Government supports touristic sector amid the pandemic
28 May 2020
On 28 May 2020, the President of Uzbekistan signed the Decree on urgent measures to support the tourism sector for reducing the negative impact of the coronavirus pandemic No.УП-6002. It provides certain incentives and tax breaks for tour operators, travel agents and accommodation businesses, including:
a) 50% reduction on income tax until 31 December 2020,
b) suspension of the tourist (hotel) tax,
c) right to transfer losses of 2020 and 2021 without limitations,
d) interest-free loans.
The Decree also provides for State aid for new investments in the touristic sector through:
a) subsidies for start-ups and innovative business ideas in the field of tourism,
b) grants for the development and promotion of new tourism products and routes,
c) grants for organizing thematic food outlets, providing services for food delivery and delivery of souvenir products,
Finally, interest expenses of tourism entities on previously issued loans for the construction of accommodation facilities are subsidized.
Nature of measure:
Type:
-
Promotion and facilitation (Investment incentives)
Industry:
-
Services (Arts, entertainment and recreation)
Inward FDI:
No
Outward FDI:
No
Sources:
