TASHKENT (TCA) — The government of Uzbekistan plans to abolish the previously introduced requirement to sell to foreign investors at least 15 percent stakes in the authorized capitals of Uzbek joint stock companies, the Jahon information agency reported.
The draft Decree “On measures to further improve the activities of joint-stock companies” has been published for discussion on the country’s legal portal.
According to the document, the government will abolish the procedure according to which the shares of foreign investors in the authorized capitals of joint-stock companies in Uzbekistan should be at least 15 percent, with the preservation of privileges and preferences for joint-stock companies.
In addition, until January 1, 2025, it is planned to exempt individuals and legal entities from paying taxes on income (profit) received in the form of dividends and interest on securities.
These measures are planned to be adopted “with a view to further supporting the development of joint-stock companies, eliminating restrictions and barriers that do not meet the current requirements of the country’s economic development, hampering the attraction by investors of free investors’ funds through the issuance and placement of shares, improving corporate governance systems, and further improving the investment climate and business environment,” according to the document.
Since coming to power last September, Uzbek President Shavkat Mirziyoyev has taken a number of steps to liberalize the country’s economy and currency regime, and open the country up to foreign investment.
