In a bid to bolster its jewelry industry, Uzbekistan has introduced a significant tax relief measure. The country’s leader has signed amendments to the regulatory and legal framework, granting a three-year exemption from value-added tax (VAT) on the import of precious stones intended for jewelry production.
Effective from January 1 of this year until January 1, 2027, the VAT exemption seeks to spur growth in the domestic jewelry sector. By waiving the VAT on imported precious stones, Uzbekistan aims to incentivize local production and encourage investment in the industry.
Furthermore, there are additional tax incentives outlined in the amendments. Income generated from services offered at rest houses and recreational areas, specifically those organized outside the holiday season for children, will be exempt from income tax until January 1, 2026.
Moreover, holiday homes and recreational areas established during the off-season, based on children’s health camps within the trade union system, will be spared from mandatory certification as accommodation facilities. This regulatory exemption is designed to streamline the establishment and operation of such facilities, thereby supporting their development.
These measures underscore Uzbekistan’s commitment to fostering economic growth and creating a conducive environment for investment in key sectors like jewelry production and tourism.