Full Breakdown
Uzbekistan Launches Tax-Free International Financial Center
6/18/2026, 1:32:07 AM
Mirziyoyev Unveils Tax-Free Financial Hub at Tashkent Forum
At the annual Tashkent International Investment Forum on 17 June 2026, President Shavkat Mirziyoyev announced the creation of the Tashkent International Financial Center (TIFC). The TIFC will operate as a tax- and customs-free zone under English common law. Profit tax, value-added tax, property tax and customs duties will be set at zero percent, with unrestricted capital movement and payments in any currency. An independent financial regulator will be established to issue regulatory documents for the centre.
Reform Trajectory Since 2016
Since taking office in 2016, Mirziyoyev has dismantled capital controls inherited from predecessor Islam Karimov, aiming to stimulate private sector growth while maintaining tight political oversight. The reforms are framed as a shift toward a market-oriented economy, with the TIFC as the latest step.
Key Actors: President Shavkat Mirziyoyev and the Uzbek Government
President Mirziyoyev, the primary architect of the announced reforms, delivered the opening speech at the forum. The Uzbek government, through the forthcoming independent regulator, will oversee the legal and operational framework of the TIFC.
Economic Indicators Supporting Reform
Uzbekistan, Central Asia’s most populous nation with nearly 40 million residents, recorded 7.7 % economic growth in 2025. The expansion has been linked to a youthful demographic and high gold prices; the country is a major gold producer. In May 2026, a minority-share offering of state-owned enterprises was listed on the London Stock Exchange, the largest Uzbek IPO since 2021.
Anticipated Implications for Investment and Finance
The zero-tax regime and guarantee of free capital flows aim to attract foreign investors seeking a stable, low-cost environment. The creation of a modern system for financial technologies, digital assets, and green finance signals Uzbekistan’s move toward emerging global financial trends.
Official Statements Summarized
President Mirziyoyev emphasized openness to investors and the pursuit of mutually beneficial partnerships. He outlined the zero-percent tax rates, the guarantee of free capital movement and payments in any currency, and the plan to create a modern system for financial technologies, digital assets, and green finance. He also highlighted the intent to launch an independent regulator to oversee the TIFC’s operations.
Verbatim Quotes
- “We are always open ?to investors interested in cooperating with Uzbekistan and ready for an equal and mutually beneficial partnership,” — Shavkat Mirziyoyev, President of Uzbekistan
- “Profit tax, value-added tax, property tax, and customs duties will be set at zero percent.” — Shavkat Mirziyoyev
- “Free capital movement and the ability to make payments in any currency will be guaranteed unconditionally.” — Shavkat Mirziyoyev
- “A modern system for financial technologies, digital assets, and green finance will be created," he said.” — Shavkat Mirziyoyev
Conflicting Reports & Gaps
The available sources provide a single perspective from the president’s speech; independent assessments of the TIFC’s feasibility or external commentary are not included.
Next Steps for the Financial Centre
Implementation of the TIFC will involve establishing the tax-free zone and the independent financial regulator as announced. Further details on the operational timeline were not provided.
