avoid common pitfalls, and we
have highlighted areas where some
forethought and planning prevent
problems from arising. Uzbekistan
offers a wealth of opportunities and
places great importance on encouraging
foreign investment in key sectors of the
economy.
This guide has four sections:
1. Welcome to Uzbekistan
2. Getting started
3. Overview of tax rules in Uzbekistan
4. Overview of other laws that affect
business administration
This guide is a brief summary of the
rules in force as of 1 January 2022.
It is not a substitute for comprehensive
professional advice, which should
be sought before engaging in any
significant transaction or investment.
It should also be noted that this guide
does not cover all taxes in Uzbekistan.
We have focused here on the most
common and important types of taxes.
It is therefore essential to seek separate
advice as to the actual taxes applicable
to any particular business.
We wish you every success in this
exciting and dynamic environment.
Doing business in Uzbekistan 3
1 Welcome to
Uzbekistan
4 Doing business in Uzbekistan
Highlights
Time Business hours
Uzbekistan’s time zone is five hours ahead of Greenwich Mean Uzbek offices are generally open from 9:00 am to 6:00 pm,
Time (GMT). Monday to Friday, and are closed Saturdays and Sundays.
The table below shows time differences between Tashkent and Uzbekistan fact sheet
selected cities in the CIS and the world.
Capital Tashkent
Hours ahead of or behind Administration Uzbekistan consists of 14 administrative units:
City
Tashkent (in winter) the Republic of Karakalpakstan, 12 provinces
Tokyo, Seoul +4 (viloyats) and the city of Tashkent
Beijing, Hong Kong +3 Bordering countries Kazakhstan, Kyrgyzstan, Tajikistan,
Turkmenistan, Afghanistan
Nur-Sultan, Almaty, Bishkek +1
Land area 448,900 km2
Tashkent 0
Population 35 million
Baku, Tbilisi, Yerevan -1
Language Uzbek
Moscow, Minsk, Istanbul -2
Central Bank Central Bank of the Republic of Uzbekistan
Kiev -3
Major cities Tashkent, Samarkand, Bukhara, Khiva
Paris, Frankfurt -4
Currency unit Uzbekistan Soum (UZS)
London -5
Exchange rate as of USD 1 = UZS 10,837.66
New York -10
1 January 2022 EUR 1 = UZS 12,224.88
RUB 1 = UZS 147.07
Public holidays CNY 1 = UZS 1,701.55
The table below lists Uzbekistan’s official public holidays. Sources: Official sites of the President of the Republic of Uzbekistan, the Central
Bank of Uzbekistan and the State Statistics Committee of the Republic of
Holiday Date Uzbekistan.
New Year Holiday 1 January
International Women’s Day 8 March
Navruz 21 March
Day of Memory and Honour 9 May
Ramadan Eid First day, e.g. 3 May*
Kurban Eid First day, e.g. 10 July*
Independence Day 1 September
Teachers’ Day 1 October
Constitution Day 8 December
*T
he dates of religious holidays in 2022 are indicated tentatively.
The dates vary from year to year based on the lunar calendar.
Doing business in Uzbekistan 5
2 Getting started 6 Doing business in Uzbekistan
2.1. Arriving in Uzbekistan Luxembourg, Malaysia, Malta, Mexico, • Nationals of certain countries who
Monaco, Mongolia, Montenegro, hold diplomatic passports and have
Netherlands, New Zealand, Nicaragua, appropriate accreditation
Should you require assistance Norway, Panama, Poland, Portugal,
in planning and managing your • Holders of a red UN Laissez-Passer, a
Saint Kitts and Nevis, Saint Lucia,
human capital needs, EY can advise diplomatic travel document issued by
Saint Vincent and the Grenadines, San
on and assist with obtaining work the UN, are exempt from obtaining a
Marino, Romania, Serbia, Singapore,
confirmations for foreign employees, visa for a stay up to 30 days. Holders
Slovakia, Slovenia, South Korea,
tax registration, and tax and legal of a blue UN passport are subject
Spain, Sweden, Switzerland, Trinidad
compliance for expatriate individuals. and Tobago, Turkey, UAE, Vatican, • to simplified visa procedures: a visa
United Kingdom will be issued within 2 days by the
Temporary visas Ministry of Foreign Affairs upon
• Members of flight crews of foreign
presentation of an invitation letter by
In general, all foreign nationals and airlines operating regular flights to
the host party.
stateless persons are required to obtain Uzbekistan (for the length of time
a visa to enter Uzbekistan. However, between their flights into and out of Since visa requirements are subject
the following individuals are not subject Uzbekistan) to frequent changes, individuals
to general visa requirements and may should check the specific applicable
• Nationals of the People’s Republic of
enter Uzbekistan without a visa: requirements before planning a trip to
China and Hong Kong (for stays of up
Uzbekistan.
• N
► ationals of the following CIS to 7 days)
countries: Azerbaijan, Armenia,
Belarus, Georgia, Kazakhstan,
Moldova, Russia, Ukraine, and
Kyrgyzstan (for stays of up to 60
days) and Tajikistan (for stays of up
to 30 days)
• Nationals of the following countries
for stays of up to 30 days: Andorra,
Antigua and Barbuda, Argentina,
Australia, Austria, Bahamas,
Barbados, Belize, Belgium, Bosnia and
Herzegovina, Brazil, Brunei, Bulgaria,
Canada, Costa Rica, Chile, Croatia,
Cuba, Cyprus, Czech Republic,
Denmark, Dominica, Dominican
Republic, El Salvador, Estonia,
Finland, France, Germany, Greece,
Grenada, Guatemala, Honduras,
Hungary, Iceland, Indonesia, Ireland,
Israel, Italy, Jamaica, Japan,
Latvia, Lithuania, Liechtenstein,
Doing business in Uzbekistan 7
Business visas. Business visas are Unless exempt from visas as mentioned joint stock companies, limited liability
issued to foreign individuals arriving in above, citizens of the following countries companies, representative offices,
Uzbekistan for business purposes (e.g., are eligible to obtain an entry visa to permanent establishments of foreign
for a business trip or negotiations, to Uzbekistan through the “EVISA.MFA. entities, etc.
