From May 1 to December 31 of this year, Uzbekistan plans to exempt the import and sale of cooking oil from VAT.
This is stated in the relevant law, which has been approved by the senators today, April 24.
It is planned to exempt imports of the following products from value-added tax (VAT):
- vegetable oil;
- flax and soybean seeds.
Also, the turnover for the production and (or) sale of oil will be exempted from VAT.
In addition, seed importers will be able to export to foreign countries no more than 50% of the vegetable oil produced as a result of processing sunflower seeds, flax and soybeans.
Customs officers will monitor the above export limits.
It is expected that the document will be signed by the President and will enter into force soon.