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Uzbekistan exempts dividends from taxes and approves list of companies for IPO and SPO

Uzbekistan has approved new measures to develop the capital market. Citizens and foreigners are exempt from tax on income from dividends, and for foreign legal entities, the rate is reduced to 5%. The corresponding resolution was signed by the president.

Previously, residents of the Republic of Uzbekistan paid 5% of dividends, and foreign legal entities and individuals – 10%. A new procedure is also being introduced for coupon payments on bonds. They are completely exempt from taxes for all categories of holders. These measures will be in effect from April 1, 2022 until the end of 2024.

From July 1, 2022, when making transactions at organized OTC auctions, the seller will pay a fee of 0.3% of the transaction amount instead of income tax and income tax. At the moment, in Uzbekistan, such auctions are held on the Elsis-Savdo platform.

Starting from this date, when making a decision on delisting, the owners of voting shares have the right to demand from the company the redemption of their securities.

Since April 1, 2022, local issuers have been given the right, upon the recommendation of the underwriter, to withdraw securities to foreign platforms after preliminary placement on the RSE “Toshkent”. Simultaneous placement on two platforms is also allowed. Previously, it was supposed to withdraw securities abroad from 2023.

The resolution also approved the list of companies for IPO or SPO. The list includes eight organizations: the UzAuto Motors auto concern, the UzAuto Motors Powertrain engine manufacturer, the Uzbekgeofizika geological exploration enterprise, the Uztemiryulconteiner container fleet operator, the Dori-Darmon wholesale and retail pharmaceutical network, Uzbekistan Pochtasi, as well as Universal Sug’ insurance companies. urta and Alskom.