sign contracts or to attend conferences, UZ” system or obtain tourist visas under
symposiums, forums, exhibitions, simplified procedures at Uzbek consular Should you require more information on
concerts or cultural, scientific, sporting offices: Albania, Algeria, Angola, the nature and uses of various business
or other events). Bahrain, Bangladesh, Bolivia, Cambodia, forms in Uzbekistan, EY offers tax
Investment visa. An investment visa may Cameroon, Cape Verde, China (including and legal advice on how to structure
be issued to shareholders/ participants Hong Kong), Colombia, Cote d’Ivoire, a specific business in Uzbekistan
or founders of enterprises with foreign Ecuador, Egypt, Fiji, Gabon, Ghana, depending on the investor’s particular
investments and to members of their Guyana, India, Iran, Jordan, Kingdom industry or commercial plans, as well as
families for a period of three years, at the of Bhutan, Kiribati, Kuwait, Laos, a full range of company formation and
end of which it may be extended. Lebanon, Macedonia, Maldives, Marshall registration services.
Islands, Mauritius, Micronesia, Morocco,
In addition, foreigners who have invested Nauru, Nepal, Oman, Palau, Paraguay,
at least USD 3 million in production or Peru, Philippines, Republic of Korea, In this section we give details of the
service industries in Uzbekistan and Qatar, Samoa, Saudi Arabia, Senegal, four types of business entities most
shareholders/participants or founders Seychelles, Solomon islands, South commonly used by foreign investors.
of enterprises with foreign investments Africa, Sri Lanka, Suriname, Thailand,
may apply for a 10-year residence Tonga, Tunisia, United States of 2.2.1. Joint stock companies (JSCs)
permit under a simplified procedure. America, Uruguay, Vanuatu, Venezuela A JSC is a legal entity that is separate
A foreigner with a residence permit and Vietnam. and distinct from its shareholders. As a
does not need to obtain visas and work general rule, a JSC’s shareholders are
permits to live and work in Uzbekistan. The electronic visa is valid for 30 days
not liable for the JSC’s liabilities. A JSC
from the date of issue. The processing
Work visas. Work visas are issued to may have one or more shareholders.
time for electronic visa applications is
foreign individuals arriving in Uzbekistan Generally, there is no minimum charter
2 (two) working days, excluding the
for employment. A work confirmation capital requirement for a JSC. However,
day the application is submitted. The
must be submitted to Uzbek foreign
electronic visa is sent to the e-mail regulations governing certain activities
affairs authorities in order to obtain a
address of the foreign citizen as normally subject to licensing (e.g.,
work visa (subject to planned changes).
indicated in the application submitted banking and insurance activities) set out
See the ”Work Confirmation” section
via the “EVISA.MFA.UZ” web portal. minimum capital requirements for JSCs.
below for details.
Since establishing a JSC is a very
Issuance of visas. Visas are issued
abroad by Uzbekistan consulates (the
2.2. Forms of legal time-consuming and highly regulated
process, investors usually prefer to opt
Consular Department of the Embassy presence available for an LLC when deciding on their form
of Uzbekistan). Generally, business in Uzbekistan of presence in Uzbekistan. However,
visas are issued based on a letter of
There are a number of legal forms for certain types of businesses (such
invitation from a local Uzbek company,
available for foreign and local investors as banks) the JSC is the only available
or a representative office of a foreign
company, submitted to the Consular wishing to establish a presence in vehicle for establishing a presence in
Department of Uzbekistan. Uzbekistan, including but not limited to Uzbekistan.
8 Doing business in Uzbekistan2.2.2. Limited liability companies
(LLCs)
Like a JSC, as a general rule, an LLC is
a legal entity in which the participants
are not liable for the company’s
liabilities and bear the risk of losses
from the company’s activities only to
the extent of their contributions to the
charter capital. An LLC may have one
or more participants. An LLC may not
be established by one entity that in turn
has only one shareholder/ participant,
unless the former entity is a JSC.
Similarly to a JSC, an LLC may, as an
alternative fund-raising option (besides
equity-based financing), issue bonds
subject to similar requirements as those
set for bonds issued by JSCs.
The main difference between these two
types of entities is that an LLC does not
issue shares. Instead, participants have
ownership (participating) interests in
the company. Unlike a JSC, participants
of an LLC bear strict liability for the
disclosure of confidential information
concerning the activities of the LLC. In
addition, the supreme governing body
of an LLC is the general meeting of its
participants. There is also an option to 2.2.3. Representative offices (RO) the RO (the main legal entity). It is
create a supervisory board of an LLC. explicitly stated in the law that an RO
An RO is a structural subdivision of
cannot conduct business activities.
As a general rule, as in the case of a legal entity that is established at
An RO is established exclusively to
a JSC, there is no minimum capital a different location from that of the
represent and protect the interests of
requirement for an LLC. However, legal entity and carries on its activities
the main legal entity, and its activities
regulations governing certain activities based on accreditation received from
must be limited to marketing and
normally subject to licensing (e.g., the government (a process described
non-transactional support for the head
insurance activities) may require LLCs in Section 2.3.2 “Accreditation of
office. If any commercial activities are
to comply with the minimum capital representative offices” below). Since an
conducted through an RO, the RO’s
requirements for those specific types of RO does not constitute a legal entity,
accreditation may be cancelled by the
business. all rights and obligations are assumed
state authorities.
by the legal entity that established
Doing business in Uzbekistan 92.2.4. Branches a foreign legal entity for tax purposes services to business entities (“One-
Uzbek law does not explicitly restrict/ in Uzbekistan. This is done purely for Stop-Shop Centre”). Upon submitting
prohibit the establishment of branches in tax registration purposes for a specific a complete set of documents, provided
Uzbekistan by foreign entities. However, project, and a PE does not constitute a that the authorities do not raise any
in view of the virtual non-existence of legal form. issues, the LLC should be registered with
regulations governing the registration justice, tax and statistics authorities - all
and activities of branches of foreign at the same time.
companies, in practice, the Uzbek
2.3. Establishing a legal
There is an option to submit
authorities refuse to register branches presence documents to the One-Stop-Shop
of foreign legal entities. As a rule, all legal entities and Centre electronically through the
We are aware of a draft law that would representative offices in Uzbekistan “e-government” web portal. However,
enable the registration of branches of must be registered or accredited with this requires the use of an electronic
foreign companies in Uzbekistan in the the appropriate government authorities. digital key, which means that, in
future, but it remains unclear when the practice, legal entities established by
2.3.1. State registration foreign entities cannot yet be registered
law might be passed.
