Package of measures for development of Uzbekistan's capital market approved

By Muzaffar Ismailov in Tashkent September 6, 2023

Uzbekistan’s President Shavkat Mirziyoyev on September 2 approved a package of measures for the development of the country's capital market.

The Ministry of Finance has been instructed to draw up a bill aimed at stimulating investment in the country's stock market.

One measure extends until the end of 2028 benefits introduced for investors in January 2022. Those benefits include personal income tax exemptions on dividends paid to individuals on shares and interest paid to individuals on bonds.

Tax exemptions also apply to income sent to a personal investment account for the purchase of securities on the local stock market.

Citizens, meanwhile, are to be allowed to buy securities on the local market at the expense of their voluntary accumulative pension contributions. The income received can be managed independently even before retirement.

Employees of enterprises are to receive a preferential right to purchase shares when they are publicly placed as part of their employee share ownership plan (ESOP).

In addition, the National Agency for Promising Projects (NAPP) has been appointed as the regulator of the capital market. It will also manage the licensing of the insurance industry and the organising of securities trading.

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