Key facts
- Uzbekistan plans to establish a tax- and customs-free financial center in Tashkent.
- The financial center will operate under English common law.
- A zero percent tax rate will apply to profits, VAT, property, and customs duties.
- An independent financial regulator will oversee the center.
- President Shavkat Mirziyoyev announced the plans.
Uzbekistan is set to launch a new financial center in its capital, Tashkent, designed to operate entirely tax- and customs-free. President Shavkat Mirziyoyev revealed the ambitious plan, which aims to create a hub for financial services and attract foreign investment. The center will function under the principles of English common law, providing a familiar legal framework for international businesses.
A key feature of the initiative is a zero percent tax rate applied to corporate profits, value-added tax (VAT), property, and customs duties within the designated zone. This significant fiscal incentive is intended to make Tashkent a highly competitive destination for financial institutions and investors. Complementing the tax benefits, the center will be governed by an independent financial regulator, ensuring a transparent and impartial oversight mechanism.
This development represents a strategic move by Uzbekistan to modernize its economy and integrate further into the global financial system. By adopting English common law and offering substantial tax exemptions, the country seeks to overcome existing barriers and foster a more dynamic business environment. The establishment of an independent regulator underscores a commitment to good governance and investor protection, crucial elements for building trust and encouraging long-term capital inflow.