State registration in Uzbekistan is through the e-government portal, since
carried out based on a “one-stop- shop” foreign legal entities founding an Uzbek
2.2.5. PEs principle whereby all registration entity are not currently allowed to obtain
Alternatively, it is possible to register documents must be submitted to a an electronic digital key.
a permanent establishment (“PE”) of single centre for the provision of public
10 Doing business in UzbekistanUzbek law requires a standard set of In practice, this timeframe is observed, household may not be indicated as the
documents, i.e., statutory documents provided that documents are complete legal address of a legal entity.
prepared in the Uzbek language, to be and duly signed and meet the statutory
The location of a legal entity is not only
submitted in order to complete the state requirements.
the place where it is registered, but also
registration of a legal entity.
2.3.2. Accreditation of representative affects the court where documents are
In addition, under recent legislative offices filed for litigation and the tax authority
changes a foreign General Director to which certain tax and other payments
There is a separate procedure for
is now required to have a Personal must be made.
establishing representative offices
Identification Number of an Individual
of foreign entities in Uzbekistan. Under Uzbek law, government
(the “PINFL”), which is issued by a
Representative offices of foreign legal authorities (including tax authorities)
One-Stop-Shop Centre upon submission
entities are subject to accreditation with require legal entities and ROs to be
of a notarized copy of the foreign
the Ministry of Investments and Foreign present at the legal addresses indicated
General Director’s passport, a 3x4 cm
Trade of the Republic of Uzbekistan (the in their foundation documents and in the
photograph and a power of attorney
“Accreditation Authority”). registration records of the authorities.
(if the documents are submitted by a
person acting on the General Director’s An RO is considered to be accredited If an entity is not actually present at its
behalf). That number must be indicated from the date of issuance of a certificate legal address, i.e., the tax authorities
in the application when registering an of accreditation by the Accreditation cannot find anyone representing the
LLC. The procedure by which a foreign Authority. Generally, accreditation is entity at the time of their visit, the entity
citizen may obtain a PINFL has not yet granted to an RO for a term of 1 to 3 may be subject to an administrative fine,
been established, meaning that there is years, which may be extended upon and its corporate bank accounts may be
no specific statutory timeline for issuing the company’s request. As a rule, the seized.
a PINFL to a foreign citizen. extension of accreditation is a relatively
straightforward process. 2.3.4. Opening a bank account
Documents submitted to the One-Stop- for companies and individuals
Shop Centre must be accompanied by a 2.3.3. Location (legal address) Foreign legal entities (non-residents)
bank document confirming payment of A legal entity’s location is the address carrying on activities in Uzbekistan
the state registration fee (the amount indicated in its foundation documents through ROs as well as Uzbek legal
of which depends on the type of the (the charter and, if there is more entities and individuals (residents)
entity to be registered, e.g., ranging than one participant/shareholder, the may open and use bank accounts in
from one minimum wage amount on foundation agreement). Uzbekistan in both national and foreign
the date of issue for an LLC to 4 times
Under Uzbek law, the location of a currencies.
the minimum wage for insurance
companies). The documents must legal entity is the place where its Uzbek legal entities (residents) may
also be duly signed, sealed, notarized state registration takes place. The open and use foreign currency accounts
and, where appropriate, legalized foundation documents may establish with foreign banks outside Uzbekistan
or apostilled. Otherwise, the Uzbek that the location of a legal entity is the subject to decisions of the President
authorities may reject the documents, place where its permanently operating or the Government of Uzbekistan or
which would delay the registration governing body (i.e., its director or international agreements allowing the
process considerably. Under Uzbek law, board of directors) is situated or opening and use of accounts in national
the registration of a legal entity should the place where its main business is or foreign currency with banks abroad.
take no more than 30 (thirty) minutes. conducted. Please note that a private
Doing business in Uzbekistan 113 Overview of tax rules in Uzbekistan 12 Doing business in Uzbekistan
In the sections that follow we describe the most important taxes in force in Uzbekistan. There are a number of
other less significant or industry-specific taxes such as excise tax and a number of taxes on “subsurface users”,
i.e., oil, gas and mining companies. It is important to conduct a thorough review of any proposed business
activity to determine the actual taxes that apply to it.
3.1. Changes to the income on shares is expected to be A resident is generally defined as:
subject to a 5% corporate income
Tax Code of Uzbekistan tax (CIT) in the same way as
(i) an individual who is physically
present in Uzbekistan for over
in 2022 legal entities that are residents of 183 days in any period of up to 12
Uzbekistan. months beginning or ending in a
The new Uzbek Tax Code, which came
into effect from 1 January 2020, (iii) For individuals and legal entities – calendar year for which tax residency
The Uzbek Tax Code has undergone both residents and non-residents is determined
substantial changes with a number of of Uzbekistan – interest income on (ii) an individual who is physically
new concepts introduced in 2022. corporate bonds is expected to be present in Uzbekistan for less than
exempt from PIT and CIT. 183 days, but more than in any
Among the main changes effective from
other state in a calendar year
1 January 2022 are: (i) implementation In order for these benefits to be
of the transfer pricing rules, the implemented, government bodies have Accordingly, non-residents are generally
controlled foreign company (CFC) been instructed to submit a draft law those individuals who do not meet the
concept and the tax consolidation setting out appropriate amendments to above tests.
