Uzbekistan provides more incentives for geological exploration and improves taxation for subsoil users – JD Supra
On October 6, 2021, the president of the Republic of Uzbekistan signed Decree No. UP-6319 “On measures for further stimulation of geological exploration and improvement of taxation for subsoil users,” (the “Decree”), which provides for the following legislative changes affecting a wide range of issues in the mining and natural resources sector. They can be divided by time into two groups:
Most importantly, as of January 1, 2022:
Second, as of October 1, 2021, in connection with exports and imports of natural gas:
The Decree further set the task to submit a draft law "On amendments and additions to the Tax Code of the Republic of Uzbekistan" to the Cabinet of Ministers by December 1, 2021, which provides that, from January 1, 2022:
Exploration companies and their contractors and subcontractors are exempt from:
Local enterprises engaged in search and exploration of hydrocarbon fields are subject to incentives for income tax, property tax, land tax, tax on the use of water resources for the period of exploration, as well as incentives for customs duties (excluding VAT) on the import of equipment, material and technical resources and services necessary for surveying, exploration and other related work.
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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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