Jewellery production in Uzbekistan to be exempted from VAT
Sat Mar 30 2024
The Senate of Uzbekistan has passed a bill aimed at providing new tax benefits and streamlining regulations for crucial sectors of the economy, specifically, the jewellery and healthcare sectors, to foster growth and development within these industries, the Senate's press service reports.
Tax Exemption for Precious Stones
One significant provision of the bill involves exempting imported precious stones used in jewellery production from value-added tax (VAT). This measure is expected to facilitate the import of materials essential for the jewellery sector, thus promoting its expansion and competitiveness.
Furthermore, the bill seeks to simplify the operational procedures of children's health camps managed by trade unions. Specifically, it allows these camps to function as residential and recreational areas throughout the year, not just during holidays, without being subject to taxation on profits.
Another notable aspect of the proposal is the exemption from mandatory certification for residential buildings and recreational areas associated with children's camps. This move aims to reduce bureaucratic hurdles and administrative burdens, thereby encouraging the growth of this segment of the tourism industry. This exemption is anticipated to be incorporated into the tourism legislation framework.
Presidential Support for the Jewelry Industry
President Shavkat Mirziyoyev, during his recent visit to the Namangan region, emphasized the importance of supporting the domestic jewellery industry. He highlighted that only a small fraction, approximately 6%, of the country's annually mined 100 tons of gold is processed domestically. The implementation of these new measures aims to address this issue and boost the local jewellery sector.
Source: https://daryo.uz/