أوزبكستان

Licenses refining (affinage) of precious metals; state assay supervision and hallmarking. Transferred from the CBU to the Ministry of Finance in 2019-2020.

Decides on licences (since 1 March 2024: export permits for export-control objects) for export of specific goods, which include precious metals (HS 7106-7111, 7115).

Implements the state's priority right to acquire refined gold for the reserves; issues and prices gold bars and coins; sets rules for banks' operations with precious metals; manages and sells international reserves (gold). Took over the abolished Agency for Precious Metals in 2020.

الموقع

https://cbu.uz

Export goods declarations; passenger customs declarations for individuals carrying bars above the norms.

Financial intelligence unit: receives suspicious-transaction reports under Law 660-II.

Forms the State Fund of precious metals and precious stones; majority shareholder of NMMC; AML/CFT supervisor of dealers in precious metals and stones, pawnshops and purchase points (per EAG 2022).

Issues subsoil-use permits (geological study, extraction) and prospector (artisanal) permits via e-auction; keeps the state balance of reserves.

Administers the subsoil use tax, special rent tax, profit tax and VAT; publishes precious-metal prices used for the jewellers' VAT margin base.

Dealers in precious metals and stones are reporting entities; STRs go to the DCEC.

المرجع

No. 660-II of 26.08.2004, amended incl. ZRU-516 (15.01.2019) and ZRU-640 (05.10.2020)

النوع

قانون

Art. 11: CBU implements the state's priority right to acquire refined gold; issues bars; regulates banks' precious-metal operations. Art. 12: keeps international reserves.

المرجع

ZRU-582 of 11.11.2019

النوع

قانون

سارٍ من

2019-11-12

Banks may buy bars from the CBU and resell them, including gram-denominated gold and silver in mobile apps; LBMA fixing price basis; client identification required.

النوع

لائحة

سارٍ من

2025-11-03

NMMC and AMMC may sell precious metals by direct contract with instalments until 1.1.2030; prospectors and refineries may sell through exchange trading; margin VAT base for jewellers until 1.1.2028; 2% duty on imported jewellery from 1.9.2025.

المرجع

PP-207 of 26.06.2025

النوع

مرسوم

Bring entrepreneurs into 50+ alluvial gold deposits by 1.3.2025; propose tax breaks for prospectors; set up an on-site purchase centre for prospectors' precious metals (with Uzmilliybank).

المرجع

PP-430 of 12.12.2024

النوع

مرسوم

Exchange sales of precious metals with 15% prepayment and deferral (to 1.1.2026); LBMA-AM-based discounts of 1-4% for jewellers; supply by NMMC/AMMC through Uzmilliybank on commodity invoices; refiners and jewellers need no export/import licence under the customs processing regime; citizens may carry gold jewellery up to 65 g without a passenger declaration.

المرجع

PP-452 of 23.12.2022

النوع

مرسوم

Precious metals (HS 7106-7111, 7115) are specific goods whose export needs a licence; bars of gold extracted by individuals excepted. From 1.3.2024 (UP-8 of 09.01.2024) replaced by Cabinet export permits for export-control objects.

النوع

مرسوم

Lets individuals export gold bars and CBU coins produced in Uzbekistan, with a certificate and a passenger declaration above the norms; abolished the CBU Agency for Precious Metals and created the CBU Precious Metals Storage and Handling Service; amended the export/import licensing rules.

المرجع

UP-6066 of 22.09.2020

النوع

مرسوم

سارٍ من

2020-09-23

Refineries may supply jewellers directly (the requirement to sell through special cashier windows was removed); acquiring precious metals needs a notification, not a licence (three months after publication); fines raised to 30-50 BCA.

المرجع

ZRU-1059 of 18.04.2025

النوع

قانون

سارٍ من

2025-07-19

Abolished the VAT exemption on jewellery; allows an increasing coefficient of up to 1.3 on subsoil use tax.

المرجع

ZRU-1108 of 25.12.2025

النوع

قانون

سارٍ من

2026-01-01

Core law: definitions (refined metals, prospecting), Cabinet powers over import/export and exchange trading, CBU priority purchase (Art. 9), State Assay Chamber licensing of refining (Art. 10), prospecting (Art. 18), refining enterprises (Art. 19), priority right (Art. 21), State Fund (Art. 22), import/export (Art. 29).

المرجع

ZRU-710 of 23.08.2021, as amended to ZRU-1025 of 07.02.2025

النوع

قانون

Sets 50% income tax on NMMC profit in excess of 15% of revenue.

المرجع

PP-455 of 25.12.2024

النوع

مرسوم

Previous subsoil law, repealed by ZRU-987 Art. 169.

النوع

قانون

أُلغي في

2025-02-02

Chapter 64 subsoil use tax (Arts 449-454, rates in Art. 452; special base for certain metals Art. 451-1); special rent tax (Arts 454-1 to 454-7); VAT exemptions Art. 243.

المرجع

ZRU-599 of 30.12.2019, version at 01.01.2026

النوع

قانون

State ownership of subsoil (Art. 6); title to lawfully extracted minerals passes to the permit holder (Art. 7); permit types (Art. 30); prospector mining chapter (Arts 116-123); payments (Arts 160-161).

