Issue 5
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 President signed a Law on Tax Consulting
The Law expanded the list of tax consulting services and introduced the principles of independency, competency and confidentiality. It also stipulates the requirement of a qualification certificate for consultants issued by the Chamber of Tax Consultants.
The Law enters into force on November, 2022.
The President signed a Law on the Сivil Service
The new Law establishes responsibility of public civil servants, recognized as unlawful acts.
According to the Law civil servants are prohibited to engage in entrepreneurial activities, receive gifts for performing professional duties, as well as holding foreign bank accounts.
The Law will come into force in three months - November, 2022
The Cabinet of Ministers approved the Regulations on internal audit
Starting from September 1, 2022 internal audit activities of ministries and agencies shall be based on national standards and a guideline on internal audit.
Annual and quarterly progress reports to be submitted to the Ministry of Finance.
Online licensing of advocates
Starting from 1 January 2023, the licensing of advocates will be carried out through an electronic system. Under the new procedure, applicants will be able to apply for a licence through the information platform "License" or through my.gov.uz.
The license is issued for an unlimited period of time at the place of permanent residence of the applicant and is valid throughout the territory of Uzbekistan.
The Regulation will come into force on January, 2023.
Public discussion on constitutional amendments was completed
Constitutional Commission accepted more than 117,000 proposals. The acceptance of proposals was closed on August 1, 2022.
The responsible committees will continue to work on finalizing the draft law.
The final draft will be put to a nation-wide referendum.
Preferential loans for agricultural machinery
Presidential Decree entitles Ministry of Finance to allocate USD 100 million for preferential loans on purchase of agricultural machinery.
Under the program, banks will provide loans at a rate of 10% up to 10 years, including 2 preferential years.
Minimum recommended prices for cotton were established
Pursuant to the Presidential Decree, the Ministry of Agriculture set the minimum recommended price of 1 ton of medium-fiber cotton raw material at the rate 10,025,000 soums including VAT. The price of fine-fiber cotton is 15,120,000 soums including VAT.
Based on this recommended price, producers will independently determine the cost of raw cotton.
UzAuto Motors is on the Republican Stock Exchange “Toshkent”
UzAuto Motors placed its ordinary shares in the quotation list of the Republican Stock Exchange “Toshkent”.
The company’s IPO (Initial Public Offering) on the stock market is planned for the fourth quarter of 2022 to the first quarter of 2023.
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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