Announcement
In accordance with the Decree of the President of the Republic of Uzbekistan No. UP-5177 dated September 2, 2017 “On Priority Measures for the Liberalization of the Currency Policy”, it was determined that prices and tariffs for goods, work and services, as well as minimum requirements for the authorized capital of companies are determined only in national currency.
To prevent a sharp jump in prices for domestic cars due to the growth of the national currency and maintaining the current level of retail prices, Cabinet of Ministers Decree No. 701 of September 5, 2017 “On additional measures to improve the pricing of products manufactured by GM Uzbekistan” was approved the level of wholesale and retail prices, while the prices of cars were fixed at the exchange rate of the Central Bank of the Republic of Uzbekistan on August 31, 2017 (4,210.35 soums).
In order to compensate for the negative impact of the exchange rate on GM Uzbekistan’s activities, in the calculation of wholesale and retail prices approved by Cabinet of Ministers Decree No. 701 of September 5, 2017, the excise tax rate for GM Uzbekistan’s cars was adopted at 5%.
This made it possible to compensate for the increase in expenses due to exchange rate differences and to ensure the stability of the level of retail prices for cars.
Thus, the excise tax reduction for sold cars manufactured by GM Uzbekistan JSC approved by the Presidential Decree of December 29, 2017 “On the forecast of the main macroeconomic indicators and parameters of the State budget of the Republic of Uzbekistan for 2018” is applied from September 5, 2017. Accordingly, the reduction prices due to changes in excise tax rates are not provided.
