Law on Tashkent International Financial Center approved

On July 9, the Constitutional Law “On the Tashkent International Financial Center” was reviewed and approved at the 17th plenary session of the Senate of the Oliy Majlis. The Senate press service reported this.

The law defines the legal status of the Tashkent International Financial Center, the main principles regulating its activities, its management system, powers and institutional structure.

At the same time, the law also includes provisions aimed at ensuring legal stability and reliable judicial protection for investors within the territory of the financial center.

Senators also paid special attention to the opportunities being created for participants of the financial center. In particular, special simplified procedures are envisaged for participants of the center and their employees to make settlements in foreign currency, hire foreign specialists and obtain visas.

It was noted that during the discussion, proposals were put forward to further improve certain provisions of the law. In particular, attention was drawn to the need to reconsider the requirements for judges of the Tashkent International Commercial Court and clarify the powers of the court to hear any international arbitration cases and administrative-legal disputes, as well as to interpret the Constitution and laws.

Following an active discussion, it was concluded that it would be appropriate to send the Constitutional Law to the Legislative Chamber with proposals for improvement, establish a conciliation commission consisting of senators and deputies of the Legislative Chamber, and revise the document with the involvement of representatives of relevant state bodies and organizations.

At the end of the discussion, the Senate adopted a resolution on improving the Constitutional Law.

For reference, this Constitutional Law had been discussed at the 16th plenary session of the Senate and sent to the Legislative Chamber along with proposals for improvement.

In fact, work on establishing the Tashkent International Financial Center began in March this year. In particular, on March 25, 2026, Shavkat Mirziyoyev reviewed a presentation on establishing the Tashkent International Financial Center, launching the activities of the International Center for Digital Technologies, and introducing Islamic finance mechanisms in the banking system.

According to calculations presented to the head of state, by 2030 the financial center could help attract an additional $20-25 billion to the economy, contribute up to an additional 1% annually to GDP growth, create up to 15,000 new highly qualified jobs, and improve the skills of 10,000 specialists.

After that, the presidential decree “On the Tashkent International Financial Center” was signed on March 30, 2026.

On June 17 this year, President Shavkat Mirziyoyev announced at the Tashkent International Investment Forum that the Tashkent International Financial Center would be established to reliably protect investors’ rights and increase investment attractiveness. It was stated that tax and customs benefits for the center’s participants would be valid for 50 years.

It was also said that the legal foundations of the center would be strengthened by a Constitutional Law, and that an attractive tax regime would be introduced for its participants, with profit tax, value-added tax, property tax and customs duties set at zero percent.

Later, the idea of the center was also supported by a delegation led by Lord Jason Stockwood, the United Kingdom’s Minister of State for Investment, who visited Uzbekistan as part of the Tashkent International Investment Forum program.