Uzbekistan increases tax rates for use of mineral resources for the extraction of non-ferrous and precious metals

Tashkent, Uzbekistan (UzDaily.com) -- Uzbekistan increased the tax rates for use of mineral resources for extraction of non-ferrous and precious metals.

According to the resolution of the President of Uzbekistan from 23 July, the tax rate for the use of mineral resources for non-ferrous and precious metals is increased by five times in average.

In particular, the tax rate for gold mining increased from 5% to 32% of the taxable base, silver - from 8% to 32%, copper - from 8.1% to 30%, zinc - from 4% to 20%.

It should be noted that the previously tax rates were set in 2000.

The resolution noted that an increase in the tax rate will help to strengthen the revenues of the state budget of Uzbekistan and rationally use the funds of individual mining enterprises.