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January 23, 2017



economy.. 1

Daewoo and Hyundai completes modernization of Talimarjan thermal power plant 1

More than 218 thousand small businesses operate in Uzbekistan. 1


Informative Approach. 2


State Testing Center has published the results of the last entrance tests in August and announced major innovations on upcoming exams. 2

Tourism… 3

Government to allow tour operators to receive payment in foreign currency. 3







Daewoo and Hyundai completes modernization of Talimarjan thermal power plant

Consortium of the South Korean companies Daewoo and Hyundai completed construction of two combined-cycle gas turbines with capacity of 900 MW at the Talimarjan thermal power plant in Kashkadarya region.

According to Uzbekenergo, two combined-cycle gas turbines with capacity of 900 MW were constructed at the Talimarjan thermal power plant within the investment project. The company said that the plant started to generate electricity.

In March 2013, South Korean Daewoo and Hyundai signed a contract with Uzbekenergo for modernization of Talimarjan thermal power station for US$861 million.

The consortium constructed two 450-megawatt combined cycle power plants in Talimarjan within the project. Mitsubishi Corporation of Japan supplied combined cycle power plants.

The project cost was US$1.28 billion. The Government of Uzbekistan attracted ADB loan for US$350 million and loan of Japan International Cooperation Agency (JICA) for US$300 million, Fund for Reconstruction and Development of Uzbekistan- US$250 million and own resources of Uzbekenergo.

First power block of Talimarjan thermal power station was commissioned in December 2004. The designed capacity of the block is 800 megawatt. The construction cost was US$400 million. Launch of new combined cycle power plants will increase electricity production by 2.3 times – to 10.4 billion KWH a year.

Construction of two new combined cycle power plants will allow to increase production of electricity up to 20.4 billion KWH a year.



More than 218 thousand small businesses operate in Uzbekistan

Comprehensive measures to further improve the business environment, to ensure reliable protection of small business and private entrepreneurship, to remove the barriers for their comprehensive support and accelerated development contributed to the creation of some 31t. new small businesses in 2016, according to SSC information service.

As a result, the number of small businesses operating in the country, as on January 1, 2017 made up 218170 units, 11066 units more than the same period last year. Available favorable conditions for small business and private entrepreneurship entities, according to preliminary results of January-December 2016, resulted in the growth of their share in the gross domestic product of the country to 56.9% (in January-December 2015 – 56.5%), industry – 45.0% (40.6%), services – 60.5% (57.8%), exports – 28.5% (27.0%) and employment – 78.1% (77.9%).

In January-December 2016, small businesses and private entrepreneurs utilized investments into the economy worth 19963,2 billion soums (currency rates of CB RU from 18.01.2017, 1$= 3251.06 soums), or 40.3% of the total volume of investment of the Republic. They also performed construction work at 20677,7 billion soums (70.7% of the total construction works), which is 15.6% more than in the corresponding period last year.




Informative Approach

Tashkent is hosting a traditional workshop on the amendments and addenda to the tax legislation in 2017.

Creation of favorable conditions for businesses, provision of tax breaks and enhancement of effectiveness of tax administration have been preserved for 2017 as major trends in the national economy.

The terms of previously established privileges have been extended, and  additional benefits and preferences were introduced in accordance with the Law ‘On introducing amendments and addenda to some legislative acts of Uzbekistan due to adoption of main thrusts of tax and budget policy for 2017’, the Presidential Resolution ‘On forecasting main macroeconomic indicators and parameters of the Government Budget of the Republic of Uzbekistan for 2017’, which were approved in late 2016, as well as several other taxpayer-related resolutions and decrees.

For example, the relief from income tax and single tax payment has been provided to the legal entities who render services in 12 types of activities: 4 types of activities throughout the country, and 8 types in rural areas by January 1, 2020.

Tax benefits for software developers under the National Register and automotive industry have been extended till the same date. Tax incentives for media and publishing house editorials have been extended until 1 January 2019.

The abolition from 1 January 2017 of all types of unscheduled audits to business entities is an important incentive for small businesses. However, the liquidation-related inspections have been preserved and are carried out at the request of a legal entity. From now and on, the short-term audits, or those that last no more than 8 hours, can be applicable exclusively by a decision of the National Council on Coordination of Performance of Supervising Bodies on the basis of appeals of individuals and legal entities on the facts of law infringement.

Now, with respect to business entities and their employees, the first-time offenders of financial and economic activity are not subject to financial sanctions and fines if their actions do not cause harm to health and life of citizens, if they voluntarily remedy a violation and compensate the property damage in the established order and terms, including payment of taxes and other obligatory payments.

It is also established that a first-time offender engaged in illegal business is exempt from civil and criminal liability if he or she voluntarily reimburses the damage, gets registered as a business entity, as well as processes all the necessary permits within one month from the date of disclosure of the offense.

(Source: «Uzbekistan Today» newspaper)


State Testing Center has published the results of the last entrance tests in August and announced major innovations on upcoming exams

In accordance with the Decree of the President of Uzbekistan “On admission to higher educational institutions of the Republic of Uzbekistan in 2016/2017 academic year” dated 26 May 2016, a total of 57,907 students were enrolled in the undergraduate courses of higher educational institutions of our country, of which 19,120 passed on the basis of the state scholarships, 38,787 – on tuition fee basis. Qualifying test trials were conducted in 174 secondary special and professional educational institutions, 138,214 students attended in them. 6,163 applicants have attended in test trials conducted in 10 higher military schools.

In the 2016/2017 academic year new fields of study are opened at the Tashkent State Technical University, Tashkent State Agrarian University, Alisher Navoi Tashkent State University of the Uzbek Language and Literature, Tashkent Architecture and Construction Institute, Tashkent Institute of Chemical Technology, the State Institute of Arts and Culture of Uzbekistan, Andijan Agricultural Institute, Karshi Engineering Economic Institute and Tashkent Medical Academy.

It is noted that every year more and more young people want to go to college in the country. This year, 663,304 applicants submitted documents to the universities, which means that 11.5 persons claim for one place. According to experts, an about 10% increase in the number of applicants is expected in the 2017/2018 academic year.

In line with the Decree of the President of our country “On measures on further improvement of foreign language learning system” dated December 10, 2012 in order to ensure the comprehensive schools of the Republic of Karakalpakstan and the regions, English teachers have recommended 117 students for further admissions who have scored the highest number of points during the test.

As for the upcoming tests in the 2017/18 school year, the most important news at the moment is that this year the reception of documents in higher education institutions will be carried out from June 15 to July 15. Admission test trials in higher military schools will be conducted on July 5. This will create more convenience for applicants, preparing educational institutions to the test in advance, ensuring the building and audience with the necessary equipment and training facilities.

(Source: «Uzbekistan Today» newspaper)


Government to allow tour operators to receive payment in foreign currency

The Decree of the Board of the Central Bank, Ministry of Finance, State Tax Committee dated January 12, 2017 has amended and supplemented the Regulation on the admission of foreign currency in the territory of the Republic of Uzbekistan.

According to the Decree, receiving cash in foreign currency from now on is permitted for the payment for accommodation services at hotels and other accommodation facilities for foreign citizens and stateless persons who does not have permanent residence in Uzbekistan, as well as for citizens of Uzbekistan on making payment for tourism services by foreign partners through local tour operators.

In these cases, receiving cash in foreign currency from residents and non-residents is carried out at  special cash desks of enterprises and organizations with the encashment of foreign currency earnings in the prescribed manner.

The Decree entered into force on the day of its official publication.





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