Nearly 50-year tax incentive for the Tashkent financial center: who will benefit?

One of the longest-term tax regimes in Uzbekistan is being introduced for participants of the Tashkent International Financial Center. Certain companies and foreign experts will be exempt from a number of taxes until 2076.

However, this opportunity is not automatically granted to all entities registered at the center. The law also establishes specific requirements, restrictions, and important exceptions for utilizing these incentives.

New law takes effect on July 25

On July 13, 2026, the President signed Constitutional Law No. ORQ-1158 "On the Tashkent International Financial Center."

The document was adopted by the Legislative Chamber on July 1 and approved by the Senate on July 9. The law enters into force on July 25, 2026. In accordance with it, the Tashkent International Financial Center will operate as an entity with a separate territory and a special legal regime.

Special procedures will apply in the center for providing financial services, attracting investments, conducting capital market operations, and developing professional services.

Who is exempt from profit and social taxes?

According to the law, the bodies of the Tashkent International Financial Center, as well as organizations established or fully controlled by them, are exempt from profit tax and social tax until January 1, 2076.

Furthermore, qualified participants who meet the established requirements will not pay these taxes on income derived from financial services.

Other participants of the center may be exempt from profit and social taxes on income derived from additional services provided within its territory. The incentives are applied only if the conditions defined in the center's regulations are met.

Real estate located within the center's territory that belongs to or is used by the center's bodies or participants is also exempt from property and land taxes.

Special relief for foreign employees

Foreign employees working under an employment contract for a participant or body of the center will not pay personal income tax on wages earned from their activities at the center.

This incentive is valid until January 1, 2076. However, it does not apply to tax residents of Uzbekistan.

At the same time, the incentive applies only to wages paid by a participant or body of the center. Income received by an employee from another organization or source is not automatically exempt from tax.

Incentives also apply to VAT and customs duties

Participants of the Tashkent International Financial Center are exempt from value-added tax (VAT) on services provided and activities carried out within the framework of the Constitutional Law.

Certain property imported from abroad by the center's bodies, participants, employees, and investment tax residents will also be exempt from customs duties and fees until 2076.

However, the goods must be necessary for the center's operations and used within its territory. If they are used outside the center's territory, sold, or transferred to another person, customs duties will be collected in the general manner.

"Zero tax" regime does not apply to everyone

The law sets an important exception for large international companies.

Members of multinational company groups with a consolidated annual revenue of 750 million euros or more in at least two of the last four financial years cannot benefit from income tax incentives.

For such companies, the requirement to pay a qualified domestic minimum tax applies. Therefore, it is inaccurate to view the new regime as an absolute "zero tax" system for all participants.

Will the incentives be reduced prematurely?

According to the law, the volume of established tax incentives cannot be reduced, nor can their scope be limited, without the consent of the Council of the Tashkent International Financial Center.

The effectiveness of the incentives will be reviewed for the first time within ten years after the law enters into force. Subsequent evaluations will be conducted at intervals of no more than five years.

The new order creates a long-term legal and tax foundation to transform Tashkent into one of the major financial hubs in the region. Now, the main question is which companies will come to the center and how much the provided opportunities will practically impact the economy.

Do you think nearly 50 years of tax incentives can attract major international financial companies to Tashkent? Leave your opinion in the comments.