Navoi region becomes a free economic zone
15/05/2019 20:47
Navoi region becomes a free economic zone
15/05/2019 20:47
Tashkent, Uzbekistan (UzDaily.com) -- President of Uzbekistan Shavkat Mirziyoyev signed a decree “On measures to define Navoi region as a free economic zone for innovative, high-tech, export-oriented and import-substituting industries”.
According to the decree, the territory of Navoi region is defined as a free economic zone for innovative, high-tech, export-oriented and import-substituting industries for the period up to 1 January 2030, with the possibility of further extension in due course.
The document notes that enterprises implementing investment projects to create innovative, high-tech, export-oriented and import-substituting industries within the territorial boundaries of Navoi region are granted the status of a participant of the Navoi free economic zone with a compact location of production facilities in territories with existing or easily created infrastructure.
The termination of investment agreements with the participants of the FEZ "Navoi", the suspension and deprivation of their status of the participant of the FEZ "Navoi" in case of non-fulfillment of the investment obligations undertaken, are made exclusively in a judicial order, the decree says.
The President granted the right to the Administrative Council of free economic and small industrial zones in the Navoi region to independently determine newly implemented investment projects as innovative, high-tech, export-oriented and import-substituting industries and provide them with the status of a Navoi FEZ participant if there is a positive opinion from the Navoi Directorate.
The main directions of development of Navoi region as a free economic zone are:
The head of Uzbekistan exempted enterprises in Navoi region, which received the status of a participant of the Navoi free economic zone, from paying:
In case of sale or gratuitous transfer of equipment, raw materials, materials and components imported with the use of customs privileges specified in this paragraph, within three years from the date of their importation, customs payments are levied in full in the manner prescribed by law.
The benefits provided by the decree are granted for a period of 3 to 10 years, depending on the amount of investments made, including the equivalent:
The economic entities that received the status of the participant of the Navoi FEZ are allowed to use the terms and conditions that are convenient for them, forms of payment and payments for exported and imported goods.
Tax acts of the Republic of Uzbekistan that worsen the situation of taxpayers, with the exception of acts regulating the taxation of excisable goods, are not applied to business entities that have received the status of a participant in the Navoi FEZ.
For founders of enterprises with foreign investments - participants of the Navoi FEZ and members of their families, from 1 June 2019, an “investment visa” is introduced for a period of up to three years with the possibility of its extension without leaving the republic.
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