110 companies were deprived of IT PARK member status

 

The IT Park member status offers companies a range of opportunities for growth, not only within Uzbekistan but also on the international stage, providing state support through tax incentives and special programs, such as Zero Risk and Local2Global. However, member companies must conduct their activities diligently and adhere to the rules established by the Resolution of the Cabinet of Ministers No. 589 dated July 15, 2019.

 

In accordance with the Resolution and the Resident Agreement, several mandatory conditions are stipulated:

 

- Conducting activities specified in the business plan according to the List;

- Performing an annual audit of financial and economic activities, with copies of the audit reports submitted to IT Park and others.

 

The requirements for IT Park members are designed to maintain and develop a competitive environment conducive to innovation and technological advancement of the country and the companies themselves.

 

Following the monitoring process to assess compliance with the obligations and requirements outlined in Cabinet of Ministers Resolution No. 589, dated July 15, 2019, it was determined that 110 resident companies failed to submit their audit reports for the year 2023. As these companies did not meet their obligations to IT Park, they have been stripped of their member status, along with further cancellation of all tax incentives and preferences.

 

The list of these companies has been forwarded to the Tax Committee under the Cabinet of Ministers of the Republic of Uzbekistan. The full list of companies can be found below.