Uzbekistan Reduces Standard VAT Rate to 15%

On 26 September 2019, Uzbek President Shavkat Mirziyoyev signed a Decree to reduce the standard VAT rate from 20% to 15% in order to support the consumer market and increase the competitiveness of domestic producers. The rate reduction is effective from 1 October 2019.

The Decree also instructs the Cabinet of Ministers to include certain measures in preparing the State Budget for 2020, including a standard corporate income tax rate of 15%. This is not set by the Decree and will need to be …