regime for CIT purposes; (ii) the the Tax Code.
introduction of a special rental tax on Taxable income
mineral extraction, new definitions and 3.2. Personal income tax Income of individuals consists of
rates for depreciable assets, cancelation (PIT) and social tax employment income, property income,
of the limits on tax loss carry-forwards, in-kind income and other types of
the introduction of a ‘dividend tax’ for income. In general, all types of income,
EY offers advice and support with
PEs of non-residents, etc. including benefits in kind, are taxable in
all aspects of tax compliance for
Anticipated changes in tax legislation. individuals and employers as well as Uzbekistan unless they are specifically
payroll processing. EY also provides tax exempt. Income that is specifically
Effective from 1 April 2022 until 31 exempt from tax includes alimony, state
and legal assistance to high-net-worth
December 2024, a number of tax pension income, etc.
individuals.
benefits are being introduced for
securities holders: Rates
Taxpayers and residency
(i) For individuals - both residents and General personal income tax is levied at
non-residents of Uzbekistan — share Both residents and non-residents of a flat rate of 12% for residents, while for
dividend income is expected to be Uzbekistan are subject to personal non-residents a flat rate of 20% applies.
exempt from personal income tax income tax. Residents are taxed on their Dividends and interest payable to tax-
(PIT). worldwide income, while non-residents resident individuals are subject to tax at
are taxed only on their Uzbek source the rate of 5%, while for non-residents the
(ii) F
or legal entities that are non- income. tax rate for dividends and interest is 10%.
residents of Uzbekistan — dividend
Doing business in Uzbekistan 13It should be noted that, from A foreign citizen who becomes a tax —w
hose share in the foreign
1 April 2022 to 31 December 2024, resident of Uzbekistan is obliged to company exceeds 10% if the
individuals, both residents and file an annual tax return not later than shares of all other persons
non-residents of Uzbekistan, are 1 April following the reporting year recognised as tax residents
exempted from personal income on his/her worldwide income. The tax of Uzbekistan exceed 50%
tax on: assessed in the annual tax return (i.e., in total, or
any outstanding liability) must be paid —w
ho exercise control over the
(i) share dividends;
by the individual not later than 1 June foreign company (regardless of
(ii) interest income on corporate following the reporting year. If foreign their participation share)
bonds. individuals who are tax residents
permanently leave Uzbekistan, they (ii) For a CFC without corporate
Tax compliance are also obliged to file a ‘departure’ tax status the controlling person is
The tax year in Uzbekistan is return not later than one month before its founder
the calendar year. A withholding departure and the resulting tax liability If a tax-resident individual is recognised
obligation is placed on Uzbek legal must be paid within fifteen days of filing as a controlling person of a CFC, he
entities, individual entrepreneurs the ‘departure’ tax return. or she is obliged to include retained
(where applicable), foreign legal earnings of that CFC in his/her annual
entities operating in Uzbekistan Individual entrepreneurs with annual
revenue below UZS 100 million taxable income and pay relevant tax.
through permanent establishments
or representative offices, etc. (‘tax (approx. USD 9,230) must also pay In addition, Uzbek tax residents must
agents’) which make salary-related personal income tax on the basis of notify the tax authorities (1) of their
payments to individuals and provide an annual return or pay a fixed tax. The participation in foreign legal entities
benefits to employees. Tax agents are amounts of the fixed tax vary based on and the establishment of foreign
responsible for the proper assessment, the type and location of activity. unincorporated entities, and (2)
withholding and remittance of personal Controlled foreign company (CFC) of CFCs of which they are controlling
income tax. Tax agents are also obliged persons.
rules for individuals
to file monthly reports on income paid
A CFC is a foreign legal entity (not Mandatory payments to social funds
to their employees and tax withheld
thereon by the 15th of the month classed as a tax resident of Uzbekistan) Social tax
following the reporting month and or a foreign unincorporated entity
Employers are required to assess and
must submit an annual return together whose controlling persons are Uzbek
pay social tax at the current rate of
with their annual financial statements. tax-resident individuals. Specifically:
12% (25% in the case of state-funded
Personal income tax must be paid to (i) F
or a CFC with corporate status organizations) of gross payroll (i.e., at
the budget at the time income is paid, controlling persons are individuals: the employer’s expense). The assessed
but not later than the deadline for the — whose share in the foreign amount of social tax must be paid to
submission of monthly reports. company exceeds 50% in 2022 the budget on a monthly basis (not
(25% from 2023) later than the monthly tax return
filing deadline). Similarly, a cumulative
1
ot later than 15 February following the reporting year (or not later than 25 March following the reporting year for companies with foreign investments and
N
non-residents operating through a PE).
14 Doing business in Uzbekistanreturn must be submitted to the tax 3.3. Corporate income Depreciation for tax purposes
authorities on a monthly basis not later
than the 15th of the month following tax (CIT) To qualify as a fixed asset for tax
purposes, an asset must be defined as
the reporting month, and an annual such under accounting legislation.
EY offers the following services
return must be submitted together with
in the area of corporate income tax: For tax purposes, assets may be
the annual financial statements.
• Advisory and structuring depreciated up to the maximum rates
Employee pension fund • Assistance with tax compliance shown in the table below:
contributions of legal entities at every step of
Employers must make monthly the process Type of fixed asset Maximum
• Tax review and due diligence services depreciation
mandatory contributions to individual rate
funded pension accounts of local • Other tax-related services
employees (foreign citizens without Buildings 5%
Uzbekistan residence permits are Payers Structures 10%
generally not subject to such
Taxpayers for CIT purposes are (i) Trains, ships, aeroplanes 10%
contributions) at the rate of 0.1% of
Uzbek resident legal entities on income
their gross employment income. Pipelines, communications
from worldwide sources, (ii) foreign
These contributions are deductible equipment, power lines and 15%
legal entities that carry on activities equipment
from amounts of personal income tax
in Uzbekistan through a permanent
payable by tax agents. Production machinery and
establishment (PE), (iii) individual 20%
equipment
Other individual taxes entrepreneurs with an annual revenue of
more than UZS 1 billion (approximately Cars, computers and office
Property tax 40%
USD 92,270) or who become CIT payers equipment
The property tax is imposed on on a voluntary basis, etc. All other assets 15%
buildings and apartments possessed by
Uzbek legal entities with an annual
individuals. The rates vary from 0.25%
turnover of less than UZS 1 billion Land, construction-in-progress,
to 1.5% applied to the cadastral value
(approximately USD 92,270) are eligible and certain other assets are not
of the property.
for simplified taxation (revenue tax) depreciated.
