Uzbekistan is advancing plans to reduce the state’s role in the economy while introducing a VAT refund system for foreign visitors, as part of broader efforts to attract investment and boost tourism.
Authorities plan to privatise an additional 67 large state-owned enterprises, alongside the sale of 1,000 real estate assets and the auction of 3,500 hectares of land for business activity. The measures aim to reduce the state’s share in the economy to 15% and expand private sector participation.
The government has been tasked with ensuring the sale of state assets worth 35 trillion soums (about $2.8 billion) by the end of the year, with expected budget revenues of 13.5 trillion soums (around $1.1 billion). Regional administrations will be responsible for attracting investors and supporting buyers for each privatised asset. Around 5 million square metres of property are also expected to be prepared for auction through the optimisation of unused facilities.
At the same time, Uzbekistan has launched a VAT refund system for foreign tourists at all international airports from 1 April 2026. The mechanism allows visitors to reclaim VAT on purchases made in the country, either in cash or via bank transfer.
The minimum purchase amount eligible for a refund is 300,000 soums (about $24), with foreign visitors receiving 85% of the VAT amount. Authorities say the system will later expand to railway stations and border checkpoints.
Officials expect the Tax Free system to increase tourist spending, stimulate retail trade and improve Uzbekistan’s attractiveness as a travel destination. Together with the privatisation programme, the measures are aimed at accelerating economic liberalisation and attracting foreign investors.
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