Uzbekistan to establish “Investments in Creativity” fund with annual budget of 200 billion soums

Tashkent, Uzbekistan (UzDaily.com) —Head of the Presidential Administration of Uzbekistan, Saida Mirziyoyeva, has commented on the presidential decree on the comprehensive development of culture, arts, and literature.

According to her, the development of the cultural and creative sectors depends not only on artistic ideas but also on the conditions necessary for their implementation. In this context, a new decree establishes a State Targeted Fund “Investments in Creativity”, with an annual allocation of 200 billion soums to support promising projects.

The document introduces a wide package of tax incentives for participants in the creative industry. In particular, businesses engaged in concert organization, film production, TV series and children’s content creation, as well as private theatres and educational institutions in culture and arts, will be exempt from VAT, profit tax, turnover tax, land tax, property tax, and personal income tax on employees’ salaries.

Special measures are also provided for foreign film companies. Their income from film production in Uzbekistan will not be included in the tax base as non-resident income.

In addition, incentive payments will be introduced for cultural professionals. Winners of international and national competitions will receive cash prizes of up to 300 million soums for a grand prix, depending on ranking. Teachers and accompanists who train winning participants will also receive salary supplements of up to 100% for one year.

Furthermore, up to 1,000 cultural figures in need of housing will annually be eligible for a 50% mortgage down payment subsidy funded by the state budget.