️ President Shavkat Mirziyoyev of Uzbekistan announced during a video conference on the pharmaceutical sector on March 5 that comprehensive tax incentives will be provided for projects in the pharmaceutical and medicinal plants industries. These measures are aimed at developing the sector and encouraging the localization of products.

️ Under the new regulations, effective from April 1, projects for the production of new pharmaceutical products, cultivation, and processing of medicinal plants will be exempt from land tax for a period of 3 years from the start of implementation, regardless of location. Additionally, entrepreneurs will not pay profit and property taxes for 3 years from the project's launch, creating favorable conditions to attract investment and initiate business operations.

️ Producers of biologically active supplements and cosmetic products will also be exempt from customs duties on the import of raw materials, equipment, spare parts, and components. Furthermore, pharmaceutical companies are permitted to produce biologically active supplements within their own product lines, which is expected to expand product variety and strengthen the domestic market.

️ Annually, by July 1, a list of medicinal products and medical devices recommended for localization will be published for entrepreneurs. Entrepreneurs planning projects to manufacture drugs from this list will be eligible for loans in foreign currency at a 7% interest rate, implemented to reduce import dependency and promote local production.

️ Entrepreneurs seeking to deepen localization for existing products will have access to loans from the Industrial Cooperation Fund for up to 10 years: in foreign currency at 6% interest and in national currency at 12% interest. These measures collectively aim to enhance the healthcare system and contribute to economic growth.

Source: www.gazeta.uz