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    Uzbekistan

    Uzbekistan reduces tax on limestone for cement production

    Uzbekistan reduces tax on limestone for cement production

    In Uzbekistan, significant changes have been implemented in the excise tax rates on limestone intended for cement production. The amendment is outlined in the legislation associated with the adoption of the main directions of tax and budget policy for 2024.

    Photo: The excise tax rate on limestone has been reduced by almost four times
    Source: Getty Images

    The initial proposal within the Ministry of Economy and Finance's budget message to parliament outlined plans to reduce the rate from UZS 22,500 ($1.01) to UZS 11,250 ($0.91) per ton, indicating a 50% reduction. However, the final amendment resulted in a more substantial reduction to UZS 6000 ($0.48) per ton.

    Moreover, the adjusted tax rates that were previously applicable to cement factories exclusively operating on coal have been rescinded. Cement, a vital component in concrete used for constructing buildings, roads, and bridges, plays a pivotal role in global construction activities. As reported by the Associated Press, global cement consumption exceeds one ton per day for each individual on Earth.

    While there have been efforts to adopt greener methods for producing building materials, a 2022 publication notes that the construction industry requires significant changes to address environmental concerns. The International Energy Agency projects that the cement industry faces challenges in achieving net-zero carbon emissions by 2050.

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    10.01.2024, 16:29   Comments (0)   1369
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