Uzbekistan to turn unused state property into small industrial zones

By  Trend

Uzbekistan is going to create small industrial zones (SIZs) in Bukhara region in the unused production areas and state-owned facilities, Uzbek media reported referring to a presidential decree.

State property located in the territory of the future SIZs will be provided to business entities for a long-term lease for a period of 10 years, with the subsequent granting of property rights subject to fulfillment of business plans, creation and maintenance of jobs, timely payment of all taxes and other mandatory payments.

Minimum rental rates will be established during the lease period based on the type of activity performed without multiplying factors.

Until Nov. 1, 2020, participants of the SIZs won’t be subject to the single tax payment - a threefold amount of land tax, calculated according to the occupied area.

The operational management of the SIZs will be carried out by the directorate, created as a state unitary enterprise, using funds of the Bukhara region administration.