Tashkent, Uzbekistan (UzDaily.com) -- To encourage the development of the capital market, changes and additions have been made to the Tax Code of Uzbekistan.

Article 378 includes types of income exempt from taxation:

Funds from employees of enterprises used to purchase shares under an employee stock ownership plan, provided that these funds do not exceed the employee’s monthly salary.

A portion of a taxpayer’s wages and other income that is put into an individual investment account to purchase securities issued on the local stock market. 

The following conditions apply:

A total of up to 100 minimum wages during the tax period.

Payments are made on a non-increasing basis and lump sum payments are not refundable until 12 months from the start of the contract.

In case of violation of these conditions or early termination of the contract with a full or partial refund, the refunded funds are subject to taxation at the source of payment.