Uzbekistan Imposes $10 Mln Fines for Tashkent Financial Centre Rule Breaches
Businesses operating within the newly established Tashkent International Financial Centre (TMFC) face penalties of up to $10 mln for breaching regulatory requirements under a constitutional law enacted on July 13.
Alternatively, authorities can fine non-compliant entities up to 10% of the transaction value linked to the violation. The legislation formally designates the zone as a special territory governed by a bespoke legal framework operating exclusively in English.
The hub will feature an independent commercial court, a governing council, an administrative body and a dedicated financial services authority. This independent regulator holds the power to draft and implement its own statutory documents.
To ensure accountability, all regulatory decisions must appear in an official register before taking effect. Furthermore, each governing body must publish an annual transparency and operational report within four months of the financial year’s end.
President Shavkat Mirziyoyev previously outlined significant fiscal incentives for participants in mid-June. The government plans to introduce zero rates for income tax, value-added tax, property tax and customs duties. Investors will also benefit from unrestricted capital transfers and the ability to conduct settlements in any currency.
Officials designed the zone to cultivate green finance, digital assets and broader financial technology projects while offering an internationally recognised environment for foreign capital.
