Uzbekistan abolishes double customs duties on a number of goods and strengthens corporate governance reforms

The plenary session of the Senate of the Republic of Uzbekistan approved the law "On amendments and additions to certain legislative acts", aimed at further liberalizing foreign trade, harmonizing legislation with the norms of the World Trade Organization (WTO), as well as developing corporate relations.

According to the updated regulations, the practice of applying a double customs duty rate for goods imported without a certificate of origin from countries not covered by the most-favored-nation regime is abolished. Previously, such goods were subject to an increased duty if the country of origin was not included in the list of participants in the regime or was not specified. The innovation is aimed at simplifying customs procedures and reducing trade barriers.

According to the data presented at the meeting, today 95% of imports to Uzbekistan are accounted for by WTO member countries. Of these, 32.3% of goods are supplied from countries with which the republic has a free trade regime, 61.4% - from countries with the most favored nation regime. Only 6.3% of imports come from countries with which the trade regime is not established or the country of origin of the goods is not specified.

In addition, the new law reduces the time limit for transferring customs payments to the State Budget — from five to three working days after the necessary procedures are completed by the customs authorities. This solution is designed to speed up capital turnover and increase the transparency of fiscal flows.

Along with changes in customs regulation, the law contains important amendments in the field of corporate governance. In particular, the document establishes the fiduciary duties of members of the executive bodies and supervisory boards of joint-stock companies, defines the general responsibilities and degree of responsibility of majority shareholders, and introduces modern management mechanisms for corporate structures. These regulations are aimed at strengthening internal discipline, increasing investor confidence and transparency in the activities of joint-stock companies.

The adopted amendments create favorable conditions for doing business, support trade liberalization and promote accelerated economic growth in the context of integration into global economic processes.