TASHKENT, Oct. 2 (Xinhua) -- Businesses in the Republic of Karakalpakstan, an autonomous republic in northwestern Uzbekistan, will receive tax incentives for a three-year period to accelerate economic and social growth, Uzbek President Shavkat Mirziyoyev said on Friday.
Businesses engaged in the spheres prioritized by the government will be exempted from land, property and sales tax for small businesses turnover, as well as income tax for individual entrepreneurs for a period of three years, Mirziyoyev said at the session of the Jokargy Kenes, the parliament of Karakalpakstan.
New industrial enterprises in Takhtakupir, Bozataus and Shumanai regions of Karakalpakstan with a low level of development will be provided with tax and customs privileges for the same period, the president told the deputies.
Since Mirziyoyev took office in 2016, Uzbekistan has taken a series of measures to promote economic reforms, including liberalizing its foreign exchange market, reducing taxes and offering preferential treatment to foreign investment. Enditem
