Introduces new mechanisms to support exporters
The President signed the Resolution “On measures to expand financing mechanisms and insurance protection of export activities”, the purpose of which is to create the necessary conditions for the effective implementation of mechanisms for export and pre-export financing, insurance of export credits and risks.
In accordance with the Resolution, the State Fund for Supporting the Development of Business Activities under the Cabinet of Ministers of the Republic of Uzbekistan will provide exporters with:
- compensation to cover interest expenses on pre-export loans of commercial banks, including those issued to replenish working capital, up to the refinancing rate of the Central Bank of the Republic of Uzbekistan, but not more than 10 percentage points on loans in national currency, and in the amount of 40 percent of the rate set by commercial banks, but not more than 4 percentage points – for loans in foreign currency;
- guarantees of loans from commercial banks in the amount of up to 50 percent, inclusive of the amount of the pre-export loan, but not more than 4 billion soums.
A mechanism will also be introduced to provide domestic exporters (their authorized representatives) with subsidies for reimbursement of up to 50 percent of the cost of transportationby rail when exporting products (according to the list in accordance with the annex).
In addition, a procedure will be established in accordance with which legal entities with a share of exports of finished products in the total revenue from the sale of goods (works, services) more than 50 percent for the reporting period, including through a commissioner (attorney), according to their statements a deferment of payment of value-added tax for a period of up to 120 days from the date of acceptance of the customs declaration when importing raw materials, components and materials used in the manufacture of exported products.
By August 1, 2019, a Portal of Foreign Economic Information will be created, integrated with electronic trading platforms, information systems of interested ministries and departments, providing the provision of public services in the field of foreign economic activity in an interactive form.