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Uzbekistan reduces excise tax on GM Uzbekistan's cars

5 January 2018 14:22 (UTC+04:00)
Uzbekistan reduces excise tax on GM Uzbekistan's cars

By Kamila Aliyeva

Uzbekistan has reduced the excise tax on cars of GM Uzbekistan by 5.4 times.

Uzbek President Shavkat Mirziyoyev signed a resolution "On the forecast of the main macroeconomic indicators and parameters of the State Budget of the Republic of Uzbekistan for 2018" on December 29, 2017.

According to the document, the tax rate of the excise tax on cars of GM Uzbekistan in 2018 will amount to 5 percent.

At the beginning of 2017, the rate of the excise tax on passenger cars of GM Uzbekistan was 29 percent. Last summer, the excise rate was reduced by 2 percentage points to 27 percent.

Excise tax refers to an indirect type of taxation imposed on the manufacture, sale or use of certain types of goods and products.

GM Uzbekistan, formerly known as UzDaewooAuto, was created in 1996 on a parity basis by Uzbekistan and South Korean Daewoo Motors.

In 2005, Uzbekistan acquired Daewoo's shares in UzDaewooAuto. In 2007, Uzavtoprom (Uzbek Association of Automotive Industry Enterprises) and the U.S.-based General Motors signed an agreement to establish the GM Uzbekistan with an authorized capital of $266.7 million.

General Motors owns 25 percent shares in the GM Uzbekistan plus one share with a possibility of increasing it to 40 percent. At the moment, 75 percent of the shares belong to the UzAvtosanoat.

Currently, 10 Chevrolet and Ravon car models are being produced at three production sites of the company.

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Kamila Aliyeva is AzerNews’ staff journalist, follow her on Twitter: @Kami_Aliyeva

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