Issue 4
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.
442 legal acts fell under the “regulatory guillotine”
On the ground of repetitiveness, contradiction of norms and loss of relevance 422 legal acts were declared invalid by the Resolution of the Cabinet of Ministers on Systematization of Legislative Framework. The list includes documents adopted in 1991-2022.
Uzbekistan placed first inflation-linked government bonds
On July 19 first benchmark for Uzbekistan inflation-linked bonds was created. Bonds worth UZS 111 billion were sold with a maturity period of 2 years at an electronic auction.
In calculation of new bonds will be used the average value of the consumer price index (CPI) for 6 preceding months.
Republican Stock Exchange lowered tariffs for stock exchange transactions
The Supervisory Board of Stock Exchange “Toshkent” approved new decreased tariffs for stock exchange transactions.
Thus, Bond Market transactions decreased from 0,04-0,07% to 0,0055% for both sides of transaction. Unified transaction fee amounts from 0,15%-0,45% to 0.16% for each side.
New rates will come into force in August 2022.
E-Commerce administration is being improved
Presidential Decree introduces such legal terms as “digital ecosystem”, “escrow system” and also establishes operation procedure of e-commerce platform and operators. It also provides concepts of an additional deposit, prepayment and deposit blocking, and issuing performance guarantees.
Procurement procedures will be available only on working hours.
A Presidential Decree improved expertise of investment documents
The Decree approves the provisions governing expertise of project documentation of investment projects, tender documentation and terms of reference for public procurement and registration of import contracts and additional agreements thereto, etc.
Fee depends on the type of the expertise and varies from 0.03% of the total amount of the project, but not more than USD 50,000.
The President signed a Law attracting investment into water sector
The Law on drinking water supply provides an opportunity to companies of all legal forms to operate as drinking water supply organizations.
The main aims of state policy are the attraction of investments and the development of public-private partnerships in the water sector.
The Law will come into force in three months - October, 2022.
The Presidential Decree establishes "Entrepreneur's Virtual Office"
Starting from August 1, 2022 “business.gov.uz” portal will be transformed into the Entrepreneur’s Virtual Office. It will provide 24/7 reception and resolution of appeals from business entities. The main aim of the Virtual Office is a review of the legality of inspections of business entities, the activity of state bodies and organizations on the implementation of legislative acts in the field of entrepreneurship.
Foreign citizens will be able to purchase real estate without a residence permit
The Decree of the Cabinet of Ministers approved the list of 108 countries, whose citizens may purchase new real estate in Uzbekistan without residence permit.
The value of the property in Tashkent, Tashkent region and Samarkand must be not less than the equivalent of USD 150,000 on the basis of contracts entered into during the construction period
The President will meet with the entrepreneurs
Problems of entrepreneurs, ways to solve them, suggestions and initiatives to further development of the entrepreneurs will be discussed on the open dialogue.
Open dialogue with entrepreneurs is scheduled on August, 20. Entrepreneurs can send their questions and suggestions through a website “taklif2022.uz” or to the number 1094 until July, 31.
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
Jamshid Juraev
Partner, Tax and Legal Services
Fayzulla Khusankhodjaev
Senior manager, Legal Practice Leader
fayzullokhon.khusankhodjaev@pwc.com
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