Income tax rate for foreigners will be reduced

Earlier, we reported on the adoption of the decree of the President of Uzbekistan «On further reforms to improve the business environment and create conditions for sustainable economic growth through the development of the private sector».

The decree approved the proposal of the Ministry of Finance to set the income tax rate on the revenue of non-residents from sources in Uzbekistan (except dividends, interest, and freight income) at 12% (previously up to 20%) from 1 May 2022.

The Ministry of Finance, together with the relevant authorities, has been charged with submitting to the Cabinet of Ministers, a draft law on amendments and additions to the tax code according to this paragraph within two months.

Taking into account the requirements of the legislation on combating money laundering and terrorist financing, until the end of 2022, the Ministry of Finance and the State Assets Management Agency, together with the relevant agencies, will allow customers who are residents or non-residents of Uzbekistan to open deposit accounts for securities remotely without their personal participation.