Uzbekistan Capital Gains Tax Guide 2026

Overview — CGT Treatment in Uzbekistan

Under the Tax Code of Uzbekistan, capital gains are not distinguished from ordinary income for tax purposes. When an individual or company realises a gain from the disposal of a capital asset, the gain is included in total annual income and taxed at the standard rate (12% for individuals, 15% for companies). There is no separate CGT rate, no indexation allowance, and no distinction between short-term and long-term gains. The gain is calculated as the difference between the disposal proceeds and the acquisition cost (including incidental costs of acquisition and disposal).

CGT Rate — Taxed at Ordinary Rates

Capital gains are taxed at the taxpayer's standard rate:

• Individuals — 12% flat rate (included in annual IIT computation)
• Companies — 15% CIT rate (included in taxable profit)
• Non-residents — 12% IIT or 15% CIT depending on taxpayer status, subject to treaty relief

The chargeable gain is calculated as: Sale proceeds minus (Acquisition cost plus enhancement expenditure plus incidental costs). Only expenditure wholly and exclusively incurred for the acquisition, enhancement, or disposal of the asset qualifies. The gain is reported in the tax year in which the disposal occurs.

Principal Residence Exemption

Gain from the sale of an individual's principal residence is exempt from personal income tax if the property has been owned and occupied for at least 3 years. This exemption applies to one property per individual. If the property is sold before the 3-year holding period, the gain is taxable at 12%. The exemption covers the building and the land on which it sits (up to 0.15 hectares in urban areas). Second homes, investment properties, and vacation homes are not eligible for the exemption. The exemption also applies to the sale of privatised housing units.

Shares & Securities

Gains from the sale of shares and securities are treated as ordinary income for both individuals and companies. For individuals, gains from trading listed securities on the Tashkent Stock Exchange may benefit from certain exemptions if the securities have been held for more than 3 years. Gains from the sale of shares in unlisted companies are fully taxable at 12% for individuals and 15% for companies. Dividends received are separately taxed at 5% WHT and are not included in CGT calculations. Losses from share disposals may be offset against gains from other share disposals in the same tax year.

Property Gains — Specific Rules

Gains from the sale of property (land and buildings) follow the general rules. The cadastral value of the property at the time of sale is used as the minimum sale price for tax purposes — if the actual sale price is lower than the cadastral value, tax is calculated on the cadastral value. This anti-avoidance measure prevents under-declaration of property sale prices. Property sellers must file a tax declaration with the State Tax Committee within 30 days of the sale. Notaries are required to verify tax payment before registering property transfers. The notary acts as a withholding agent for property transactions.

FAQs

How do I calculate my chargeable gain on property?

The gain is the sale price (or cadastral value if higher) minus the purchase price, documented improvement costs, and transaction costs. Example: Buy apartment for UZS 200 million, sell for UZS 350 million, costs UZS 10 million. Gain = 350 - 200 - 10 = UZS 140 million. Tax at 12% = UZS 16.8 million.

Can I offset capital losses against other income?

Capital losses from the disposal of assets may generally be offset against capital gains in the same tax year. Unrelieved losses may be carried forward for up to 10 years for companies but cannot offset salary or business income for individuals.

Are there exemptions for CGT besides the principal residence?

Yes, gains from the sale of inherited property (if held for more than 3 years), agricultural land transferred among family members, and property expropriated for public purposes are exempt.

Disclaimer

This guide provides general information about Uzbek capital gains tax for the 2026 tax year. Tax laws and rates may change. Always consult with a qualified Uzbek tax advisor or the State Tax Committee for advice specific to your situation. InvestmentKit does not provide tax advice.