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    Uzbekistan exempts natural gas importers from paying customs duties


    October 7, 2021 - Trend News Agency

     

      BAKU, Azerbaijan, Oct. 7

      By Fakhri Vakilov – Trend:

      Legal entities importing natural gas into the territory of Uzbekistan have been exempted from paying customs duties, in accordance with the latest decree of the President of Uzbekistan Shavkat Mirziyoyev, Trend reports referring to the decree.

      In addition, when selling natural gas for export, the excise tax rate from the same period was set at zero percent.

      Moreover, the presidential decree provides benefits for oil and gas enterprises and subsoil users for the purpose of industrial development of mineral deposits with a wide attraction of foreign investments.

      In the first two years, new oil and gas wells will be exempt from property tax of legal entities, and in the next 3 years the enterprises will pay only 50 percent of the established tax rate for these wells.

      In addition, from January 1 of 2022, land plots allotted for exploration work are not subject to land taxation from legal entities.

      The country introduces an annual license fee for the use of subsoil for geological exploration, calculated on the basis of the allotted area and types of minerals, in the amount established by legislative acts.

      The annual license fee for the use of subsoil for geological exploration is directed in three ways: 70 percent to the state budget; 15 percent to local budgets of regions; 15 percent to local budgets of districts (cities).

      Legal entities carrying out geological exploration work, as well as contractors and subcontractors attracted by them, will be exempted from periodic customs payments for the temporary import of special equipment necessary for the exploration, for the period of prospecting, exploration and development of deposits.

      Moreover, they will be exempted from customs duties when importing equipment, material and technical resources and special equipment that are not produced in Uzbekistan and necessary for carrying out work on prospecting, exploration and development of deposits.

      It is planned that the tax rate for the use of mineral resources for oil and natural gas will decrease to 10 percent, gold and copper - to 7 percent, tungsten - to 2.7 percent and uranium - to 8 percent.

      At the same time, the president may establish increased tax rates for the use of mineral resources for enterprises with a state share engaged in the extraction of hydrocarbons, precious, non-ferrous, rare and radioactive metals.

      ---

      Follow author on Twitter:@vakilovfaxri

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