Uzbekistan Senate Approves Tashkent Financial Centre Law

Tashkent, Uzbekistan (UzDaily.uz) — The Senate of the Oliy Majlis approved the constitutional law "On the Tashkent International Financial Centre" (TIFC) during its plenary session on 9 July 2026. The press service of the upper house of parliament announced the development.

The document defines the legal status of the centre, its operational principles, its management system, and the special legal regime that will apply within its territory. A key provision of the law is the application of the principles, legislation, and judicial precedents of England and Wales, provided they do not contradict the Constitution of Uzbekistan.

The law also establishes the legal status of the Tashkent Financial Services Authority and the Tashkent International Commercial Court. Additionally, special tax and customs preferences are provided for the participants of the centre.

Earlier, on 13 June 2026, the Senate had returned the document to the Legislative Chamber for revision. Following this, a conciliation commission comprising representatives from both houses of parliament and relevant state bodies clarified several provisions of the draft bill.

In particular, the commission specified the powers of the Tashkent International Commercial Court, the requirements for its judges, the procedure for resolving international arbitration disputes, and the rules governing the special legal regime of the centre.

According to the legislative procedure, following the amendments, the document must be reconsidered by the Legislative Chamber, then sent back to the Senate for approval, and finally submitted to the President of Uzbekistan for signature.

Work on creating the Tashkent International Financial Centre has been underway since late March 2026, when the President of Uzbekistan signed a decree on its organization. The centre will be located within the Tashkent City development.

In early June 2026, the Legislative Chamber passed the draft constitutional laws on the TIFC and the International Centre for Digital Technologies under the Enterprise Uzbekistan brand in their second and third readings.

The primary activities of the TIFC are defined as attracting investment, developing the capital market, expanding the financial services sector, and establishing an ecosystem for innovation and professional services.

Plans include creating a competitive legal and institutional environment, integrating the national capital market with international platforms, and developing banking, insurance, Islamic finance, fintech, e-commerce, and the digital and crypto-asset markets.

The Financial Services Authority under the TIFC will handle the licensing and regulation of centre participants, as well as monitoring compliance with established requirements. The Tashkent International Commercial Court will receive exclusive jurisdiction over disputes falling within its authority.

The law also provides special conditions for centre participants. They will be allowed to hire foreign specialists without obtaining work permits, and execute settlements and other monetary obligations in foreign currency or crypto-assets in accordance with contracts. Foreign employees and their family members will be eligible for special visas valid for up to five years.

Furthermore, participants are guaranteed the free repatriation of capital and income derived from activities within the centre.

A broad package of tax and customs exemptions is introduced for TIFC participants until 1 January 2076. The income of the management bodies and centre participants derived from providing services within its territory will be exempt from corporate profit tax and social tax, excluding the activities of crypto-exchanges.

Land tax and property tax will not be levied on facilities used by the management bodies of the centre, and customs duties will be waived for goods imported for use inside the TIFC.

The wages of foreign citizens and stateless persons working in the centre are exempt from personal income tax, while a 7% personal income tax rate is established for tax residents of Uzbekistan.

Exemptions also extend to income from the sale of shares in TIFC participant companies, transactions with securities included in the official listing of the Tashkent Stock Exchange, as well as dividends and interest income earned from them.

Additionally, value-added tax exemptions are provided for several types of activities, including banking, insurance, investment, financial services, payment systems, and fintech.