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High tax rates on modest tax bases reduced not only by economic contraction but also by various exemptions.

Weak tax administration compounded by corruption.

The effective tax burden on those who comply with the tax code is increased since large numbers of taxpayers successfully evade taxes - equity and efficiency problems.

Corruption and abuse of authority by poorly paid tax administrators are serious problems.

Another major cause of poor tax revenues is dollarization and the continued use of barter, payment in kind.

The Investment Policy of Uzbekistan

Priority areas14

1. Gold-mining and non-ferrous (Uzbekistan ranks 4th in the world in terms of gold reserves).

2. Power engineering.

3. Processing of cotton (40% of the gross agricultural production is cotton, however only 10% of produced raw cotton is processes in Uzbekistan, the rest is exported as raw material. The existing textile industry is obsolete).

4. Processing of vegetables and fruits (The production makes up 60% of the total fruit and vegetables production of the former USSR; agricultural infrastructure development needed - processing, transportation, storage facilities, packing).

5. Transport and communication.

6. Tourism (4000 architectural monuments, many of them are under the protection of UNESCO;. world famous cities Samarkand, Bukhara, Khiva; tourism infrastructure is a potential area of investment).

7. Financial and monetary. Create a network of banks and insurance institution.

8. Environmental Protection (degradation of the ecosystem of the Aral Sea, irrational use of water resources).

Guarantees and privileges granted to foreign investors15

1. If subsequent legislation of the republic of Uzbekistan impairs investment conditions, then the legislation which was valid at the time of making the investment shall apply for a period of time not exceeding 10 years.

2. Companies’ profit tax shall be reduced by:

20%, for an export share of 5-10% of the total production;

30%, for an export share of 10-20% of the total production;

40%, for an export share of 20 to 30% of the total production;

50%, for an export share of 30% or above of the total production.

The purpose here is encourage export oriented manufactures and producers.
"The great success stories of economic development in the last decade have been the newly industrialized countries of East Asia, especially the so- called "Four Tigers" (South Korea, Taiwan, Hong Kong, Singapore) and, increasingly, Thailand and China. In these countries, rapid growth of manufactured exports has produced dramatic increase in income. NICs have undertaken a host of interventionist measures to create incentives for export-oriented manufacturing firms, often in particular targeted industries at particular stage of development."16

The heritage of the old socialist system - exports of primary commodities and raw materials (cotton and cotton products in case of Uzbekistan)- has to be gradually replaced by exports of manufactured goods. "It makes a difference not only because of the recurring problem of gluts resulting in falling process in commodity markets but also because of the greater potential for raising technological capabilities".17

3. Receipts in hard currency earned by a company due to increase in export production (product, jobs, services) shall be exempt from profit tax.

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