Uzbekistan to update Customs Code and boost duty-free imports for IT and fintech growth

On December 20, President Shavkat Mirziyoyev held a meeting with active entrepreneurs of Uzbekistan. During a videoconference, the results of the year in supporting entrepreneurship and plans for 2025 were discussed.

It was noted that 7 out of the 10 wealthiest companies in the world operate in the fields of information technology and fintech services. Young people make up 56% of Uzbekistan's population. As the President highlighted, these figures clearly demonstrate the enormous potential for job creation and high incomes in these sectors.

Private enterprises can rapidly develop areas such as IT, fintech, innovation, and telecommunications. Notable examples include the private bank TBC Uzbekistan and the technology company Uzum, both of which have a capitalization exceeding $1 billion.

To foster the creation of such companies in Uzbekistan, additional incentives will be provided. Specifically, duty-free importation of laboratory equipment and technological installations for R&D centers will be permitted, Shavkat Mirziyoyev announced.

He also emphasized the need to establish expert groups within the Public Council for Entrepreneurial Support under the President to discuss pressing issues, such as financing IT and fintech projects, entrepreneurship, exports, tourism, services, and reducing the shadow economy.

Over the past three years, more than 100 amendments have been made to the Customs Code. However, its provisions still fail to meet the requirements of the World Trade Organization (WTO) or the expectations of entrepreneurs. Therefore, the head of state stressed the necessity of developing a comprehensive updated draft of the Customs Code.

The president also previously announced that tax exemptions for IT park residents would be extended until 2040.

Additionally, the president noted that Uzbekistan's accession process to the WTO is entering its final stage.