Tashkent, Uzbekistan (UzDaily.com) — Starting from 1 January 2025, new tax benefits will be implemented in Uzbekistan starting from new upcoming year.

On 18 September, President Shavkat Mirziyoyev signed a decree concerning the cancellation of several existing tax benefits.

Currently, taxpayers can enjoy benefits from the moment they are introduced until the end of their validity period.

However, the benefits introduced in 2019 for companies exporting goods and services, where the export share exceeds 15% of total revenue, will be revoked. The relevant presidential decree will cease to be in effect.

Additionally, tax benefits provided to Hyatt International and its subsidiaries, granted in 2020 for the duration of a loan from the Reconstruction and Development Fund for the construction of the Hyatt Regency Tashkent hotel, will also be canceled.

Clarifications will be made regarding the types of infrastructure projects funded by state external debt or international and foreign public financial organizations that are eligible for VAT benefits. These benefits will apply to projects in the following areas:

- Electricity, gas, and heat supply

- Water supply and sanitation, water management

- Road and transport infrastructure

- Communication and telecommunications

- Agricultural logistics

- Sanitation and solid waste management

Until 1 January 2029, operations related to crypto-assets will not be considered taxable events, and income from them will not be included in the taxable base.

The presidential decree also instructs the development of a draft law with amendments to the Tax Code, which will take effect after its adoption.