22 May 2019 15:03

Uzbekistan intends to stimulate renewable energy through tax preferences

TASHKENT. May 22 (Interfax) - Uzbekistan's authorities will offer tax preferences to companies that produce energy using renewable sources or make equipment for renewable-energy projects.

President Shavkat Mirziyoyev has signed the Law on the Use of Renewable Sources of Energy, which was published on official media on Wednesday and has taken force.

The press service of the country's Senate said that the purpose of the document is to strengthen Uzbekistan's energy security, diversify the electricity, thermal energy, and biogas segments of the fuel-energy balance, introduce innovative technologies, and raise energy efficiency.

Under the new law, energy producers that use renewable sources do not need to pay taxes on property and land in areas occupied by energy installations (nominal capacity of at least 0.1 MW) for 10 years from the moment of commissioning.

Producers of renewable-energy equipment do not need to pay any taxes for five years.