At the twelfth plenary session of the Senate of the Republic of Uzbekistan, the Law “On Making Amendments and Addenda to Certain Legislative Acts of the Republic of Uzbekistan in Connection with the Adoption of the Main Directions of Fiscal Policy for 2026” was discussed.

It was noted that amendments and addenda to certain legislative acts are being introduced to ensure the implementation of the main directions of fiscal policy for the next year, including bringing current legislation into conformity with World Trade Organization agreements, as well as fulfilling tasks defined during the President’s open dialogue with entrepreneurs.

In 2026, the main tax rates in tax policy will remain unchanged:

• value-added tax – 12%,
• base corporate income tax rate – 15%,
• personal income tax – 12%,
• corporate property tax rate – 1.5%,
• land tax on agricultural lands – 0.95%,
• social tax – 12% (budget organizations – 25%), and
• turnover tax – 4%.

Furthermore, the Tax Code provides for ensuring the creation of a continuous value-added tax chain, supporting a healthy lifestyle for the population, and the rational use of water resources.

Also, this Law is aimed at providing comprehensive support to entrepreneurs working in the furniture and jewelry industries, expanding product exports, increasing population income, and ensuring stable economic growth.

It was noted that as a result of the Law’s implementation, the regulation of relevant legal relations regarding the fulfillment of tax obligations is envisaged, which will create favorable conditions for entrepreneurs.

In the Code of Administrative Responsibility, the amount of fines for the untimely submission of tax reports by micro-firms and small enterprises is being reduced, and it is stipulated that an administrative fine will not be applied to taxpayers who have submitted tax reports on time during the last three months if the subsequent report is late by up to 5 working days.

Additionally, in the event of the untimely submission of reports on several types of taxes within one calendar month, a mechanism is introduced to apply a single fine for all reports.

In their speeches, members of the Senate emphasized that a number of tax and customs privileges are being provided in economic spheres such as agriculture, the textile industry, local industry, the food industry, media, and communications.

Moreover, this Law grants local Kengashes of People’s Deputies the authority to apply reducing and increasing coefficients from 0.5 to 1.2 in relation to the rate established for agricultural lands, and in cases where irrigated lands requiring laser leveling have not been leveled using a laser leveler — an increasing coefficient of up to 1.2 in relation to tax rates on the volume of water used for these lands.

Senators noted that this Law comprehensively stimulates business entities, ensures an equal and fair competitive environment, eases the burden of administrative fines, and is aimed at reducing the share of the shadow economy.

Following the discussion, the senators approved the Law.

Source: Senate of the Oliy Majlis of the Republic of Uzbekistan