Uzbekistan works to establish Tashkent international financial center

Uzbekistan has begun work on the establishment of the Tashkent International Financial Center, whose participants will operate under a special legal and tax regime, Uzbekistan's President Shavkat Mirziyoyev said at the opening ceremony of the Tashkent Investment Forum.

According to Report's correspondent in Tashkent informs, he said the legal foundations of the centre will be enshrined in a constitutional law.

"An attractive tax regime will be created for the center's participants. Corporate income tax, VAT, property tax and customs duties will be set at zero percent," Mirziyoyev said.

The president noted that the free movement of capital and the possibility of conducting transactions in any currency will be guaranteed within the centre.

He also stated that an independent financial regulator will operate within the financial centre, while the initial period of incentives will last for 50 years.

In addition, an independent international commercial court operating under English law will be established within the Tashkent International Financial Centre.

Mirziyoyev added that Uzbekistan also intends to join the UN Singapore Convention on Mediation and develop its investment mediation system.