Update of Uzbekistan’s Customs Code to Boost IT and Fintech Growth through Duty-Free Imports
President Shavkat Mirziyoyev of Uzbekistan has announced new incentives for IT and fintech companies in the country. During a meeting with entrepreneurs, the President discussed plans to support entrepreneurship and create opportunities for job creation and high incomes in these sectors.
With 7 out of the 10 wealthiest companies in the world operating in IT and fintech services, President Mirziyoyev highlighted the potential for growth in these industries, especially considering that 56% of Uzbekistan’s population is young. To support the development of private enterprises in IT, fintech, innovation, and telecommunications, the President announced that laboratory equipment and technological installations for R&D centers will be allowed to be imported duty-free.
In addition to this incentive, the President emphasized the need to address pressing issues such as financing for IT and fintech projects, entrepreneurship, exports, tourism, and reducing the shadow economy. He also instructed the modernization of the outdated Customs Code, which currently does not meet the requirements of the World Trade Organization or entrepreneurs’ expectations.
Furthermore, President Mirziyoyev extended tax exemptions for IT park residents until 2040 and highlighted that Uzbekistan’s accession process to the WTO is nearing its final stage. These steps aim to create a more favorable environment for IT and fintech companies to thrive in Uzbekistan and contribute to the country’s economic growth.
