The State Tax Committee of Uzbekistan has issued a release on new incentives for participants in special economic zones (SEZs). This includes an exemption for corporate tax for a certain period depending on the size of the investment:

• Investments from USD 3 million to 5 million - exemption for a period of 3 years;
• Investments from USD 5 million to 15 million US dollars - exemption for a period of 5 years; and
• Investments of USD 15 million US dollars and more - exemption for a period of 10 years.

The period of validity for the exemption is calculated from the date of commencement of production (provision of services) in the territory of the special economic zone.

It is also noted that participants in SEZs were only granted exemptions from property tax, land tax, and the tax on the use of water resources, although they may have been granted a profit tax exemption under prior provisions. In this respect, it is provided that where such other profit tax exemption benefits were not used in full by 1 January 2020 by SEZ participants registered by 1 October 2020, such unused benefits may be applied in full for a period of 3 to 10 years from the date of registration, depending on the size of the investment.