The Cabinet of Ministers of Uzbekistan has approved a temporary regulation allowing entrepreneurs engaged in the production and retail sale of jewelry to reclaim 80% of the value-added tax (VAT) paid. This measure, enacted through a government decree on April 9, will remain in effect until January 1, 2028.

The tax refund is processed from the republican budget via an automated system. To qualify for the payment, entrepreneurs must submit an application within three months after filing their tax returns. The system automatically approves the refund upon strict compliance with several conditions: the tax for the reporting period must be fully paid by the 20th of the month, and revenue from the sale of self-produced or retail jewelry must constitute at least 80% of total income.

Additionally, invoices and cash register receipts must correctly specify the product nomenclature and corresponding identification codes. If any condition is not met, the system automatically generates a rejection, and the taxpayer is notified through their personal account within one business day. Entrepreneurs retain the right to appeal a rejection decision to a higher authority or through judicial proceedings.

This initiative aims to develop the jewelry sector and stimulate domestic production. The government's move is intended to alleviate financial burdens on businesses and enhance industry competitiveness, though its long-term impact amid broader economic uncertainties remains to be seen.

Source: podrobno.uz