Baku, Azerbaijan, May 12
By Fikret Dolukhanov – Trend:
The Ministry of Finance of Uzbekistan developed and submitted for discussion the decree of the president “On measures to reform and ensure the accelerated development of the insurance market of the Republic of Uzbekistan”, the document published on the website for discussion of draft laws and regulations of the country reads.
If the document is adopted, insurance companies in Uzbekistan may be exempt from income tax for a period of 3 years beginning from January 1. In turn, the minimum amount of the authorized capital is planned to be raised until 2021.
The document also prohibits administrative interference in activities of an insurer, coercion to conclude contracts and unreasonable risks, violation of the principles of a healthy market economy, that is, dumping and deviation from average market rates.
It is also proposed to create a large reinsurance company with involvement of leading international insurance companies.
The Ministry of Finance proposes that the State Inspectorate for Insurance Supervision be appointed as the Insurance Market Development Agency.
In March 2018, the government of Uzbekistan introduced the concept of reforming the tax system. One of the main measures is combining insurance premiums with income taxes and unified social payments. This payment will be 25 percent of the income level.
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