One of the most notable legal developments in Uzbekistan in January 2022 was the adoption of the ambitious Strategy for the Development of New Uzbekistan in 2022-2026, outlining a variety of economic, social, and political plans for developing the country. The government also took important steps to improve the functioning of capital markets, the pharmaceutical industry, and the service industry.
The President has signed the Decree “On the Strategy of the Development of New Uzbekistan in 2022-2026”. The following plans have, among others, been outlined in the Decree:
The President has issued a Resolution on the development and support of Uzbekistan’s capital markets. The following is, among others, envisaged by the Resolution:
- from 1 April 2022 till 31 December 2024:
- starting from 1 April 2022, JSCs will be allowed (based on relevant advice of their underwriters) to place their shares on foreign stock exchanges provided such shares are preliminary or simultaneously placed on the Uzbek National Stock Exchange (RFB “Toshkent”);
- starting from 1 July 2022, when securities are sold through organized over-the-counter trading platforms, sellers (other than issuers) shall pay a charge of 0.3% of the transaction amount instead of the income tax on relevant profit;
- IPO and SPO will be held for a number of large state-owned JSCs at the Uzbek National Stock Exchange, including JSC “UzAuto Motors”, JSC “UzAuto Motors Powertrain”, JSC “Dori-Darmon”, JSC “Uzbekistan Post”, JSC “Alskom” (Annex 1 to the Resolution).
Presidential Resolution No. PP-90 of 17 January 2022
The President has signed a Resolution providing for measures for developing the service industry, which, among others, include the following:
Have a good day!
Kosta Legal Law Firm