Uzbekistan's Tax Committee has announced the cancellation of Value Added Tax (VAT) benefits for medicines and medical services, effective April 1, 2024, as part of changes in the tax and budget policy for the upcoming year.
Under the new regulations, VAT benefits on the turnover and import of pharmaceutical products will no longer be applicable. This means that VAT will be imposed on the sales of medical services, veterinary services, medicines, as well as veterinary medicines, and medical and veterinary products.
Furthermore, the imposition of value-added tax is extended to include the import of medicines, veterinary medicines, medical and veterinary products, along with their raw materials.
In an additional adjustment, starting from January 1, 2024, the guaranteed purchase period for pharmaceutical products will see a significant extension, increasing from the previous three years to a decade. Notably, medicines subject to localization will be subject to government procurement.
Earlier, it was reported that Uzbekistan's State Tax Service recently unveiled comprehensive data on the top 20 enterprises making substantial contributions to the country's tax revenue within the service sector during the period of January to November 2023. The detailed breakdown provides insights into the number of legal entities, turnover, taxes paid, and tax benefits, offering a comprehensive overview of the economic landscape.
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