Land tax instead of CIT and output VAT (see the
“Revenue tax” section). Intangible assets are amortized for tax
An individual granted permanent
possession of a land plot is subject to purposes over the useful life of the asset
Taxable income
land tax at a fixed rate depending on or five years (if the useful life cannot be
Taxable income of Uzbek legal entities determined).
the location of the land. For example,
is determined as aggregate income
in the city of Tashkent, the rates vary
less qualifying tax-deductible expenses, Investment deduction
from UZS 500 (approximately USD
with account taken of tax reliefs (where
0.046) to UZS 1,280 (approximately Taxpayers are allowed to make an
applicable) and deductions provided for
USD 0.118) per square metre per investment deduction amounting to:
in the Tax Code and other legal acts. The
annum, depending on the location of
required standards of documentation • 20% of the cost of new production
the land plot.
(especially documents used to support equipment, expenditure on the
deductions) are particularly high in modernization and retrofitting of
Uzbekistan. production facilities, etc.
Doing business in Uzbekistan 15• 10% of expenditure on the expansion of such an individual/entity, etc.) is Register of E-commerce Entities that
of production through the new more than 3 times greater than the sell goods and services online, the CIT
construction or reconstruction of taxpayer’s equity (13 times in the case rate is 7.5%. Meanwhile, taxpayers that
buildings and structures used for of banks and leasing organizations), carry on activities in the social sphere,
production purposes thin capitalization rules apply and certain producers of agricultural goods,
interest expenses above the calculated exporters (insofar as profit from exports
Loss carryforwards thresholds are considered non- is concerned), et al. are subject to CIT at
Starting from 1 January 2022, deductible. 0% (if certain conditions are met).
limitations on tax loss carryforwards are
Tax rate and compliance The tax period is a calendar year.
cancelled (before 2022 a tax loss could
The regular CIT rate is 15%. This rate Quarterly CIT returns must be filed
be carried forward within a 10-year
also applies to Uzbek enterprises with not later than the 20th of the month
period in amounts not exceeding 60% of
foreign participation and PEs of foreign following the reporting quarter and an
the tax base for the current tax period).
companies. For commercial banks, annual return must be filed not later
Thin capitalization mobile telecommunications operators, than the 1 March of the following year.
If controlled liability of the taxpayer legal entities that manufacture The final tax liability must be paid by
(i.e., loans from a foreign individual/ polyethylene granules, and markets the deadline for filing tax returns.
entity holding at least 20% of shares and shopping malls, the CIT rate is 20%. Companies with revenue of more than
in the taxpayer or from a related party For taxpayers included in the National UZS 5 billion (approximately USD
16 Doing business in Uzbekistan461,400) in the preceding calendar Consolidated group of taxpayers Tax agents
year must pay monthly advance A consolidated group of taxpayers is a Any tax-registered entity that pays
payments not later than the 23rd of each voluntary association of taxpayers based Uzbek source income to a foreign
month of the reporting period. on a relevant agreement whereby CIT company is potentially a tax agent with
Controlled foreign company (CFC) is assessed and paid on the aggregate the responsibility to withhold tax from
financial result of the economic the gross amount of the Uzbek source
rules for legal entities
activities of those taxpayers. income of the non-resident (without
A CFC is a foreign legal entity (not deductions).
classed as a tax resident of Uzbekistan) A consolidated group of taxpayers may
or a foreign unincorporated entity whose be created by legal entities subject to Taxable income
controlling persons are legal entities certain criteria, e.g., the total revenue
Taxable income includes, but is not
classed as Uzbek tax residents. of all legal entities that are members
limited to:
of the consolidated group of taxpayers
(i) F
or a CFC with corporate status from the sale of goods and services • Dividends and interest
controlling persons are legal entities: together with other income according
• Income from the sale of property
—w
hose share in the foreign to financial statements for the calendar
located in Uzbekistan: shares, stocks
company exceeds 50% in 2022 year must be at least UZS 500 billion
(except for stocks traded on a stock
(25% from 2023); (approximately USD 46,135,420),
exchange), and real estate. Taxable
provided that one entity has a direct
—w
hose share in the foreign income is defined as the amount
or indirect share of at least 90% in
company exceeds 10%, if the by which the sale price exceeds the
the charter (authorised) capital of
shares of all other shareholders original purchase price
the other legal entities. This condition
recognised as tax residents of must be met during the entire term • Income from the sale of goods in
Uzbekistan exceed 50% in total, or of the agreement on the creation of a the territory of Uzbekistan via a
consolidated group of taxpayers. commission agency agreement or
—w
hich exercise control over the
other similar agreement. Taxable
foreign company (regardless of Dividend tax for permanent income is defined as the excess of the
their participation share). establishments of non-residents amount paid to foreign entities over
(ii) For a CFC without corporate Net profit remaining at the disposal the original purchase price
status the controlling person is its of a non-resident operating through a
• Royalties
founder. permanent establishment in Uzbekistan
after the payment of tax is considered as • Lease payments
If a tax-resident company is recognised
a dividend and is subject to 10% tax. • Insurance premiums
as a controlling person of a CFC, it is
obliged to include retained earnings of • Telecommunications and freight
that CFC in its taxable income and pay 3.4. Withholding tax (WHT) charges
relevant tax.
(other than personal • Fees for services, etc.
