A new procedure has been introduced in Uzbekistan to ease the tax burden for jewelers
In accordance with a government decree, a new procedure is being introduced in Uzbekistan aimed at easing the tax burden for entrepreneurs who manufacture and sell jewelry products. This was reported by Zamin.uz.
This initiative is being implemented to develop the jewelry industry and support entrepreneurs. According to the new rules, business entities working with jewelry will be refunded a portion of the value-added tax (VAT) paid to the state budget.
According to official data, for the period from January 1, 2026, to January 1, 2028, 80 percent of the VAT paid by representatives of this sector will be compensated from the state budget. To utilize this preferential system, entrepreneurs must submit a relevant application within three months after filing their tax returns.
The process of reviewing applications will be carried out through a fully automated electronic system. This reduces the human factor and ensures the transparency and speed of the process.
A number of important conditions have been set for receiving the tax refund. First, the entrepreneur's tax payments must be made on time and in full.
Second, it is required that the share of jewelry sales in the enterprise's total revenue accounts for at least 80 percent. Additionally, identification codes for products must be clearly indicated on all invoices and sales receipts.
Furthermore, convenience has been created for manufacturers in calculating the tax base. Now, the tax base is determined based on the difference between the total value of the finished product and the cost of the precious metals and stones used in it.
Experts assess this innovation as an important step toward reducing the shadow economy in the jewelry sector and increasing production volumes. These benefits will strengthen healthy competition in the market and serve to further improve product quality.
Overall, this tax mechanism is considered an important relief aimed at ensuring financial stability for the jewelry industry and making the sector more attractive.
