Nearly 40 companies lost their IT Park resident status due to failure to fulfill their obligations to the Directorate. As you know, residents must carry out their activities in accordance with the requirements of the Decree of the Cabinet of Ministers dated July 15, 2019 No. 589 and fulfill obligations in accordance with the Agreement on the conditions of activity of an IT Park resident.
In particular, the duties of IT Park residents include:
• carry out exclusively the types of activities specified in the business plan based on the types of activities according to the List;
• provide information on its activities to the IT Park Directorate on a quarterly basis;
• annually conduct an audit of financial and economic activities and send one copy of the audit report to the IT Park Directorate;
• fulfillment of obligations arising from the Agreement on the conditions of the resident's activities with the IT Park Directorate.
Residents who violate the requirements of the Regulations are deprived of their resident status, and tax benefits will be canceled, with the restoration of obligations to pay them to the State Budget of the Republic of Uzbekistan in the prescribed manner. Along with this, IT Park sent notices to 79 resident companies to finalize audit reports due to their non-compliance with the requirements of the Regulation and subsequent deprivation of resident status for failure to provide reports.
Recall that the status of an IT Park resident provides certain advantages. Thus, resident companies are exempt until January 1, 2028 from paying all types of taxes and mandatory contributions to state trust funds, as well as social tax. At the same time, wage income is subject to personal income tax at a flat rate of 7.5 percent.
In addition, residents are provided with the following preferences:
• payment of dividends in foreign currency for foreign founders - 5%;
• payment of wages in foreign currency for foreign employees;
• use the Virtual Office service under an agreement with the IT Park Directorate;
• no work permit is required for foreign specialists;
• export services without an export contract;
• deductions of residents in IT Park are reduced from 1% to 0.5% with annual exports over 20,000,000 USD.
It should be noted that today the number of IT Park residents is 707 IT companies.
The list of companies can be viewed here: Decision of the IT Park Directorate No. 14/12 dated 07/15/2022