Senate approves bill to develop jewelry industry
Senate approves bill to develop jewelry industry
At the latest plenary session, the Senate of Oliy majlis reviewed and approved a law introducing amendments and additions to various legislative acts aimed at further developing the jewelry industry. The law includes tax benefits, stricter administrative penalties, and measures to create a favorable business environment for jewelry manufacturers.
Uzbekistan’s jewelry industry has expanded significantly, with the number of enterprises tripling to 627 and employment reaching nearly 3,000. In 2024, production totaled 2.5 trillion UZS, a 15% increase from the previous year, while exports grew by 20%.
Remaining challenges include illegal trade, regulatory inefficiencies, and limited tax incentives. Amendments to the Administrative Liability Code impose fines of 30 to 50 basic calculation units for counterfeit or substandard jewelry sales.
Revisions to the Tax Code grant property and land tax exemptions until September 1, 2027, for entrepreneurs in the “Uzbekzargarsanoati” association using facilities for production. The law aims to enhance regulation, improve raw material access, boost exports, and increase fiscal revenues.
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