TAJIKISTAN Law and Practice Contributed by: Farhad Azizov and Shavkat Akhmedov, AAA Law Offices
1. Legal System and Regulatory Framework 1.1 Legal System System Type
Investment Agreements For priority projects, the government may enter into an investment agreement granting a special legal and fiscal regime, such as tax and customs incentives and stability guarantees if laws change adversely. These agreements are binding on all state bodies and typi - cally outline the project’s scope, financing, compli - ance, and environmental standards. Sector-Specific Rules Regulated industries (especially natural resources, finance, telecoms, energy, healthcare, and construc - tion) require prior authorisation before operation. Sub - soil licensing for major deposits may be tied to an investment agreement. All permits and their terms are listed in the Unified State Register of Permits. 2. Recent Developments and Market Trends 2.1 Current Economic, Political and Business Climate Policy Direction and Stability Tajikistan continues to position foreign investment as a core economic priority. National policy emphasises equality of investors, protection of property, and a stable, transparent investment regime. The 2025 Law on Investments and Promotion of Investment Activ - ity reinforces these principles, expressly prohibiting administrative bodies from imposing obligations not provided by law. The government’s goal is to reduce regulatory uncertainty and strengthen investor confi - dence. Regulatory Streamlining Businesses with foreign participation are established under general company law, with no additional regis - tration layer for FDI. Market entry is primarily licence- and permit-based, particularly in finance, telecom - munications, energy, subsoil use, and construction. The national investment authority acts as the main co-ordinator for foreign investors, operating online tools for inquiries and complaints and promoting out- of-court dispute resolution. These measures are part of a gradual modernisation of the investment admin - istration framework.
The Republic of Tajikistan operates under a civil law system. Codified legislation prevails over judicial prec - edent. The main legal sources are the Constitution, codes, framework laws, and sectoral statutes. Court Structure The judiciary handles civil, economic (commercial), criminal, and administrative cases. These are heard by district/city courts and the Economic Court system, with appeals going to regional courts and the Supreme Court (including its Supreme Economic Court Cham - ber). Judicial acts in force are binding nationwide. Business Law Fundamentals Civil law is based on freedom of contract, equality of parties, protection of property rights, and good faith. International treaties ratified by Tajikistan take prec - edence over conflicting civil legislation. Regulatory oversight is conducted through a licensing and permitting system listed in the Unified State Reg - ister of Permits, guided by the risk to public interests. Depending on the level of regulation needed, authori - ties may require permits, approvals, or notifications. 1.2 Regulatory Framework for FDI General Approach Tajikistan treats foreign and domestic investors equally and promotes investment through the Law on Investments and Promotion of Investment Activity (2025). Large or strategic projects may also be gov - erned by the Law on the Investment Agreement (2013, amended 2017). Approvals and Licensing There is no blanket approval requirement for FDI. However, investors must obtain sector-specific licenc - es or permits where required by law – eg, in subsoil use, finance, telecommunications, energy, pharma - ceuticals, and construction. Licences define permit - ted activities, duration, and the competent issuing authority.
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