Saida Mirziyoyeva appointed governor of Tashkent International Financial Centre

Tashkent, Uzbekistan (UzDaily.uz) — Saida Mirziyoyeva, Head of the Presidential Administration of Uzbekistan, has been appointed governor of the Tashkent International Financial Centre (TMFC) alongside her current position. The decision was made by a decree signed by President Shavkat Mirziyoyev.

The TMFC governor will perform the functions of Secretary-General of the Financial Centre Council, participate in setting its agenda and chair meetings in the absence of the chairman.

One of the governor’s key responsibilities will be coordinating efforts to launch the TMFC. Her powers include preparing priority documents and organizing cooperation between government bodies and the financial centre’s structures.

The governor will also represent the TMFC in dealings with international organizations, investors and partners in Uzbekistan and abroad. She will be able to participate in personnel matters, including the appointment of the Executive Director of the Financial Centre Administration and their deputies, as well as submit recommendations on the leadership of the Financial Services Authority.

The governor has also been granted the authority to conclude agreements, establish working groups and engage experts.

The legal status of the TMFC is established by the Constitutional Law “On the Tashkent International Financial Centre,” which President Shavkat Mirziyoyev signed on 10 July. The document sets out the centre’s operating principles, governance structure and special legal regime.

The TMFC will apply the principles, laws and judicial precedents of England and Wales, provided they do not contradict the Constitution of Uzbekistan. The law also defines the powers of the Tashkent Financial Services Authority and the Tashkent International Commercial Court.

The financial centre is being established within the Tashkent City complex. Work on its creation began in late March following the signing of a presidential decree.

The TMFC’s main areas of activity will include attracting investment, developing the capital market, expanding the range of financial services and creating an ecosystem for innovation and professional services. The centre is expected to develop banking, insurance and Islamic finance, fintech, e-commerce, as well as digital and crypto asset markets.

The Tashkent Financial Services Authority will license and regulate TMFC participants. The International Commercial Court at the centre will have exclusive jurisdiction over disputes falling within its jurisdiction.

Participants in the centre will operate under a special regime. They will be able to employ foreign specialists without obtaining work permits and make payments and fulfil monetary obligations in foreign currency or crypto assets in accordance with contractual agreements. Foreign employees and their family members will be eligible for special visas valid for up to five years. Free repatriation of capital and income will also be allowed.

Tax and customs incentives for TMFC participants will remain in effect until 1 January 2076. In particular, the centre’s governing bodies and participants will be exempt from corporate income tax and social tax on income from services provided within the TMFC, except for cryptocurrency exchange activities.

For tax residents of Uzbekistan working at the centre, the personal income tax rate is set at 7%. Salaries earned by foreign citizens and stateless persons working at the TMFC will be exempt from personal income tax.

The incentives will also apply to income from the sale of shares in TMFC participant companies, transactions involving securities included in the official quotation list of the Tashkent Stock Exchange, as well as dividends and interest income from such securities.

A number of activities, including banking, insurance, investment and financial services, payment systems and fintech, will be exempt from VAT. Goods imported for use within the TMFC will also be exempt from customs duties.