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Plus Four

President of Uzbekistan has signed a Decree on the establishment of four new free economic zones - Urgut, Gijduvan, Kokand and Khazarasp.

Free economic zone Urgut will be founded in Urgut district of Samarkand region, Gijduvan - in Gijduvan district of Bukhara region, Kokand - in Kokand of Fergana region, Khazarasp - in Xazarasp district of Khorezm region.

Municipalities of above-mentioned regions and concerned agencies should allocate land and determine exact territories for the zones by mid-February 2017. The term of their operation will make up 30 years, with possible extension. Special tax, customs and foreign exchange terms will be applicable to free economic zones (FEZ) within this period.

In particular, FEZ participants are exempt from customs duties, certain taxes and mandatory contributions to government funds. For instance, investments from $300,000 to $3 million are subject to exemptions for three years, from $3 million to $5 million - for five years, from $5 million to $10 million - for seven years.

If a party is investing more than $10 million, it will get exemption on taxes and duties for 10 years, and within the next five years will pay 50% less the current income tax and the single tax payment.

In addition, as stipulated by the Decree, the participants of free economic zones are exempted from customs duties on imported raw materials and components for the entire period of FEZ operation.

The President also entrusted Uzbekistan Railways, Uzbek Agency for Automobile and River Transport and the State Customs Committee to make proposals to the government within a month on the establishment of specialized logistics centers and customs posts in the new FEZ.

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