Uzbekistan will be granted a transition period upon joining the World Trade Organization (WTO). This was announced by Deputy Chairman of the Tax Committee, Mubin Mirzaev, on October 9 during a session at Debat Xoll, Gazeta.uz reports.
He highlighted three key changes that need to be made to the country's legislation for WTO accession.
"After joining the WTO, VAT rates must be the same for both imports and the domestic market. If there is VAT on imports, then there should be no exemptions on the domestic market; VAT must be paid. The same applies to excise taxes," he explained.
Mubin Mirzaev noted that to mitigate negative consequences for enterprises, a 2-3 year transition period will be granted, agreed upon with other countries.
He mentioned that joining the WTO will bring benefits in several areas. Currently, other countries impose higher customs duties on Uzbekistan's export goods, limiting their ability to sell abroad.
In a meeting with entrepreneurs in August, President Shavkat Mirziyoyev called WTO accession a "thoughtful and far-sighted choice, as well as an integral part of reforms." In the past, the economy "to some extent needed protection," but if the country continues on that path, its opportunities will be limited, he said.
In May, Deputy Prime Minister of Uzbekistan Jamshid Khodjaev announced that Uzbekistan intends to join the World Trade Organization by the 14th Ministerial Conference, which will take place in Cameroon in 2026.
In August last year, the president signed a decree that provides for the abolition of customs clearance fees for imported medicines and medical products starting from 2025, as well as amendments to the labeling of imported goods in the state language, among other measures.
CentralasianLIGHT.org
October 9, 2024