New Benefit: Land Tax Abolished for Apartment Builders
Uzbekistan
Starting from May 1, 2025, legal entities leasing land for the construction of multi-apartment housing will be exempt from paying land tax. This is stated in Presidential Decree No. PF-26 dated February 21.
According to this Decree, the following regulations will be established within the framework of developing the "New Uzbekistan" residential complexes:
Only legal entities that are VAT payers will be allowed to participate in auction sales for leasing land plots for multi-apartment housing construction, as well as for building and selling these properties;
The auction conditions for leasing land plots for multi-apartment housing will set deadlines: 15 days for preparing pre-design documentation, 2 months for project work, and 3 months for starting construction. Additionally, the auction terms will specify the deadlines for project completion and commissioning;
Legal entities that lease a land plot for multi-apartment housing construction through auctions will be exempt from paying land tax for 12 months from the moment of lease acquisition.
From March 1, 2025, construction companies engaged in the development of multi-apartment housing in the "New Uzbekistan" complexes will be eligible for loans with a 24-month term (including a 12-month grace period) at an interest rate not exceeding the Central Bank’s base rate by more than 2 percentage points, aimed at replenishing working capital.
Only legal entities that are VAT payers will be allowed to participate in auction sales for leasing land plots for multi-apartment housing construction, as well as for building and selling these properties;
The auction conditions for leasing land plots for multi-apartment housing will set deadlines: 15 days for preparing pre-design documentation, 2 months for project work, and 3 months for starting construction. Additionally, the auction terms will specify the deadlines for project completion and commissioning;
Legal entities that lease a land plot for multi-apartment housing construction through auctions will be exempt from paying land tax for 12 months from the moment of lease acquisition.
From March 1, 2025, construction companies engaged in the development of multi-apartment housing in the "New Uzbekistan" complexes will be eligible for loans with a 24-month term (including a 12-month grace period) at an interest rate not exceeding the Central Bank’s base rate by more than 2 percentage points, aimed at replenishing working capital.
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