Journal of Management and Economics
56
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TYPE
Original Research
PAGE NO.
56-58
OPEN ACCESS
SUBMITED
25 February 2025
ACCEPTED
21 March 2025
PUBLISHED
24 April 2025
VOLUME
Vol.05 Issue04 2025
COPYRIGHT
© 2025 Original content from this work may be used under the terms
of the creative commons attributes 4.0 License.
A Mechanism for
Regulating Investment
Activities by The State
Hasanova Yulduz Murtazaevna
Senior Lecturer, Department of Finance and Banking, Karshi State
Technical University, Uzbekistan
Abstract:
This article provides information on the state
regulation of investment activities, the organization of
the investment process, ensuring a stable environment,
the essence and features of investment relations in
legislative norms.
Keywords:
Legislation, foreign investments, investment
policy,
tax
incentives,
preferential
loans,
macroeconomic
development,
exploitation,
reconstruction, foreign capital.
Introduction:
The formation of the republic’s economy
requires a rapid increase in a number of macroeconomic
factors to ensure economic growth. Changes in this area
are explained by the rapid pace of change. In order to
stimulate and increase the sustainable growth of the
country’s economy through economic mechanisms,
investment capital and the country’s investment
attractiveness play an important role.
The organization of the investment process, in the
legislation, provides for the formation of norms for the
formation of economic and social relations between the
parties to the investment process, all stages of the
production processes of tangible and intangible
resources.
From the point of view of legislation, coordination of
investment activities represents economic and legal
relations related to the ownership, disposal and use of
capital by foreign investors in the territory of another
country. The participants in these relations are the
state, legal and physical, foreign investors, including
foreign legal entities, individuals, foreign states. The
main goal is to make a profit, with a high probability of
encountering risks from an economic point of view.
It creates the need to regulate individual investment
relations that represent the necessary conditions for
economic development. Legislative norms express the
essence and nature of investment relations. The nature
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Journal of Management and Economics
of both individual and socially necessary investment
relations in legislative legal norms creates unique
methods of regulation.
Regulation of investment relations in the Republic of
Uzbekistan on: the Laws “On Foreign Investments”
dated April 30, 1998, “On Guarantees and Measures
to
Protect the Rights of Foreign Investors”, “On
Investment Activities” dated December 25, 2019, and
“On State Protection of the Legitimate Interests of
Business and the Promotion of Entrepreneurial
Activities ” No. PF
-5087 dated June 19, 2017 Decree
"On measures to radically improve the system of
further development of the regions", August 8, 2017
PQ-3182 "On ensuring accelerated socio-economic
development of regions" priority measures "about"
and Uzbekistan Republic President's 2022 year
Decree No. PF-60
of January 28 “On the Development
Strategy of the New Uzbekistan for 2022-
2026”, Law of
the Republic of Uzbekistan No. ZRQ-604 of February
17, 2020 “On Special Economic Zones”, Decree of the
President of the Republic of Uzbekistan dated October
10, 2020 No. PF-
6003 “On measures to accelerate the
reform of state-owned enterprises and the
privatization of state assets”, Law of the Republic of
Uzbekistan January 22, 2021 Law No. O'RQ-669 "On
Public-Private Partnership" laws and other legal norms
in this field, reflected in the performance of the tasks
set will reach.
Adopted and effective laws and regulations are
economic freedom of action protection of private
property, interference of state bodies in economic
activities to limit focused. Especially for foreign
investors A number of guarantees have been provided,
which the absence of restrictions on national, religious
and territorial characteristics, the right to free use of
their funds for conditions build was done.
Investment policy in our country The implementation
of important strategic measures by the state is the first
step. The following can be highlighted as priority tasks
for the implementation of state investment programs.
-social and private positive formation of views.
-investors for one kind legal and economic mutual
beneficial creating guarantees;
-supporting underdeveloped regions through various
financial assistance - grants, subsidies, and
subventions;
-optimization of the tax system, i.e. determination of
the status of tax subjects, tax compacting the base and
stratifying rates, to provide tax preferences based on
the principle of fairness;
-investment projects done increase mechanisms
improvement;
Based on its intervention in the economy The
government's task of regulating the investment process
is, first, to ensure that private entities in the national
economy make capital investments. from increasing,
secondly, the share of foreign direct investment the
need to increase is considered.
Modernization of the economy, investment processes
legal control, foreign investors' capital funds to new
projects Orientation is necessary.
Specific to the regions of the republic taking into
account the characteristics of the region, to
underdeveloped regions, foreign by introducing
simplified tax regimes that encourage investor
investment The development of investment processes is
of great importance.
Regulation of investment processes requires an
approach based on the specific characteristics of
individual regions, along with laws and regulations
applicable at the national level. In regions that are
lagging behind in development and have untapped
economic potential, the state should pursue a
differentiated investment policy aimed at improving the
business environment possible.
The mechanism for applying tax incentives fairly is the
most complex process. Because determining tax
incentives
and
Implementation
has
different
characteristics in foreign countries, this process
characteristics of the macroeconomic situation of
countries is described through.
Our country also in tax regulatory documents tax breaks
current It is reflected that the tax is determined based
on certain criteria. reliefs for the social situation of
taxpayers, the network the urgency of developing
sectors, the importance of taxpayers' production
activities and exports of products that replace imported
goods, as well as issues such as double taxation between
countries is established based on economic relations.
The criteria for tax incentives clear, objective
transparent reflection taxation provides objective
status.
Tax The result of using the benefits in the draw Although
mainly
aimed
at
ensuring
macroeconomic
development, in the interests of economic entities The
above-mentioned situations include the use of various
tax incentives, including reduced tax rates, the provision
of favorable payment terms, and discounts on the
amount of tax payable. such as imposing sanctions
(financial measures), establishing tax holidays provided
with approaches.
In the world In most developed countries, the function
of taxes to stimulate and regulate investment activity is
widely used. Investment tax credit is one of the main tax
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Journal of Management and Economics
incentives
that
stimulate
socio-economic
development.
In developed countries, companies are allowed to
deduct a certain amount of their R&D and innovation
expenditures in excess of the average annual rates for
the current or base business period. These tax credits
are used. Based on these tax incentives expanded
reproduction and technical renewal, complete repair,
reconstruction opportunity to modernize by doing is
created.
Tax from the benefits in practice as follows use
possible:
-profit from tax discount in a way given tax credit;
-tax from payments complete free to do or reduced tax
rates application;
- tax rates do not change in accelerated depreciation,
but the tax base is taxable profit is reduced (its certain
amount included in non-taxable expenses).
Tax incentives are economic incentives provided by our
government to support investment activities, but
unlike developed countries, these countries have a
higher need for financial resources and domestic
capabilities do not allow them to provide the necessary
funds. Economic in literature There are also opinions
that advocate the fiscal functions of taxes, including
the use of tax incentives, as a way to reduce average
and top tax rates. In our opinion, when accepting
foreign capital, the lender, when developing its tax
policy, seeks to create favorable conditions, taking into
account the interests of the party directing the
investment. In our country Tax incentives such as
reducing tax rates, reducing the amount of tax,
deducting it from the taxable base, and partial and full
exemption from taxes are being used in practice.
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