President Shavkat Mirziyoyev of Uzbekistan has sanctioned new measures aimed at bolstering the domestic jewelry industry, particularly focusing on the procurement of precious metals within the sector, Legal Information channel reports.
Revised Payment Procedures
Under the new resolution, alterations have been made to the calculation of interest rates for installment payments on materials. Notably, purchasers will be exempt from interest charges if payments are made within the initial 30 days. Subsequently, for payments made between the 30th day and six months, interest rates will be determined based on the primary rate set by the Central Bank.
Stringent Criteria for Discounts
Stricter eligibility criteria have been established for companies seeking discounts when acquiring precious metals through exchanges. Among the prerequisites, companies must ensure that a minimum of 70% of newly created positions are allocated to roles in jewelry and precious metal product manufacturing. Additionally, firms must commit to paying new employees for at least six months, with verification from tax authorities.
Emphasis on Infrastructure and Equipment
To qualify for discounts, companies are mandated to possess adequate production facilities, either owned or leased, along with the requisite tools and equipment essential for jewelry manufacturing operations.
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