Issue 3
PwC Uzbekistan
Legal newsletter is a brief analysis on latest legal developments, which covers a broad range of of topics on investment climate in Uzbekistan.
The Senate has approved a Law on Tax consulting
The draft law provides a tax consultant with the right to advise on trade transactions, provide expertise and monitoring of investment projects.
Regulation of tax consulting and certification processes will be performed by a Chamber of Tax Сonsultants.
The draft law is currently under consideration by the President of Uzbekistan.
A Presidential Decree introduces Innovation Development Strategy
The Strategy for 2022 - 2026 is oriented to support start-up initiatives, stimulate demand for innovation, develop human capital in innovation management, increase number of innovation technoparks, technology transfer centers, venture capital organization, etc.
The practice of organizing joint patenting and commercialization is being introduced for new developments created on the basis of the mechanism of equity financing by the owners of innovations.
The Law on Cybersecurity came into force on June 17, 2022
The new Law introduces concepts of cybercrime, cybersecurity and cyber attacks.
Also, the State Security Service is determined as a regulator in the field of cybersecurity.
The Law provides for the categorisation of cybersecurity objects as well as it introduces a unified register of critical information infrastructure objects.
The President announced a new system in designing and construction
147 norms on assessment on construction works will be removed from the city planning rules. Also, the requirement to obtain the conclusions of the technical council is abolished for projects that have undergone foreign expertise.
Online loans to businesses
The Cabinet of Ministers adopted a regulation establishing the procedure for granting loans through a unified electronic platform “oilakredit.uz”.
Loans are granted for establishing and developing of business, support for craftsmanship, creation of additional income sources and employment opportunities.
The Cabinet of Ministers approved a Resolution on temporary procedure for subsidies for cotton fields
Under the Resolution, a subsidy of 1 mln soums per hectare is offered to land users in 13 districts. The aim of subsidies is an implementation of agrotechnical initiatives on improving soil fertility. Land users should submit applications by July 2022 and receive the first 60% of subsidies until October 2022.
The Regulation is in force until 1 January 2024.
__________
As part of the global PwC network, PwC Uzbekistan provides a connected expertise across legal insight, business understanding, and technological innovation to help you bring your future into focus and uncover new opportunities.
We provide a range of legal services from initial investment support, employment and immigration issues to full scope support for complex M&A and joint venture transactions in Uzbekistan and abroad. We represent the interest of private and public companies in Uzbekistan, working across all sectors of the economy.
Our lawyers work independently and also as part of integrated teams alongside colleagues from the PwC Legal global network.
Contacts:
Abdulkhamid Muminov
Managing Partner, Tax and Legal Services
abdulkhamid.m.muminov@pwc.com
Jamshid Juraev
Partner, Tax and Legal Services
jamshid.juraev@pwc.com
Fayzulla Khusankhodjaev
Senior manager, Legal Practice Leader
fayzullokhon.khusankhodjaev@pwc.com
© 2022 PwC. All rights reserved.