Some of the most notable legal developments in Uzbekistan in December 2022 were the adoption of the Law “On the State Budget for 2023” and the introduction of amendments in the Tax and Customs Codes, reflecting changes in the financial policy in 2023; a large-scale administrative reform, reshaping the system of state governance; measure to facilitate the country’s transition to a green economy; and the adoption of the Investment Program for 2023-2025.
On 30 December 2022, the Law “On the State Budget for 2023” was adopted. It, among others, provides for the following:
Given planned changes in the financial and tax policy in 2023, some changes have been introduced to the Tax and Customs Codes, including the following:
(a) basic land tax rates for non-agricultural lands and water use tax rates have been increased by an average of 10%;
(b) starting from 1 January 2023:
(c) starting from 1 February 2023, the excise tax rates for petroleum products as well as manufactured alcohol and tobacco products will generally be increased by 10%;
(d) starting from 1 June 2023, state bodies may be recognized as payers of VAT based on relevant resolutions of the Cabinet of Ministers;
(e) starting from 1 April 2023, customs duty exemptions for equipment imported for own production needs by enterprises with foreign investments where a share of a foreign investor exceeds 33% will be abolished.
Law No. ZRU-812 of 30 December 2022
The President has signed a Decree and a Resolution providing for the implementation of large-scale administrative reform. The following changes have been in place since 1 January 2023:
The Ministry of Justice and other state bodies are also instructed to develop an open register of central and regional executive authorities' functions until 1 March 2023 to ensure no duplication of roles.
Presidential Decree No. UP-269 of 21 December 2022
Presidential Resolution No. PP-447 of 21 December 2022
The President has signed a Resolution on approval of the Investment Program for 2023-2025. The following is, among others, approved:
The President has signed a Resolution introducing measures to facilitate Uzbekistan’s transition to a green economy by 2030. The Resolution, among others, envisages the following:
The Ministry of Finance has issued an Order on the recognition of International Financial Reporting Standards (IFRS). More than 60 IFRS and explanations to them have been translated into the Uzbek language and can be applied in Uzbekistan. The relevant IFRS provide rules for the maintaining of accounting and financial reporting in specific areas of activity.
Order of the Minister of Finance No. 3400 of 9 December 2022
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Kosta Legal Law Firm