Tashkent, Uzbekistan (UzDaily.com) -- The Law signed by the President of Uzbekistan Shavkat Mirziyoyev amended some legislative acts aimed at improving the investment and business environment in the Republic of Karakalpakstan.

According to the amendments to the Tax Code, until 1 January 2028, business entities located in all regions of the Republic of Karakalpakstan and operating in this territory (with the exception of large taxpayers, permanent institutions, budgetary organizations and state enterprises, legal entities with a state share in the authorized capital of 50 percent or more, legal entities in whose authorized capital 50 percent or more belong to a legal entity with a state share in the authorized capital of 50 percent or more):

- pay income tax, turnover tax, property tax of legal entities and land tax from legal entities at tax rates reduced by 50 percent compared to the established tax rates;

- pay social tax at a tax rate of 1 percent, and individual entrepreneurs - in the amount of 1 size of basic estimated value (330 thousand soums) per year.

If a taxpayer, along with the said benefits, is simultaneously entitled to tax benefits on other grounds, such taxpayer shall have the right, at its own discretion, to choose the most favorable tax benefit.

According to the amendments to the law "On the State Duty", foreign specialists (teachers) involved in the educational process of non-state educational organizations in the Republic of Karakalpakstan are exempted from paying the consular fee until 1 October 2027, as well as from the state fee for registration at the place of permanent residence and temporary stay.

Previously, such a rule did not exist.

The law comes into force from the day of its official publication.