The President of Uzbekistan issued a decree extending the application of zero rates for customs duties on certain consumer goods.
As per the decree, the zero rate of import customs duty will continue to be applied to goods that were initially subject to zero rates until January 1, 2024, based on previous presidential decrees. The recent decree extends this period of application until January 1, 2025.
Additionally, starting from January 1, 2024, to January 1, 2025, the zero rate of customs duty will be applicable to fresh slaughtered, chilled, or frozen poultry meat and certain additional nutritional products. The decree also specifies that the zero rate of customs duty will be applied when importing sunflower, cotton, or cottonseed oil and their fractions into Uzbekistan during this period.
A previous presidential decree issued on March 23, 2023, established that until January 1, 2024, the zero rate of customs duty would be applied to the import of 36 types of food products into Uzbekistan. This list includes various essential items such as dairy products, fruits, leguminous vegetables, ready-made or canned meat products, pasta, confectionery products without cocoa, soft drinks, and children's clothes, all of which are integral to the daily diet of the population.
Statistics reveal that in 2022, customs duties totaling UZS 475.4 bn, over $38mn, were paid for 470,000 tons of goods imported into Uzbekistan by 1,273 business entities. With the adoption of the recent decree, it is anticipated that over 1,200 business entities will benefit from a sum of UZS 500 bn, over $40.3mn.
An analysis of the decree's impact shows that, based on its provisions, customs duty concessions amounting to UZS 905.4 bn, over $73mn were applied to 301.2 thousand tons of goods imported by 431 business entities from abroad in 2022 and January-May 2023.
Earlier Daryo reported that in 2020, banana imports saw a 7% decline amid the COVID-19 pandemic. However, the government's strategy of eliminating import duties fueled a resurgence. Consequently, the volume of banana imports surged 1.6 times in 2022, reaching 140,200 tons. The zero customs rate for banana imports, effective since October 2021, will persist until January 1, 2024.
Comments (0)