On June 29, a roundtable was held in Tashkent on the theme “International trade and tax reforms”. It was organized by the Ministry of Investment and Foreign Trade (MIFT).
Problematic issues relating to the imperfections of the tariff policy in the import of raw materials and finished products, as well as real emerging problems that entrepreneurs face on a daily basis were on the agenda.
Proponents of the abolition of import duties argued that this measure would contribute to the accelerated growth of the competitiveness of domestic goods. The MIFT and a number of other departments voiced the position of a gradual transformation to the tariff policy, which will give manufacturers a certain time period to improve their product and most harmoniously integrate into the international market at the time of the final elimination of tariff and non-tariff barriers.
Following the meeting, a common position was formed. It was supported by both businessmen and government representatives, consisting of a thorough review of tariff and non-tariff instruments in order to optimize foreign trade policy, while not excluding the prospect of a moderate increase in tariffs on selected goods to create stimulating conditions for competitiveness of domestic products.
It was particularly noted that this measure would be temporary and would not prevent the formation of a healthy competitive environment.
At the same time, the parties agreed on the need to equalize tax policy in relation to all business entities, which will level out the conditions for doing business, fully apply the rule of offsetting VAT and, in general, reduce costs in the manufacturing of finished products.