Uzbekistan’s President has recently signed a new law that aims to improve the investment and business environment in the Republic of Karakalpakstan.
The law, titled "On amendments to certain legislations of the Republic of Uzbekistan aimed at improving the investment and business environment in the Republic of Karakalpakstan", was unveiled in the ‘Xalq So’zi’ newspaper. It outlines a number of tax reductions for business entities located in all districts of the Republic of Karakalpakstan, which are expected to be in effect from January 1, 2023, to January 1, 2028. These reductions include a 50% decrease in tax rates for profit tax, turnover tax, property tax of legal entities, and land tax from legal entities.
The discount will not apply to large taxpayers, permanent establishments, budgetary organizations, state enterprises, legal entities with a state share of 50% or more in the charter fund, or legal entities to which 50% or more of the charter fund belongs a legal entity with a 50% state share.
In addition, foreign experts (teachers) involved in the educational process of non-governmental educational organizations in the region will be exempted from paying the consular fee and state duty charged for temporary and permanent residence permits until October 1, 2027.
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