President Mirziyoyev’s Initiatives Lower Land Purchase Costs for Entrepreneurs
President Shavkat Mirziyoyev has announced new measures to ease the financial burden on entrepreneurs in Uzbekistan looking to purchase land for new investment projects. During a dialogue with business owners in Nukus city, the President highlighted the challenges faced by entrepreneurs due to the increasing costs of land acquisition.
In a bid to support businesses, the government has decided to exempt the value-added tax (VAT) on land purchased through auctions by entrepreneurs. This move is expected to reduce costs for entrepreneurs and make it easier for them to invest in new projects.
Furthermore, buyers in Tashkent city and regional centers will now have the option to pay for purchased land over a period of up to three years. In other regions, the payment term can be extended to five years, and in districts of the 4th and 5th categories, buyers will have up to ten years to complete their payments. Those who choose to make immediate payments will receive a discount of up to 20%.
To provide additional support for larger projects, entrepreneurs will now be able to include the cost of land as a state share in their charter fund. This will allow businesses to access funds for other expenses while still securing the necessary land for their projects. It is estimated that this change will make around 3 trillion UZS available to entrepreneurs within the current year.
These new measures are expected to stimulate investment and economic growth in Uzbekistan by reducing financial barriers for entrepreneurs looking to develop new projects. The government’s efforts to support businesses and encourage investment will help drive the country’s development and prosperity.
