Telia has sold its stake in Ucell to the state; Central Bank announced the dates of the revision of the refinancing rate; Now it is possible to find out information about a potential business partner online; A draft law on transfer pricing has been published; Silk companies received benefits; Reduced duties on imported cars laid in the draft concept of long-term development of the country.
Swedish-Finnish Telia has sold its stake in Ucell to the State Committee on Competition of Uzbekistan.
The sum of the transaction amounted to $ 215 million, the press service of the company reported.
Telia became the owner of Ucell (Coscom) in 2007. Today, it has approximately 1.250 employees and more than 7 million subscribers.
In 2019, the regulator’s board will meet four times to consider the issue of revising the rate of refinancing: January 26, April 20, July 20, October 19.
The last time the refinancing rate changed on September 22, when it was raised from 14% to 16%.
The Agency of State Services launched a special platform which enables to check the data about a potential business partner (legal entity or individual entrepreneur) to ensure its reliability.
In the previous database there was no opportunity to provide information in a transparent form, which limited investors to receive complete information about the legal entity.
Now, the system can provide data from the date of registration to the information about the manager, founders and their shares in the authorized capital.
The draft law on transfer pricing was published on the portal for discussion of regulatory acts. The developer of the document is the General Prosecutor’s Office.
Transfer pricing is the sale of goods or services by interdependent parties at intra-company, non-market, prices. It allows to redistribute the total profit of a group of people in favor of people in countries with lower taxes. This is the most simple and common scheme of international tax planning, with the aim of minimizing the taxes paid.
The goal of the document is to prevent losses of the State budget arising from the formation and use of the transfer price in transactions between related parties.
President Shavkat Mirziyoyev signed a decree “On additional measures to support the accelerated development of the silk industry in the Republic.”
Starting from 2019, a system of payment of allowances is established upon the delivery of silkworm cocoons above the amount established by the contractual agreements for the harvest of silkworm cocoons of organizations that are part of the Uzbekipaksanoat Association”.
The organizations that are members of the association are exempted from paying property tax and land tax until January 1, 2023 with the targeted direction of the released funds to the modernization of production, including the purchase of process equipment.
The automotive industry will focus on the production of cars with electric motors and the development of gas engine fuel.
It is expected that the volume of production will grow to 300 thousand, and the share of cars with electric motors will grow to 30%. As a result, employment in the automotive industry will grow 1,5 times.
Key changes also include the reduction of import barriers, the localization and expansion of export geography.