Entrepreneurs are provided with benefits when investing in Bostanlyk district
Tashkent, Uzbekistan (UzDaily.com) -- The Directorate of the Charvak tourist and recreational zone encourages entrepreneurs to invest in Bostanlyk district and provides the following benefits.
Members of the tourist and recreational zone "Charvak" are provided with tax benefits in the form of exemption from property tax, land tax and water use tax for the following periods, depending on the amount of investment:
1. Investments from US$300,000 to US$3 million - for a period of 3 years;
2. Investments in the amount of US$3 million to US$5 million - for a period of 5 years;
3. Investments in the amount of US$5 million to US$10 million - for a period of 7 years.
4. When investing US$10 million or more - for a period of 10 years, income tax rates and a single tax payment for the next 5 years are applied at a rate 50% lower than the current rates.
Members of the tourist and recreational zone "Charvak" are exempt from the following fees:
- customs payments for building materials not produced in the Republic and imported in the prescribed manner during the construction period for the implementation of the investment project in accordance with the investment agreement (excluding value added tax and customs clearance fees);
- customs duties (excluding customs clearance fees) when importing technological equipment according to the approved list, not produced in the Republic of Uzbekistan.
Members of the tourist and recreational zone "Charvak" have the right to receive a deferment on the payment of value added tax when importing goods for up to 120 days.
The amount of value added tax resulting from the excess of the amount of value added tax that is offset over the amount of the accrued tax is reimbursed to the participant of the special economic zone according to the simplified procedure within seven days.
The amount of value added tax paid is reimbursed to members of the tourist and recreational zone "Charvak" from the republican budget of the Republic of Uzbekistan in the manner determined by the Cabinet of Ministers of the Republic of Uzbekistan.
The state will provide subsidies for the construction and equipment of new roads:
The state subsidy will be allocated for the first 50 projects for the construction and equipment of new passenger roads, subject to their commissioning by 31 December 2023 and the length of one side of at least 500 meters.
The state subsidy is allocated once, and its amount is 1 billion soums per 500 meters of the road.
Part of the costs of investors for the construction and equipping of the new hotel will be covered by the State budget of the Republic of Uzbekistan.
When commissioning before 31 December 2023, a hotel with a room stock: at least 50 rooms of the 3-star category and at least 100 rooms of the 4-star category - part of the investor’s costs for the construction and equipping of the new hotel is compensated by the State Budget of the Republic of Uzbekistan after the approval of the hotel category;
The amount of funding from the State budget is:
40 million soums for each room in 3-star hotels;
65 million soums for each room in 4-star hotels.
Also, for organizations that are residents of the Republic of Uzbekistan, for the use of world-famous and prestigious hotel brands, a royalty-franchise agreement will be partially financed from the state budget within three years from the date of entry into force:
in the equivalent of US$200 per year for one hotel room;
the first 30 4-star hotels - the equivalent of US$400 per year per hotel room.
At the same time, the total amount of financing of royalties of organizations is in the equivalent of no more than US$10 million.
When imported into the territory of the Republic of Uzbekistan until 1 January 2024, the following goods and vehicles are exempt from paying customs duties provided for by law:
equipment, mechanisms and spare parts for cableways, ski lifts, funiculars and other similar facilities, bungee jumping and zipline attractions, controlled (airship, balloon) and uncontrolled (free flight) balloons, gondolas, equipment for " rafting” and “flyboarding”, as well as “buggycar”, phaetons, land vehicles converted into accommodation for the night (motorhomes) or cafe-vans (“food truck”), motor boats and quad bikes.