In addition, tax-resident companies must
income tax)
notify the tax authorities (1) of their
participation in foreign legal entities Uzbek source income of a non-resident
and (2) of the establishment of foreign legal entity (without a PE) doing
unincorporated entities and of CFCs of business in or with Uzbekistan is subject
which they are controlling persons. to WHT at the source of payment.
Doing business in Uzbekistan 17Tax rates and compliance * From 1 April 2022 to 31 December the reduction of WHT rates to 0%-15%.
2024, for legal entities that are However, specific requirements must
Type of income Rate
non-residents of Uzbekistan, income be met for DTT provisions to be applied.
of non-residents of WHT
in the form of dividends on shares is Please refer to the Appendix hereto for
Interest, dividends* 10% expected to be subject to 5% WHT. the list of DTTs.
Insurance premiums under
insurance, co-insurance, and 10%
Interest on certain loans made by Withholding tax is withheld and
reinsurance agreements financial institutions and certain types remitted by tax agents. The general
of income of banks are subject to rules are:
Income from international
transportation and 6%
0% WHT.
• Tax must be withheld and paid not
telecommunications services Most double tax treaties (DTT) later than the date following the day
Other income 20% concluded by Uzbekistan provide either the income was paid to the non-
for exemption from Uzbek WHT or for resident
18 Doing business in Uzbekistan• A
► WHT return must be filed not Starting from 1 January 2022, the list in Uzbekistan (based on the place
later than the 20th of the month of VAT payers is extended to include of supply rules) and imports into
following the calendar month in tax consulting, auditing and non- Uzbekistan, unless they are zero-rated
which income was paid to the profit organizations (as well as state- or specifically exempt. Any excise tax
non-resident funded institutions) if they carry on paid is included in the taxable base for
entrepreneurial activities, regardless VAT purposes.
Dividends payable to Uzbek tax
of their revenue. VAT payers also now
residents are subject to domestic VAT payable to the budget is generally
include agricultural producers with 25
WHT at the rate of 5%. Starting from determined as output VAT less
hectares or more of irrigated land.
1 January 2020, interest payable to allowable input VAT. Input VAT
Uzbek tax resident companies is not The standard rate of VAT is 15%.
incurred in connection with the supply
subject to domestic WHT (with certain VATable turnover of exempt goods and services and non-
exceptions); instead, it is included in
VAT is levied on turnover derived business costs cannot be offset against
the aggregate income of the interest
from the supply of goods and services output VAT.
recipient and assessed to CIT.
3.5. Value added tax
EY offers help with VAT risk
identification, VAT compliance support
and cross-border VAT planning.
Payers and registration
VAT payers are (i) Uzbek legal entities
on a general basis, (ii) individual
entrepreneurs whose annual revenue
exceeds UZS 1 billion (approximately
USD 92,270) or who register as VAT
payers on a voluntary basis, (iii)
foreign legal entities that sell goods or
services in the territory of Uzbekistan
if the place of supply is deemed to be
Uzbekistan (e.g., electronic services
sold to individuals via the Internet),
(iv) foreign legal entities operating in
Uzbekistan through a PE, and (v) legal
entities and individuals that import
goods into Uzbekistan (import VAT),
etc. VAT payers are assigned a VAT
registration number.
Doing business in Uzbekistan 19Purchase of services from • Goods and services purchased by VAT on electronic services supplied
non-residents (reverse charge legal entities using a loan provided by by non-residents to individuals
AT / withholding VAT) international or foreign government Starting from 1 January 2020, a
financial institutions, provided that non-resident company that supplies
Under the place of supply rules, such exemption is provided for in the electronic services to individuals living in
services are deemed to be supplied at legislation, etc. Uzbekistan via the Internet (B2C) must
the location of the business activity of
VAT compliance register as a VAT payer in Uzbekistan,
the purchaser of the services, except
calculate Uzbek VAT based on turnover
for certain specified services. Where The VAT tax period and reporting
from those services (if the place of
such services are rendered by a non- period is a calendar month. VAT
supply is deemed to be Uzbekistan), file
resident, the Uzbek purchaser of returns must be filed, and VAT due
the services is considered as a tax quarterly VAT returns (electronically)
must be paid not later than the 20th
agent for VAT purposes, i.e., the and pay the calculated amount of VAT to
of the month following the reporting
Uzbek purchaser has an obligation to the Uzbek tax authorities.
month.
assess VAT based on the VAT-inclusive
price of the services and withhold and
remit VAT to the budget on behalf 3.6. Other taxes
of the non-resident. However, if the
contract for the supply of services does Nature of tax Rate
not take into account Uzbek VAT, the Excise tax: imposed on a specific range of services and goods Various
purchaser of the services is required to produced in Uzbekistan or imported into Uzbekistan. Goods
self-assess and pay VAT to the budget subject to tax include oil and gas products, alcohol, tobacco,
on top of the price of the services (in etc. Services subject to tax include mobile telecommunications
a similar way to the reverse charge services.
mechanism). That VAT may be offset
Property tax: imposed on the annual average depreciated Standard rate is 1.5%
against output VAT in the normal value of immovable property and certain other assets. Tax rate for construction
manner. Land is exempt projects that have not
Zero rating been completed within the
normative period is 3%
Export sales of goods, international
transportation services and utility Motor vehicle levy: imposed on sales/purchases of cars and Various
services provided to individuals are other vehicles
generally taxed at a zero rate. Water use tax: standard rates per cubic metre Surface water UZS 240
(approximately USD 0.022)
Exempt supplies
Underground water UZS 290
VAT-exempt supplies and imports
(approximately USD 0.027)
include:
Land tax: imposed at a fixed rate per hectare; varies depending Various
• Financial services except for bank on the location, quality and purpose of the land plot Example: rate in Tashkent
transactions for which fixed charges
Zone 1 is UZS 220 million
apply
(approx. USD20,300)
• Insurance services per hectare
20 Doing business in Uzbekistan3.7. Taxes for subsoil mineral users
Special rental tax (SRT) on mineral from the sale of extracted resources,
extraction excluding VAT and excise taxes, and
the cost of extracting them (i.e., capital
The SRT was introduced on 1 January
and operating expenses and historical
2022. Payers of the SRT are legal
expenses). However, if the right to use
entities that mine metals (precious, a subsoil plot for geological exploration
non-ferrous and/or radioactive metals, or production at a previously explored
rare earth elements and/or those subsoil plot is put up for tender with
extracted from technogenic mineral respect to certain metal mining or
deposits) and hydrocarbons in licensed hydrocarbon assets with significant
areas where mining will begin after 1 commercial potential, the organizer of
January 2022. Companies operating the competitive tender or bidders may
under production sharing agreements offer higher tax rates.
are exempt from the SRT.
