Uzbekistan to reduce VAT rate

From 2023, the value-added tax (VAT) rate will be reduced from the current 15% to 12%.

This is stated in the presidential decree “On the Development Strategy of New Uzbekistan for 2022-2026”.

According to the document, from 2023 the value-added tax rate will be reduced to 12%, the income tax rate in banking and finance, as well as in telecommunications – to 15%.

The Ministry of Finance, together with the State Tax Committee, is instructed to submit to the Cabinet of Ministers a draft law providing for amendments and additions to the Tax Code of Uzbekistan.