Privatization of the Jizzakh Battery Factory has started; Multifunctional complex Tashkent Central Park to be built in the center of Tashkent; Areti can take part in oil and gas localization in Uzbekistan; Central Bank announced the first deposit auctions; Ministry of Finance presented the “Budget for Citizens”; A massive exit of business out of the shadow is expected in 2019.
Privatization of the Jizzakh Battery Factory has started
Shares of the Jizzakh Accumulator Factory started to be traded on the Republican Stock Exchange “Toshkent”.
According to the stock exchange, 74,5 million shares with a nominal value of 1.012 soums per share were added to the quotation list.
38,6 million shares worth a total of 93,8 billion soums are sold through the brokerage company Mulk Sarmoya Brokerlik Uyi. A grace period of 180 days is provided to pay 85% of the value of the shares. In particular, 51.78% of the plant’s shares, which are now owned by the state company Uzavtosanoat, will be sold to foreigners in the prescribed manner.
Multifunctional complex Tashkent Central Park to be built in the center of Tashkent
The project will be implemented by the Turkish company Taşkent Merkez Park Gayrimenkul Yatirim Anonim Şirketi and the domestic UzTur Investment and Development.
During 2019-2020 investors took on obligations to build five-star hotels, a shopping and entertainment center, administrative building for the bank and other buildings. Construction will be financed at their own expense and by attracting funds.
Investors and contractors receive benefits – until January 1, 2022, they are exempted from paying all types of taxes and obligatory payments, including a single social payment and customs duties (except fees).
Areti can take part in oil and gas localization in Uzbekistan
The delegation of the Russian company held talks in Tashkent with Uzbekneftegaz. Representatives of Areti expressed interest in projects for the introduction of technology for distributed compression and localization of the production of mobile compressor units in Uzbekistan.
In addition, the parties are considering the possibility of localization of pipe fittings production based on Uzbek enterprises.
Central Bank announced the first deposit auctions
Two deposit auctions will take place on December 12.
Both auctions are interest-based and held in the American way. The deposit period is 14 and 30 days. In the first case the maximum interest rate is 16%, in the second – 17%.
Funds are placed on December 12 and returned, respectively, on December 26, 2018 and January 11, 2019.
Ministry of Finance presented the “Budget for Citizens”
Budget for Citizens is a summary of the state budget, presented in a format that is easy to understand by a wide audience. In published version as few economic terms as possible are used, and the information is supported by infographics, examples, and analytical materials.
The ultimate goal of the publication is to enable people to influence the generation of incomes and the expenditure of state budget funds, the Finance Ministry stresses.
The book consists of four sections: 1) Medium-term budget guidelines; 2) Tax reform; 3) The draft state budget for 2019; 4) International assessments of the public financial management system.
A massive exit of business out of the shadow is expected in 2019
In 2019, a substantial increase in corporate income tax revenue is expected, according to the draft Budget for Citizens.
This is due to the expected legalization of income of legal entities in connection with a reduction in the corporate income tax rate.
An increase in personal income tax (by 181%) is expected from the legalization of the number of employees and the wage fund in companies due to the introduction of a flat scale of 12% and the abolition of insurance premiums of citizens.