Uzbekistan will temporarily abolish VAT on imported vegetable oils

Uzbekistan Newspaper Network April 24 reported on the Senate (upper house of parliament) of Ukraine Supreme Council held its 14th plenary session of the day by the Ukrainian tax law foodmate.
net/tag_2084.
html" class="zdbq" title="Amend relevant food information" target="_blank">amendment case, after the president signed into effect.
According to the bill, Uzbekistan will temporarily abolish the foodmate.
net/tag_951.
html" class="zdbq" title="Import related food information" target="_blank">import value-added tax on foodmate.
net/tag_2394.
html" class="zdbq" title="Vegetable oil related food information" target="_blank">vegetable oil , sunflower seeds, linseed and soybeans from May 1 to December 31 this year , and at the same time impose a levy on exports of sunflower seeds, cottonseeds, sunflower oil and cottonseed oil.
tax.
foodmate.
net/tag_951.
html" class="zdbq" title="Import related food information" target="_blank">

 

　　Uzbekistan's annual demand for vegetable oil is 460,000 tons, half of which is imported.
According to data from the Uzbekistan National Statistics Commission, in the past year, due to the sharp increase in the price of vegetable oil in the international market (up by 86%), the price of domestic vegetable oil in Uzbekistan has also soared.
In March this year, the price of sunflower oil in Uzbekistan's consumer market rose by 37.
7% year-on-year, and cottonseed oil rose by 33.
5%.

 

　　Uzbekistan’s Deputy Finance Minister Sultanov said that according to the new tax law amendment, the state budget revenue will be reduced by 267 billion som (approximately 26.
7 million U.
S.
dollars).
To this end, Uzbekistan will make up for budget losses through measures such as improving tax management and increasing new tax sources.