This week, key topics were discussed in the fields of energy, transport, taxation, and subsidies. In this weekly roundup, Spot has gathered the most important articles and news that you might have missed.
Taxes and Subsidies
Starting from April 2025, all clinics and pharmacies must switch to VAT payments.
As of April 1, all legal entities engaged in the sale of pharmaceutical products or providing medical services will pay VAT regardless of their income.
The VAT on certain transport services in the field of import-export is planned to be zeroed. The zero tax rate will apply to transport and forwarding services and other services related to international freight transportation within transport and forwarding agreements.
The basic rates of land tax for non-agricultural plots have been indexed by 10% for 2025. Based on these rates, local authorities have established exact payments by districts.
Companies in small industrial zones will not have their export benefits extended. Thus, profits from product supplies abroad will be taxed in full. Previously, they were exempt from taxes for 4 years instead of two for goods supplied abroad.
Subsidies for exporting goods by air and rail are also being abolished. Changes to the legislation will be made according to international trade rules and the requirements set by the WTO. From the beginning of 2025, compensation for expenses related to the delivery of goods abroad by air and rail transport has ceased.
Economy
The Ministry of Economy and Finance expects Uzbekistan's GDP to grow by 6% this year. The forecast for state budget revenues is 308.5 trillion sums, and for expenditures, including transfers to targeted funds, it is 344.8 trillion sums.
The projected state budget deficit will be 2% of GDP, and the consolidated budget deficit will be 3%.
By February 1, special departments for interaction with mahallas will appear at bank branches, where "mahalla bankers" will work. Local assistants-agents will collaborate with them to help with loans, business launches, and product sales.
Within the framework of the "Mahalla Loyihasi" program, $1 billion has been allocated between banks and regions for issuing loans.
On E-auksion, on January 3, an auction was held for a plot of land opposite Tashkent-East Airport. The only bid was made by Valid Trading, which has a charter capital of 1 billion sums, offering 522.7 billion sums ($40.4 million at the Central Bank rate) for the lot, which is 5% more than the starting price of the object.
1Photo: Press Service of the President
Transport
On January 2, the price of AI-80 gasoline at Carvon gas stations (formerly UNG Petro) increased by 18%, reaching 8150 sums per liter. The reason for the price increase was not officially announced. However, since January 1, all petroleum products from the Bukhara Oil Refinery, including gasoline, are sold only through exchange trading.
On January 3, the Ministry of Energy announced the reconnection of electric charging stations that had been disconnected for unknown reasons in mid-December 2024.
It was also announced that starting next year, reducing and increasing coefficients for electricity used for charging electric vehicles will be introduced.
Nevertheless, several market participants informed Spot that not all charging stations in Tashkent have resumed operations. Companies plan to connect the equipment independently, despite the sealing from the RES structures.
“Uzbekiston Temir Yullari” announced an increase in rates for services related to freight rail transport within the country. The state company has revised the coefficients for infrastructure (public railway) services and locomotives.
Articles of the Week
Spot continues to summarize the year. The head of the Commonwealth Partnership, Denis Sokolov, discussed what the past year was like in the real estate sector, what changes were observed, and what to expect in 2025.
2This week, the editorial team, along with experts, explored what influenced the dollar exchange rate, how the e-commerce market has changed, and discussed forecasts for the coming year.
Co-founder of UPay, Behzod Botirov, shared in a column for Spot the key advantages of installment services, current trends in this segment, and what the industry lacks for sustainable development today.
Figures of the Week
3The average price across Uzbekistan approached the mark of 29,000 sums per serving—this is the so-called "plov index."
Regionally, the leader is Andijan region, where the price of plov increased by nearly 29% compared to last year—from 24,200 to 31,200 sums. Also in the top three for growth are Fergana region (+23.7%) and Tashkent (+20.2%). In the capital, plov is more expensive than in any other region—over 35,000 sums per serving.
The cheapest serving will be in Karakalpakstan—23,400 sums, just 9.8% more than last year.
4Compared to last year, it increased by 1 percentage point but significantly decreased compared to 2022 with double-digit rates.
Inflation in the consumer goods segment dropped to 0.4% (-0.6%) in December and 7.7% for the year. Clothing, footwear, and furniture became 0.7% more expensive over the month (5.1%, 4.8%, and 5.2% for the year, respectively), household appliances increased by 0.5% (5.3% for the year), and medicines rose by 0.9% (26% for the year). Prices for electronics grew by 0.3% in December and by 1.5% over the year.
Gasoline prices fell by 0.7% in December with a year-on-year increase of 5.9%. Methane increased by 0.2% over the month and by 21% over the year.
5As of October 1, 2024, the state external debt amounted to $32.