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Small but Strong

Shavkat Mirziyoyev has signed a decree on the establishment of small industrial zones (SIZ) on the basis of idle production areas and land plots in the Tashkent region.
The real state property on the territory of the zones will be allocated to business entities for long-term lease for a period of ten years, with subsequent transfer of ownership, subject to the fulfillment of business plans, creation and retention of jobs, timely payment of all taxes and other mandatory payments.

At the same time, entrepreneurs will be provided with unique terms - a zero rent rate for the use of immovable state property located in the territory of SIZ.

The land plots on the territory of SIZ will be allotted by governors of respective districts and towns. It is planned to establish interagency working groups, headed by district prosecutors, in each district and city, where small industrial zones are located, in order to ensure their smooth operation, and provide practical assistance to economic entities on SIZ territory.

The companies operating on the territory of the zones will be exempted from legal entity property and profit tax, as well as single tax payment for a period of two years. The benefits can be extended for another two years, provided that no less than 30% of the total output is exported.

All these opportunities will be available under the condition of investing at least 3,000 times the minimum wage (one minimum wage is 149.775 soums). In case if the annual revenue of a company is less than 2,000 times the minimum wage, the benefits will be canceled.

The Fund for Reconstruction and Development of Uzbekistan is getting prepared to open a $50 million credit line to co-finance projects in SIZ in the Tashkent region in October. In this case, the funds can be used solely for the purchase of imported equipment and components. It is important that entrepreneurs are now entitled to repay loans in national currency at the rate of the Central Bank. 
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