The law on Special Economic Zones was signed on February 17 by the President of Uzbekistan Shavkat Mirziyoyev. The law shall come into force 3 months after signing, after which the old Law on Free Economic Zones of 1996 will lose it.
The new law provides for the separation of economic zones by type of activity:
- free economic zones;
- special scientific and technological zones;
- tourist and recreational areas;
- free trade zones;
- special industrial zones.
According to the Law, participants in these zones enjoy tax benefits in accordance with the Tax Code of the Republic of Uzbekistan, and are also exempt from the following customs payments:
- payments (except for value added tax and customs clearance fees) for construction materials not produced in the republic and imported in the prescribed manner for the implementation of the investment project in accordance with the investment agreement during the construction period;
- payments (except for customs clearance fees) for the import of technological equipment, analogues of which are not made in the Republic of Uzbekistan, according to the approved list;
- payments for the import into Uzbekistan of raw materials and components used for the production and sale of products for export.