Tashkent, Uzbekistan (UzDaily.com) -- At a meeting of the Legislative Chamber of the Oliy Majlis of the Republic of Uzbekistan, the draft law “On introducing an amendment to Article 483 of the Tax Code of the Republic of Uzbekistan”, aimed at supporting the production of domestic jewelry, was considered in the second reading.

This bill is intended to develop the jewelry industry and support domestic manufacturers.

In particular, it stipulates the exemption of local jewelry manufacturers from paying value added tax when importing precious stones into the territory of Uzbekistan as raw materials. This measure is intended to be temporary and remain in effect until January 1, 2027.

The bill was presented at a plenary meeting of the Legislative Chamber on January 17 of this year, after which it was returned to the committee for revision and taking into account the opinions of deputies.

After analyzing the committee's proposals and taking into account the opinions of deputies, the bill was adopted.

The introduction of such a support measure is expected to help increase production volumes, create new jobs and reduce the shadow economy in the industry.