Uzbekistan to simplify the purchase and sale of precious metals

The Government of Uzbekistan has instructed the Ministry of Economy together with the Central Bank to develop, by April 1, 2019, based on an analysis of advanced foreign experience, proposals to simplify the purchase and sale of bullion and precious metals, Kun.uz correspondent reports.

In particular, these structures should develop proposals for:

- organizing the production of dimensional ingots at enterprises with an appropriate production base and meet the established requirements;

- introducing a mechanism for the provision of precious metals in leasing to enterprises - jewelry manufacturers;

- giving jewelry manufacturers the right to purchase precious metals from legal entities involved in their mining and production, on the basis of direct contracts, as well as the acquisition of scrap of precious metals and processed precious stones on a contractual basis from legal entities and individuals;

- determining the pricing procedure for precious metals sold to jewelry manufacturers, both directly by legal entities involved in the extraction and production of precious metals, and through a network of commercial banks;

- organizing trade in precious metals through the territorial offices of the Central Bank and commercial banks to widely use precious metal bullion to open impersonal metal accounts - an investment tool that replaces convertible currency.

It should be recalled that in Uzbekistan from January 1, 2018 excise tax on jewelry sold at retail has been abolished.

Jewelry manufacturers were also exempted from excise tax and value added tax on sales of products, including for export, until January 1, 2020. At the same time, all released funds must be directed to the reconstruction and modernization of production, replenishment of working capital.