Importers of agricultural machinery to receive customs benefits until 2025

The President approved measures to provide agricultural enterprises with modern equipment, the Ministry of Justice reported. 

The document establishes a unified procedure for providing state support for the purchase of agricultural machinery, which the head of state outlined at a meeting a few days earlier. It will come into effect on April 1st.

Subsidies previously provided to the Chirchik cluster will be extended to all local producers of agricultural machinery. This includes covering 15% of the cost of the unit, as well as compensation for interest on loans or leasing.

Imported agricultural machinery, units, components and spare parts for them until January 1, 2025 will be exempt from customs duties and recycling fees. In addition, the payment of VAT for them will be given a delay of 270 days.

Another innovation is that it is allowed to lease agricultural machinery to individual entrepreneurs and the self-employed. Previously, this required registration of a legal entity.

In the next two years, 2.6 trillion soums of credit funds attracted from international organizations will be allocated for the purchase of agricultural equipment.

Equipment will be leased to buyers for up to 10 years, with a maximum leasing margin of 3% per annum. The equipment itself, as well as insurance policies, will be accepted as collateral.