Uzbekistan Prepares 50-Year Tax Breaks for Tashkent Financial Centre as IPO Spurs Reform Push
Updated
Updated · Euronews · Jun 27
Uzbekistan Prepares 50-Year Tax Breaks for Tashkent Financial Centre as IPO Spurs Reform Push
2 articles · Updated · Euronews · Jun 27
Summary
Legislation creating the Tashkent International Financial Centre is expected to be signed soon, giving foreign firms a separate common-law jurisdiction and 50 years of exemptions from corporate tax, VAT, property tax and customs duties.
The push follows Uzbekistan’s biggest-ever public market deal: the National Investment Fund listing raised more than all the country’s IPOs over the past 30 years combined, underscoring foreign investor appetite when deals are structured to international standards.
New draft laws also target venture capital, private equity and LP-GP structures, as Tashkent tries to widen financing beyond equities into debt and alternative investments.
Executives from Franklin Templeton and the London Stock Exchange said deeper progress still depends on liquidity, more listings—especially state-owned enterprises—and governance reforms that convince investors they can exit reliably.
Reforms since 2017, including currency liberalisation and easier profit repatriation, have improved access, but officials and market operators say Uzbekistan still needs a longer track record and broader domestic participation.
Beyond new laws, how will Uzbekistan truly protect foreign investors when the first major dispute arises?
With investment outpacing administrative capacity, is Uzbekistan's financial boom built on a fragile foundation?
Uzbekistan’s $1 Billion UzNIF IPO and the Tashkent International Financial Centre: Catalyzing Economic Reform and Regional Investment Leadership
Overview
Uzbekistan is making major strides in its economic transformation, highlighted by the successful and oversubscribed IPO of the National Investment Fund of Uzbekistan (UzNIF) in May 2026. This event, which marked the first major IPO on the London Stock Exchange that year, reflects strong investor confidence in the country’s ongoing privatization and reform efforts. These achievements are the result of sustained reforms since 2017, aimed at improving the business environment and attracting private investment. The momentum from the UzNIF IPO is expected to encourage more Uzbek companies to enter public markets, further advancing Uzbekistan’s economic growth and integration with global financial systems.