Tashkent, Uzbekistan (UzDaily.com) - A Decree of the President “On urgent measures to support the textile and sewing and knitting industry” was adopted.

According to the Decree, the starting price of domestic-produced cotton fiber of basic quality is determined by the seller based on the value of the futures quotes on the New York Mercantile Exchange for the next month of delivery.

Also, the period during which final settlements for cotton fiber are carried out sold by domestic textile enterprises at exchange trades for the national currency until 1 April 2020, is extended from 90 to 150 days.

By decree, some imported raw materials are exempted from customs duties for a period up to 1 January 2022.

From 1 May to 31 December 2020, a simplified procedure for the reimbursement of value added tax applies.

Starting from 1 January 2021, for the export of cotton yarn and knitted fabric through the customs border of Uzbekistan, a fee of US$0.01 will be levied for each kilogram of exported yarn; from 1 January 2022, 0.05 for each kilogram of exported yarn and knitted fabric US dollar, from 1 January 2023 – US$0.1, from 1 January 2025 – US$0.2.

In the structures of the central apparatuses of the Ministry of Finance and the Ministry of Economic Development and Poverty Reduction, textile industry units will be established within the established staffing levels.