21.12.2020
The President of the Republic of Uzbekistan signed the Decree “On further improvement of resource taxes and property tax” No.UP-6121 dated 03.12.2020 (the “Decree No.UP-6121”) to improve the property and land taxation.
Fitch assigned 'BB-' final rating to Ipoteka-Bank's debut Eurobonds in Uzbekistan
Fitch Ratings assigned Ipoteka-Bank's debut Eurobond issue of USD 300 million with a 5.5% interest rate maturing in 2025 with a final rating of 'BB-'. Ipoteka-Bank uses proceeds from the issue mainly for lending in foreign currency to local borrowers in Uzbekistan.
S&P Global Ratings assigns rating to Uzbekistan at BB- /B
S&P Global Ratings has affirmed the Republic of Uzbekistan's long-term and short-term sovereign credit ratings for foreign and national currency liabilities at the BB-/B level. The rating outlook remains Negative.
EC grants Uzbekistan the status of a beneficiary of the GSP +
On 30 November 2020, the European Commission took an early positive decision on the application of the Republic of Uzbekistan to obtain the status of a beneficiary of the Generalized System of Preferences plus (the “GSP +”).
21.12.2020
On 11 December 2020, the Supreme Eurasian Economic Council adopted a decision on granting a status of observer to Uzbekistan during its meeting, where the President of Uzbekistan participated.
21.12.2020
On December 2, 2020 the President of the Republic of Uzbekistan has approved the Law “On amendments to certain legislative acts of the Republic of Uzbekistan in connection with the adoption of measures to mitigate the negative impact on economic sectors of the coronavirus pandemic and global crisis phenomena”.
New incentives for value added tax (VAT) and customs duties in Uzbekistan
To support the import of new technological equipment that is not produced in Uzbekistan, Article 6 of Article 246 of the Tax Code of the Republic of Uzbekistan provided for the exemption of such equipment from VAT.
GRATA International held the online Labour Law Conference
On 8-10 December 2020, the firm arranged the online conference 'Labour Law Issues: Practical cases' for Azerbaijan, Belarus, Georgia, Kazakhstan, Kyrgyzstan, Mongolia, Russia, Tajikistan and Uzbekistan. The conference was held through ZOOM platform both in Russian and English.
USD 457.8 million will be invested into the Uzbekistan’s electric power complex
The Cabinet of Ministers of the Republic of Uzbekistan approved the electric power investment project “Introduction of an automated system for accounting and control of electricity in the Republic of Uzbekistan” worth USD 457.8 million. The Resolution on this matter was adopted on October 30, 2020.
In Uzbekistan there has been determined a new Investor of the project on renewable energy sources
On October 31, the Cabinet of Ministers adopted Resolution No.ПКМ-667 “On additional measures for the implementation of the investment project “Construction of a 100 MW photovoltaic power plant in Navoi region”” (the “Resolution No.ПКМ-667”).