The period during which the participants of Special Economic Zones can operate without paying profit tax has been determined

Hereinafter, the participants of the special economic zone will be exempted from profit tax for up to 10 years, depending on the amount of investment.  The relevant procedure was established by the law "On additions and amendments to the Tax Code of the Republic of Uzbekistan" signed by the president of Uzbekistan yesterday, 12 July.

With the included additions, the terms of granting profit tax benefits to the participants of special economic zones were determined.  According to this, the privileged period depends on the size of the investment:

• For investments from 3 million US dollars to 5 million US dollars - 3 years;

• 5 years for investments from 5 million US dollars to 15 million US dollars;

• Exemption from profit tax for a period of -10 years for investments of 15 million US dollars and more.

These terms are calculated from the date of acceptance of the production facility.

The law shall come into force from the date of its official announcement.