Import of vegetable oil to Uzbekistan is exempt from VAT, export is limited

Published Apr 30, 2021

Tridge summary

A new law signed by the President of Uzbekistan, Shavkat Mirziyoyev, has exempted VAT on the import of certain food products such as vegetable oil, sunflower and flax seeds, and soybeans, and introduced export duties on sunflower and cottonseed oils and their seeds from May 1 to December 31, 2021. The law also restricts entrepreneurs from exporting more than 50% of the produced vegetable oil. The move aims to control the rising global prices of vegetable oil and protect local consumers, with the government planning to cover the expected budget losses. The Antimonopoly Committee will also monitor the pricing and supply of cottonseed oil and seeds to prevent price gouging and market manipulation.

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Original content

The President signed a law on zeroing VAT on the import of vegetable oil, sunflower and flax seeds, soybeans. In addition, export duties are introduced on sunflower and cottonseed oils, as well as their seeds. On April 29, President of Uzbekistan Shavkat Mirziyoyev signed a law "On measures to provide the population with certain types of food products", which provides for amendments to the Tax Code. A document from May 1 to December 31, 2021 is exempt from VAT: In addition, export duties are imposed for the same period. Chairman of the Committee on Budget and Economic Reforms Erkin Gadoev reported that this will affect: In addition, by the end of the year, entrepreneurs are allowed to export no more than 50% of the produced vegetable oil (TN VED codes 151211 - 151219), obtained as a result of processing imported sunflower oil and sunflower seeds. At a meeting of the Senate of the Oliy Majlis, Deputy Finance Minister Dilshod Sultanov said that as a result of the exemption of ...

Source: Oilworld