Accounting Rules

Tax Year: The fiscal year is as per the calendar year.
Accounting Standards: National accounting standards (NAS) apply.
Accounting Regulation Bodies: Ministry of Finance of Uzbekistan
Accounting Reports: Financial reports must contain balance sheets, results reports (income statements), fixed assets reports, cash flow reports, capital reports, and supporting notes, calculations and descriptions.
Publication Requirements: Enterprises are not required by law to publish their annual report.
Professional Accountancy Bodies: National Association of accountants and audit professionals
Certification and Auditing: The annual audit of the financial health of a company must be conducted by an independent certified auditor. You can contact an external auditor: Deloitte, Ernst & Young, PricewaterhouseCoopers.
A list of auditing organizations is available on the website of the Ministry of Finance.
Accounting News: Einnews Uzbekistan

Tax Rates

Consumption Taxes

Nature of the Tax: Value Added Tax (VAT).
Tax Rate: 20%
Reduced Tax Rate: Exempt items include technological equipment and certain property. Exports and international transportation services are also exempt.
Other Consumption Taxes: Customs duties on the export of all types of products or services were abolished since 1st November 1997. Excise tax is imposed on certain types of imported goods.

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Corporate Taxes

Company Tax: 0.09
Capital Gains Taxation: Long term capital gains are taxed as ordinary income.
Main Allowable Deductions and Tax Credit: It is possible to reduce the taxable income in the following ways:
- transfer to Charity Funds or Environmental Funds : upto 1% of the taxable income
- expenses towards developmental aid : upto 30% of the taxable income.
It is also possible to obtain fiscal privileges if one is:
- a production company with foreign investments whereby the company is engaged in the production of goods that generate more than 60% of its income
- a company exporting its production with foreign investments for which the export volume should be at least equal to 60% of its production.
Other Corporate Taxes: The other taxes to which the companies are subjected to are:
- tax on mining
- Property tax
- Land Tax
- Water tax
- Compulsory taxes : intended for the Road Fund, School Development Fund, and Pension Fund; Payroll tax (Unified Social Contribution), social security contributions, stamp duty.

Individual Taxes

Tax Rate

Personal income tax	Progressive rate from 11% to 22%.
Up to 6 minimum annual wage	11%
Between 6 and 10 minimum annual wage	17%
More than 10 minimum annual wage	22%

Allowable Deductions and Tax Credit: Certain categories of individuals are either fully exempt from personal income tax (for example, diplomats) or provided with an additional monthly deduction of four amounts of the statutory minimum monthly wage, including veterans, disabled people, widows/widowers with children, and women with many children, among others.
Special Expatriate Tax Regime: There is no special tax regime for expatriates.

Double Taxation Treaties

Countries With Whom a Double Taxation Treaty Have Been Signed: See the list of countries with whom Uzbekistan has signed a fiscal convention
Withholding Taxes: Dividends: 10%, Interest: 10%, Royalties: 20%

Sources of Fiscal Information

Tax Authorities: State Committee for taxes
Other Domestic Resources: State Customs Committee of the Republic of Uzbekistan

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Intellectual Property

National Organizations: Consult the Uzbek Republican Agency for Copyright. Uzbekistan still observes the convention leading to the establishment of the World Intellectual Property Organisation, Paris Convention (industrial property rights) and the Madrid agreement (trademarks) and the Patent Co-operation Treaty (PCT).
The patents office of 1993 and the patents given by the ex-USSR must once again be registered as well as the trademarks (subsequent to the passing of a law by the Uzbekistan Parliament).
Regional Organizations: Uzbekistan is not a member of any of the regional organizations in the domain of Intellectual Property but the Uzbek Republican Agency for Copyright maintains links with the WIPO as well as its Kazakh, Kirghiz and Russian counterparts.

Also see the website of the State Patent Office of the Republic of Uzbekistan.
It may also be useful to consult the following Russian websites:
- The Russian organization for Copyrights.
- Information Portal on Copyrights and Patents in Russia.

National Regulation and International Agreements

Type of property and law	Validity	International Agreements Signed
Patent Copyrights Law of 26th March 2006. Available in Russian.	During the lifetime of the proprietor and 50 years after his/her death
Trademark Law on Trademarks submitted, Services and Designations of Origin of 2001	10 years	Protocol Relating to the Madrid Agreement Concerning the International Registration of Marks
Design Industrial Designs.	20 years
Copyright Copyrights Law and related rights on the website of the Uzbek Republican Agency for Copyrights	50 years	WIPO Copyright Treaty
Industrial Models Industrial Designs.

Legal Framework

Independence of Justice: The Judiciary is not at all independent in Uzbekistan. It is subservient to the President who appoints all judges and can remove them from office at any time.
Equal Treatment of Nationals and Foreigners: The European Commission has often underlined the fact that the absence of a secure judiciary is the main problem for investors. Foreign nationals cannot expect an impartial trail from the country's judicial system.
The Language of Justice: The judicial language used in the country is Uzbek.
Recourse to an Interpreter: Having an interpreter is possible.
Sources of the Law and Legal Similarities: The main source of the law is the constitution of December 1992. Even though the country's legal system is an evolution of Soviet civil law, it lacks transparency. Uzbekistan is a member of CIS (Commonwealth of Independent States). CIS acts as a symbolic organization possessing only coordinating powers related to trade, finance, lawmaking, and security among the member states.
The Constitution can be consulted online in English on the website of the Uzbek Parliament.
Checking National Laws Online: Website of the official daily newspaper, Narodnoe slovo (which means Voice of the People) gives the laws, the Presidential and governmental decrees (in Russian)
Website of the Uzbek organisation Norma Hamkor, specialised in electronic publishing
Website of the Parliament of Uzbekistan

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Standards

National Standards Organizations: Uzstandart- Office of metrology and certification
Integration in the International Standards Network: Uzstandard, the Uzbek agency for standardization, metrology and certification, represents the Republic of Uzbekistan at the following international bodies:
- International Standards Organization (ISO)
- International Organization for Legal Metrology (OILM)
- Euro-Asian Council for Standardization, Metrology and Certification (EASC)
- International Laboratory Accreditation Cooperation (ILAC)
For more information, directly contact infocenter@standart.uz
Classification of Standards: Uzbekistan still uses a set of technical norms based on the soviet methods. There are more than 65,000 documents concerning to these norms.
Online Consultation of Standards: Visit the website of Uzstandard.
Certification Organizations: The Center for Inspection and Certification carry out Inspection and certification with 73 other accredited entities.

Business Practices

General Information: Chamber of Commerce and Industry of Uzbekistan
Uzex, Goods and primary materials Stock Exchange of Uzbekistan
Exchange, Agro-Industrial Stock Exchange of Uzbekistan
Gki, State Committee for public goods
Investuzbekistan, Invest in Uzbekistan
Opening Hours and Days: Public service offices are open from 9h00 to 18h00 from Monday to Friday.
Companies are open from 9h00 to 18h00 or from 8h00 to 17h00 from Monday to Friday
The weekly days off : Saturday and Sunday.
Shops are open every day from 8h00 to 21h00.

Public Holidays

New Years Day	1st January
Military Services Day	14th January
Women's Day	8th March
Navruz	21st March
Victory Day	9th May
Independance Day	1st September
Teacher's Day	1st October
Day of the Uzbek Constitution	8th December

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Uzbekistan: Business Environment