72 trillion soums to be allocated for service sector development in Uzbekistan

President Shavkat Mirziyoyev signed a decree on the development of the service sector, which provides for large-scale financing of the industry. The document is published By the Chamber of Commerce and Industry.

Key goals

According to the resolution, to by the end of 2025 the volume of the service sector in the country should increase by 15%. Special attention will be paid to IT industry, communications and financial sector, for which the growth target is set in 29,5%.

Planned create 52 thousand new service objects and provide employment of up to 3 million people. Of these, 10 thousand enterprises and half of new jobs will be created in Tashkent. The initiatives will be implemented by National Bank of Uzbekistan (NBU) and other commercial banks.

Financing and preferential terms

To support the service sector, the following funds will be allocated::

• 67.4 trillion soums — on lending services businesses;
• 4.5 trillion soums — on leasing of non-residential premises for entrepreneurs through developers;
• 1 trillion soums — on infrastructure development for 652 key projects.

As part of infrastructure initiatives, it is planned to:

• improvement of 72 embankments and 2 parks;
• organization of 154 round-the-clock shopping and entertainment streets;
• construction of 364 new service complexes.

Tax breaks

Extended validity period reduced social tax rate (1%), introduced in 2022. It will be valid until beginning of 2028 and apply to employees up to 30 years old, whose company wages exceed 2.5 of the minimum wage (2,887,500 soums).

With May 1, 2025 tax audits conducted on the basis of automated risk analysis, can be carried out without prior notice.

Changes in the taxation of rental properties are also envisaged:

• Coefficient k minimum rental rate it will become more flexible.
• Regional authorities and Jokargy Kenes of Karakalpakstan get the right to install differentiated bids in relation to type of activity and location of the object.