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Decree of the President of January 17, 2022 No. PP-90 “On additional measures to introduce effective mechanisms to support the capital market” was adopted

According to the Decree, from April 1, 2022, to December 31, 2024 :

  • income accrued in the form of dividends on shares of individuals – residents and non-residents of the Republic of Uzbekistan are exempt from income tax;
  • on income accrued in the form of dividends on shares of legal entities – non-residents of the Republic of Uzbekistan, a 5 percent income tax rate is applied by analogy with legal entities – residents of the Republic of Uzbekistan;
  • income in the form of accrued interest on bonds of business entities of individuals and legal entities – residents and non-residents of the Republic of Uzbekistan are exempt from personal income tax and corporate income tax.

From July 1, 2022, a procedure will be established in accordance with which:

  • when making transactions with securities at organized over-the-counter trading in securities, the seller (except for the issuer) pays a fee of 0.3 percent of the transaction amount instead of profit tax and income tax;
  • when the general meeting of shareholders makes a decision to exclude the shares of the company from the exchange quotation list of the stock exchange, the shareholders – owners of the voting shares of this company are granted the right to demand the repurchase by the company of their shares.

According to the Decree, a primary ( IPO ) and (or) secondary ( SPO ) public offering of shares of joint-stock companies will be held in the Republican Stock Exchange “Toshkent” in accordance with the appendix.  

The State Commission for Conducting Tenders for the Sale of State Property has been given the authority to establish the volume and timing of the issuance of a block of shares in the primary ( IPO ) and (or) secondary ( SPO ) public offer for sale, to make changes and additions to their list.

The proposal of the Ministry of Finance and the State Assets Management Agency to allow, as an experiment, until December 31, 2023, foreign banks and investment intermediaries to carry out underwriting activities by concluding an agreement with local legal entities entitled to carry out underwriting activities in the securities market, and not less than 500 million soums of own funds, without obtaining a separate license in the Republic of Uzbekistan.

From April 1, 2022, local issuers are granted the right, on the recommendation of the underwriter, to place their shares on foreign stock markets after a preliminary placement on the RSE “Toshkent” or place them simultaneously on local and foreign stock exchanges.