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Uzbekistan Business Report

General information
Source: The World Factbook - Central Intelligence Agency
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Population
30,023,709 (July 2018 est.)
GDP (PPP)
$223.0 billion (2017 est.)

GDP growth rate
5.3% (2017 est.)

High, though it has slowed from previous years (it was constantly around 8%) The reasons are the lower global commodity prices and economic slowdowns in Russia and China. A large part of the economy is managed by public institutions

GDP (PPP) per capita
$6,900 (2017 est.)

Very low

Local currency
Uzbekistani soum (UZS)

Weak and unstable currency

Financial stability (Public debt)
24.3% of GDP (2017 est.)

Very low, however it increased sharply in the last year

Inflation
12.5% (2017 est.)

Very high, the government devalued the official currency rate by almost 50% in September 2017

Language
Uzbek (official) 74.3%, Russian 14.2%, Tajik 4.4%

English is not widely spoken

Corruption perception index (Source: Transparency International)
Rank 158/180

Extremely high level of corruption

Duties and tax
Source: PwC World Tax Summaries 2017-2018
VAT
Turnover from 1 billion UZS (≈100k€) to 3 billion UZS (≈300k€): 15% VAT rate
Turnover > 3 Billion UZS: VAT rates from 4% to 15% depending on type of activity
Corporate Tax
12% standard rate
20% corporate tax rate for banks, cement producers, polyethylene granules and mobile services
Duties
Rates from 5% to 70%, depending on the type of imported goods
In addition, there is a customs clearance fee of 0.2%

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