ANNOUNCEMENT 14 Nov 2016

Cabinet of Ministers Decree No. 385 of 14 November 2016 introduces legal amendments which increase the available foreign currency balance of exporters.

NUMBER OF INTERVENTIONS

1

  • 0 harmful
  • 0 neutral
  • 1 liberalising

SOURCE

Lex.uz: National database of the legislation of the Republic of Uzbekistan
У экспортеров сельхозпродукции останется больше валюты
http://lex.uz/pages/GetAct.aspx?lact_id=319330

Inception date: 21 Nov 2016 | Removal date: open ended

Export ban

Decree No. 385 of the Council of Ministers of the Republic of Uzbekistan introduces the following main changes in the existing Uzbek legislation that ultimately implicate foreign commercial interests:

  • It amends Decree No. 245 of 29 June 2000 of the Council of Ministers of the Republic of Uzbekistan. It establishes a flat 25% rate of mandatory sales of currency, obtained from the exports of agricultural products and wild plants. Previously, this rate from the export of agricultural products was set at 50%, and for wild plants at 25%. The HS codes of the affected goods are as follows: 0701 - 0709, 0714, 0801 - 0802, 0803 10 100 0, 0803 90 100 0, 0804 10 000 1, 0804 20 100 0, 0804 30 000 1, 0804 40 000 0 - 0804 50 000 1, 0805, 0806 10, 0807 - 0810, 12. Only micro and small enterprises are subject to this state intervention.
  • It amends Decree No. 207 of 15 June 2016 of the Council of Ministers of the Republic of Uzbekistan. In the future, the export of fruit and vegetables will be carried out against prepayment of not less than 30%; and the rest of the export transaction shall be performed against (1) a confirmed bank letter of credit or (2) a guarantee that is issued by a first class foreign bank. Previously, the export of processed fruit and vegetable products could be carried out only on the basis of a prepayment at the amount of 100% and the export of fresh fruit and vegetable products-on the basis of a prepayment at the amount of at least 30%.