Companies with foreign investments
The minimum tax rate is set at 25% which are payers of the SRT are entitled
of the tax base (income determined to keep records for tax purposes in US
as the difference between revenue dollars on an accrual basis.
Subsoil use tax
Subsoil use tax is imposed on the extraction of natural resources. Tax is imposed
on the sale price of extracted natural resources and their components as well as on
waste derived from the extraction or processing of natural resources.
Subsoil use tax Rate
Energy 2.6%-10%
Precious metals 7%
Non-ferrous metals 7%-10%
Radioactive metals, rare and rare earth elements 2.7%-8%
Ornamental stone materials 10%
Ferrous metals 4%-5%
Mining and chemical materials 3.5%-5.5%
Ore mining materials 3%-7.9%
Construction materials Various
Mineral products extracted from technogenic mineral deposit 50% of the tax rate for the
extraction of the main mineral
Doing business in Uzbekistan 213.8. Revenue tax (for wholesale/retail trading in very 1. Controlled transactions between
remote areas) up to 25% (pawnshops, related (affiliated) parties
Legal entities with an annual turnover brokerage houses). The standard rate T
ransactions between related parties,
(revenue) not exceeding UZS 1 billion is 4%. The reporting period for revenue including transactions between tax
(approximately USD 92,270) may tax is a calendar month. The tax return residents of Uzbekistan under certain
choose to pay revenue tax (instead filing deadline is the 15th of the month
conditions (e.g., transactions exceeding
of CIT and output VAT). Individual following the reporting period. The
a materiality threshold of more than
entrepreneurs whose annual revenue annual tax return must be submitted
UZS 5 billion [~ USD 455,000],
is over UZS 100 million (approximately not later than 15 February of the
transactions with entities that apply tax
USD 9,227) but less than UZS 1 following year.
benefits, etc.).
billion are also eligible to pay revenue
tax. The tax base for revenue tax is 3.9. Transfer pricing 2. Cross-border controlled
generally gross revenue (with some transactions
Controlled transactions
adjustments). • C
ross-border transactions involving
Under the transfer pricing rules, the
Revenue tax rates established for goods traded on commodity exchanges
following transactions are considered
2021 vary depending on the type of (non-ferrous metals, precious metals,
controlled and therefore subject to
business and location, e.g., from 1-2% arm’s length principles: mineral fertilizers, etc.)
22 Doing business in Uzbekistan• T
ransactions in which one party is a Tax audits Penalties and interest
person whose place of registration, Taxpayers are subject to tax audits,
place of residence or place of tax Interest is charged on late tax payments
and it is vital to manage the tax audit
residence is an offshore jurisdiction at one three-hundredths (1/300) of the
process. There are various types and
(please refer to Appendix (A.1.) for refinancing rate set by the Central Bank
categories of tax audit.
the list of such countries). of Uzbekistan (approximately 0.047%
Tax audits can cover any period within based on the refinancing rate effective
the tax statute of limitations, which as at 1 January 2022) for each day of
3.10. Tax administration is generally 5 years. Tax audits can the delay.
The tax administration rules in be intrusive and time-consuming and
Penalties imposed on legal entities for
Uzbekistan are complex, and penalties may sometimes even result in criminal
tax violations include the following:
for even minor infringements can be proceedings.
•► The penalty for non-registration or
severe. Assessments late registration by a foreign legal
Upon completion of a tax audit, the entity carrying on activities leading
EY offers comprehensive tax tax authorities usually issue a tax to a permanent establishment in
compliance and tax due diligence audit report. If no violations of tax Uzbekistan is 10% of income earned
services to assess in-house tax law are discovered, a note to that from the date on which the activities
compliance risks, as well as on-site tax effect is made in the tax audit report. began, but not less than UZS 10
audit support and a full range of tax Otherwise, based on the findings of million (approximately USD 923)
appeal services. the report, the tax authorities issue •► T
he penalty for late registration as a
a decision to impose audit-based VAT payer is 5% of revenue received
Tax accounting policy assessments of taxes and other from the registration date required
obligatory payments plus applicable by tax law to the date of actual
Starting from 1 January 2020,
penalties and interest. registration, but not less than UZS 5
taxpayers are required to have a Tax
Accounting Policy, which they may Appeals million (approximately USD 460)
draw up in any form. Taxpayers may, within set time •► T
he penalty for the understatement of
limits, file appeals against decisions tax liability is 20% of the additionally
Tax returns assessed tax liability
of tax authorities in the following
Tax reports (including returns and order: •► T
he penalty for concealing revenue is
calculations) must be compiled and 20% of the concealed revenue, etc.
submitted by the taxpayer to the 1. Appeal to a higher tax authority
•► T
he penalty for non-compliance with
local tax authority for their registered 2. Appeal to a court (only after step the transfer pricing rules is 40% of
address. Legal entities and individual 1 has been completed, unless the underpaid tax.
entrepreneurs generally prepare and decision being contested was issued
submit tax reports electronically. by the highest tax authority - the In addition, administrative fines may be
State Tax Committee) imposed on company officers for tax
offences. In certain cases, they may
also face criminal proceedings.
