Dividend Tax in Uzbekistan 2026: Rates and Exemption Until 2028
Individuals currently receive dividends on shares of Uzbek companies tax-free — but the exemption has an end date and limits. Here are the 2026 rates, who withholds the tax, what happens with income from selling shares and how dividends reach you.
Up to date as of October 2026. Rules change — check the regulator's website before you act.
Who regulates it
Taxes are administered by the State Tax Committee (website soliq.uz), and the rules are set out in the Tax Code. The capital market is overseen by the National Agency for Perspective Projects (NAPP), website napp.uz. You can buy shares only through a licensed broker — details in the article how to buy stocks in Uzbekistan.
Dividend tax rates
| Recipient | JSC shares | LLC shares |
|---|---|---|
| Resident individual | 0% until 12/31/2028 (base rate — 5%) | 5% |
| Non-resident individual | 0% until 12/31/2028 | 10% (or the rate under a double tax treaty) |
| Non-resident legal entity | 5% until 12/31/2028 | 10% |
The exemption applies from April 1, 2022 to December 31, 2028 (Part 27, Art. 483 of the Tax Code) and covers shares of joint-stock companies specifically. A share in an LLC is not stock, so LLC members pay tax at the regular rates.
In August 2026, NAPP proposed extending the exemption for dividends, bonds and sukuk until the end of 2038. For now this is a draft law, not a rule in force.
Who pays and when
- The tax is withheld by the company paying the dividends — it acts as the tax agent.
- Deadline — no later than the payment date; the company files its report by the 20th of the following month.
- A certificate of income and tax withheld is issued by the company at your request.
- A non-resident who wants a reduced treaty rate must submit proof of tax residency in their country in advance.
What if you sell shares
According to media reports (spot.uz, July 2026), there is currently no tax on income from selling shares, but a mandatory fee of 0.01% of the amount is withheld on every trade. Check your case with the State Tax Committee — especially if you are selling an LLC share or securities off-exchange. Also factor in broker commissions: about 0.86–0.87% per trade at GoInvest and 0.99–1% at JETT.
Income from abroad
A tax resident of Uzbekistan (more than 183 days in 12 months) pays tax on worldwide income. If income came from abroad, you must file a return by April 1 of the following year and pay the tax by June 1. Tax paid abroad can be credited with a certificate from the foreign tax authority bearing an apostille. Whether the exemption covers dividends on foreign shares — check with the State Tax Committee.
How to receive dividends
- Open a brokerage account in the GoInvest or JETT app via MyID, or at the broker's office with your passport.
- Buy shares before the record date — dividends go to those on the shareholder register.
- Add a bank card to the UzCSD Central Depository app — the payout arrives in your account automatically.
- Watch for the shareholders' meeting decision: dividends are usually declared once a year, and the amount is not promised in advance.
What dividend yield is and how to calculate it — see the Aspiro glossary.
What you risk
- Dividends can be cut or canceled. The company decides this every year.
- Promises of “high dividends” from unknown funds are a common sign of a financial pyramid scheme.
- Foreign stocks through local brokers cannot be bought as of July 2026; tokenized stocks in Telegram Wallet are tokens, not securities in a brokerage account.
- Unlicensed foreign platforms. For residents, crypto transactions outside NAPP-licensed platforms are an offense (Art. 155⁴ of the Code of Administrative Offenses).
Aspiro Invest — a medium-term portfolio: what to hold, when to review it and where the protective levels are.
- Dividends on JSC shares are tax-free for individuals until 12/31/2028.
- LLC shares are taxed: 5% for residents, 10% for non-residents.
- The extension to 2038 is only a draft so far.
- The company withholds the tax; a return is needed for income from abroad.
Frequently asked questions
Do individuals pay dividend tax in Uzbekistan in 2026?
On dividends from shares of joint-stock companies — no: from April 1, 2022 to December 31, 2028 they are exempt from personal income tax for both residents and non-residents. Shares in LLCs are taxed: 5% for residents and 10% for non-residents.
Do I need to file a tax return for dividends myself?
For Uzbek dividends — usually not: the tax, if any, is withheld by the paying company. A return by April 1 is filed by residents with income from abroad or from sources that don't withhold tax.
Will the dividend exemption be extended after 2028?
In August 2026, NAPP proposed extending the exemption until the end of 2038. This is a draft, not an adopted law — follow the news.
How are dividends on shares received in Uzbekistan?
Through the Central Securities Depository or a broker — to the shareholder's bank account. For example, Alokabank recommends installing the UzCSD app and adding your bank card to it.
Free Aspiro Academy
26 lessons on investing and trading from scratch: videos, practice in the Aspiro apps, quizzes and a certificate. Lesson texts are open without sign-up.