Uzbekistan, Tashkent, April 20 / Trend D. Azizov /
Uzbekistan extended tax and customs exemptions on smart equipment imports until 2012.
The move was envisaged by a presidential decree April 19.
New concessions on imports were introduced in 2004 for a three-year period, and extended in 2007 until Jan. 1, 2010.
According to the decree, import duties on smart equipment are abolished until 2012. The equipment includes plastic cards, supplies, devices, graphic and electronic personalization, terminals, ATMs and other equipment, as well as software used to make payments on plastic cards.
Commercial banks are exempt from property tax in terms of ATMs, terminals, switching and other equipment, and software used to make payments by plastic cards for this period.
Enterprises producing smart cards and payment terminals are exempt from import duties on raw materials, supplies and kits, software and licenses required for plastic card and smart equipment production.
Income tax from the rendered services paid by plastic cards has also been reduced by 10 percent from the current sum. Currently, the income tax rate is 10 percent.
According to the Central Bank of Uzbekistan, the total number of plastic cards issued by Uzbek commercial banks should reach 5 million units, and POS terminals - 30,000 units. The turnover of funds for transactions should jump 1.3 times to 900 billion soum by late 2010.
The Central Bank and commercial banks are instructed to maintain tight control over compliance with the requirements laid out in the decree. They include a high degree of plastic card, payment terminal, ATM and special equipment protection. These organizations should take measures to prevent falsification and fraud, the government said.