Doing business in Uzbekistan 234 Overview of other laws that affect business administration 24 Doing business in Uzbekistan
4.1. Employment employment agreements, amendments 4.2. Work permits
thereto and termination of employment
regulations agreements. All employment Until 2021, a foreign citizen who
The Uzbek Labour Code and other agreements must be simultaneously came to Uzbekistan to work (i.e., who
labour regulations apply to both local registered with the Unified National has been hired under an employment
and foreign citizens, including stateless Labour System. agreement) was able to work in
persons, working in Uzbekistan on the country only after obtaining a
At the time of writing, a new version confirmation of the right to work in
the basis of employment agreements of the Labour Code is being drafted. It
with their employers. Furthermore, Uzbekistan (”work confirmation”)
is expected that the new Code may be issued in his/her name on the basis of
employment relationships within enacted during 2022 and will include
organizations that are fully or partially the permit to hire foreign labour (”work
more extensive provisions on the rights permit”) obtained by the employer.
owned by foreign legal entities or and obligations of employees and
individuals are also regulated by Uzbek employers, as well as provisions aimed Starting from 2021, the requirement
labour law. at protecting the interests of various to obtain a work permit was abolished.
An employment agreement with an categories of employees, regulating the Instead, a maximum quota for the
employee must be concluded in writing. employment of foreign and stateless hiring of foreign personnel is expected
The terms of an employment agreement persons, and establishing personal data to be introduced. At the same time,
are determined by mutual consent of protection and processing requirements. the requirement to obtain a work
the employee and employer and must
also comply with the requirements
established by the Labour Code and
other relevant labour regulations.
Employment agreements may be
concluded for a fixed or indefinite
term. An employment agreement may
establish a probation period, which
should not generally exceed 3 (three)
months.
The Unified National Labour System was
implemented from 1 January 2020 with
the aim of standardizing and digitalizing
employment relations. It serves as
an electronic database of individuals’
employment histories, effectively
replacing the old system of “labour
books”. The Unified National Labour
System includes information on work
experience and registered employment
relationships, including details (e.g.,
date, registered number) of
Doing business in Uzbekistan 25confirmation authorizing a foreign Although a work confirmation may One-Stop-Shop Centre, after which
citizen to work in Uzbekistan is appear to be a personal work permit for the documents are transmitted to
expected to remain in force. Updated a foreign citizen, it is the responsibility the government body responsible
regulations setting out the new of the employer to apply for it. A work for issuing work permits and work
requirements have not yet been confirmation may not be transferred confirmations - the Agency for
published (at the time of writing). to other employers. Thus, a foreign External Labour Migration Matters
employee’s employment and his/her (the “Agency”). As a rule, the Agency
This rule applies to all foreign
work confirmation are attached to that has 15 (fifteen) days to review
employees except for those who are
specific employer. Furthermore, only the application and issue a work
specifically exempt, such as employees
local employers may apply for a work confirmation.
of ROs accredited by the Accreditation
confirmation.
Authority (up to 5 (five) employees) or A work confirmation is issued for
individuals hired within the framework Documents required to obtain a work a period of one year and may be
of intergovernmental treaties. confirmation must be submitted to a extended.
26 Doing business in UzbekistanIn order to create favourable conditions is set at UZS 100 billion (approximately 4.4. Currency regulations
for the attraction of qualified foreign USD 8.8 million). Foreign banks, foreign
specialists, increase the investment financial institutions and banking Currency law allows cross-border
appeal of the Republic of Uzbekistan institutions with good investment transactions to be carried out in
and stimulate the attraction of ratings can open subsidiary banks any currency of the parties’ choice.
competitive human resources, qualified or participate in the capital of local However, transactions within
and highly qualified foreign specialists banks subject to certain requirements. Uzbekistan must take place only in
(experts) may be granted work Other non-financial foreign entities soums (UZS), the national currency of
confirmations for up to three years with face stricter requirements, such as a the Republic of Uzbekistan (subject to
an unlimited number of extensions. minimum rating requirement for the certain exceptions).
entity and its origin country and a 50% Currency operations may be subject
EY offers a range of legal, tax, payroll limit on their ownership interest in the to registration and subsequent
and work permit services to help bank. monitoring, depending on the
you structure your operations in At present, Uzbekistan is working substance of the transactions.
Uzbekistan efficiently from a human on re-organizing and privatizing at Generally, legal entities are allowed
resources perspective and ensure least 6 local banks, including with the to purchase foreign currency from
compliance with tax, payroll and involvement of foreign investors. The commercial banks in order to fulfil their
labour regulations. Depending on your main goal of privatization is to reduce obligations under the following types of
needs, we are able to offer assistance the state’s share in the banking sector international transactions: imports of
ranging from ad hoc advisory services by selling shares in state-owned banks goods, work and services, repatriation
to complex structuring advice and on a competitive basis to investors of profits, including dividends,
with the appropriate experience repayment of loans, payment of travel
complete outsourcing of the HR and
and knowledge. It is expected that expenses, and certain non-commercial
payroll function.
privatization will increase the efficiency transfers. Individuals generally may
of banking activities and the availability also buy and sell foreign currency at
and quality of financial services, and banks subject to certain limitations.
4.3. Banking regulations will enable modern international
The law specifically prohibits payments
The banking system of Uzbekistan banking standards, information
in foreign currency in the territory
consists of the Central Bank of technology and software products to
of Uzbekistan for goods (work and
the Republic of Uzbekistan and be introduced to the Uzbek banking
services), with certain exceptions, such
commercial banks. Banking operations system.
as payments made using international
in Uzbekistan must be licensed by
payment cards in accordance with
the Central Bank of the Republic of EY has a team of professionals who international practice. Prices and tariffs
Uzbekistan. can advise on setting up a bank in for goods (work and services) sold
International financial institutions Uzbekistan and relevant compliance locally and the charter capital of local
also operate in Uzbekistan to a certain requirements and provide full support companies may only be set in local
extent, providing financing to local with the financing of local businesses currency. In addition, state duties and
businesses in the form of loans or by international financial institutions. other mandatory payments may be
equity investments. charged, withheld and paid only in local
currency.
The minimum charter capital for banks
Doing business in Uzbekistan 27You can also read