المرجع

ZRU-987 of 31.10.2024

النوع

قانون

سارٍ من

2025-02-02

يحمله

Central Bank of Uzbekistan (state buyer and reserve manager)

تصدره

Law 'On the Central Bank' (Oliy Majlis)

مدة الصلاحية

permanent

Licence / export permit

يحمله

Legal entity holding a Cabinet export permit for precious metals (non-CBU)

تصدره

Cabinet of Ministers (Secretariat for Investment, Export Support and Foreign Economic Relations)

مدة الصلاحية

Per contract

يحمله

Jewellery producer (domestic buyer of refined gold)

تصدره

Self-adopted under Law 660-II; supervised by the Ministry of Economy and Finance

Notification registered

يحمله

Jewellery producer (domestic buyer of refined gold)

تصدره

Authorised body under the Law on licensing, permitting and notification procedures

Prospector permit

يحمله

Prospector (artisanal / small-scale gold miner)

تصدره

Ministry of Mining Industry and Geology, awarded by electronic auction

مدة الصلاحية

3 years under the pre-2025 regime (Azizov 2021; Times of Central Asia 2024); the ZRU-987 term was not read reliably

الرسم

Auction price; start price 7.5 million UZS under the pre-2025 regime (Azizov 2021)

Good Delivery List entry

يحمله

Licensed refining (affinage) enterprise

تصدره

LBMA

مدة الصلاحية

Subject to LBMA proactive monitoring and annual Responsible Gold audit

Refining licence

يحمله

Licensed refining (affinage) enterprise

تصدره

State Assay Chamber under the Ministry of Economy and Finance

يحمله

Commercial bank (precious-metal operations, incl. Uzmilliybank as distribution agent)

تصدره

CBU

Extraction permit

يحمله

State mining and metallurgical combine (industrial gold miner)

تصدره

Ministry of Mining Industry and Geology / State Center for Subsoil Use

مدة الصلاحية

Initially 10 years, extendable per feasibility study (Cabinet Resolution No. 133 of 25.03.2022, per GRATA)

يحمله

Jewellery producer (domestic buyer of refined gold)

تصدره

Commodity exchange

Extraction permit

يحمله

Private or joint-venture subsoil user holding an extraction permit

تصدره

Ministry of Mining Industry and Geology / State Center for Subsoil Use

مدة الصلاحية

Initially 10 years, extendable

الرسم

Application fee 1,648,000 UZS (Legal 500)

Imported jewellery; zero duty on pearls, diamonds and stones (HS 7101-7104) to 1.1.2026 under PP-452

المعدل

2% (1.9.2025 - 1.9.2028)

المعدل

15% on taxable profit up to 15% of revenue; 50% on profit in excess of 15% of revenue (2024 and 2025)

الوعاء

Taxable profit

يدفعه

NMMC

تحصّله

Tax Committee

المعدل

Minimum 25% of the taxable base

الوعاء

Sales revenue (net of VAT and excise) less extraction expenses

يدفعه

Subsoil users designated by the Tax Code

تحصّله

Tax Committee

Extracted gold

المعدل

7% (gold, silver, copper); from 1.1.2026 local councils may apply an increasing coefficient of up to 1.3 to subsoil use tax (non-metallic materials and cement limestone excepted)

الوعاء

Value of extracted (recovered) gold; special base rules for certain metals in Tax Code Art. 451-1

يدفعه

Subsoil user (state combines, private miners)

تحصّله

Tax Committee

Gold, 2012

المعدل

5%

الوعاء

Taxable base per PP-1675

Domestic sales of gold and jewellery. The VAT exemption for jewellery was abolished from 1.1.2026. VAT treatment of refined gold sold to the CBU was not found

المعدل

12% standard; exports zero-rated; jewellers may use the margin over the metal price as the base until 1.1.2028

الوعاء

Taxable turnover; for jewellers the positive difference between the jewellery price and the price of the contained metal (Tax Committee published prices)

يدفعه

Sellers

تحصّله

Tax Committee

النوع

مكافحة غسل الأموال

النوع

معيار السبائك

النوع

احتكار الدولة

سارٍ من

2019-11-12

النوع

ضبط الأسعار

النوع

أخرى

النوع

الإقرار عبر الحدود

الحد

Passenger norms; 65 g gold jewellery

سارٍ من

2020-09-23

النوع

أخرى

In 2025 the CBU bought 109 t of gold from domestic producers and exported 100 t; gold was 83% of reserves (USD 55.1bn) at end-2025.

الأرقام: 109 t bought; 100 t exported; USD 55.1bn gold; 83% of reserves

NMMC sold USD 9,987m of gold to the CBU in 2025, its main customer (related party); production 3.15 Moz.

الأرقام: USD 9,987m; 3.15 Moz

WGC data reported the CBU as the largest central-bank seller in Q1 2025 (15 t, of which 11 t in March).

الأرقام: 15 t Q1 2025

EAG (2022) found the DPMS sector had the weakest understanding of STR obligations. Supervision of DNFBPs is insufficient, and sanctions are patchy or not applied outside banks and exchanges.

By law the CBU holds only a priority right, and other buyers are allowed. In practice the CBU takes nearly all output: NMMC's only disclosed gold customer is the CBU, and the CBU's 109 t purchase in 2025 is close to total national production.