22.01.2021
Over the last month, a number of amendments were introduced to the legislation of the Republic of Uzbekistan. In particular, amendments were made to the Constitution of the Republic of Uzbekistan and to the Law “On Public-Private Partnership”. In addition, the Senate approved the Urban Planning Code in new edition and the Cabinet of Ministers adopted a new Resolution in the field of taxation.
Anti-crisis tax benefits are canceled in Uzbekistan
The anti-crisis measures envisaged within the framework of Decrees of the President of the Republic of Uzbekistan “On additional measures to support the population, business entities, catering, trade and services to reduce the negative impact of the coronavirus pandemic No.UP-6029 dated July 20, 2020 and “On additional measures to support the population, sectors of the economy and business entities during the coronavirus pandemic” No.UP-5978 dated April 3, 2020 have been terminated from January 1, 2021.
Changes in the field of taxation in Uzbekistan
Tax privileges specified in the Decree of the President of the Republic of Uzbekistan “On additional measures to support the population, economic sectors and business entities during the coronavirus pandemic” No.UP-5978 dated April 3, 2020 were included in the Tax Code of the Republic of Uzbekistan.
Partner of GRATA International Uzbekistan Nodir Yuldashev gave an interview to the journal of the AIAC
On December 31, the journal of the Asian International Arbitration Center (Malaysia), dedicated to online opportunities for the development of arbitration in Asian countries, published an interview with the participation of Nodir Yuldashev, Partner of the GRATA International law firm in Uzbekistan.
22.12.2020
In the recently released Chambers Asia-Pacific 2021 Guide, GRATA International was as one of the leading firms in the region with ranked offices in Azerbaijan, Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan.
The Decree of the President of the Republic of Uzbekistan “On further improvement of resource taxes and property tax”
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 +”).
Uzbekistan received observer status in the Eurasian Economic Union (EAEU)
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.