Most foreign companies in Uzbekistan operate under Production Sharing Contract (PSC) terms. The terms remain negotiable items on a case-by-case basis. The fiscal terms include a flat cost recovery ceiling for oil and price-based for gas and IRR-based profit share. The state (via wholly-owned Uzbekneftegaz) will normally take a 10-50% working interest in joint projects with foreign investors. 2020 tax code changes increased corporate income tax to 15% and improved loss carry forward limit to 10 years, with taxable base offset limit increased to 60% per year. Some of the main commercial risks relate to marketing of oil and gas. There is a lack of export options and operators typically have to sell oil and gas onto the domestic market where the prevailing price is very low.