MPs considered a draft law “On introduction of changes and amendments to some legislative acts in connection with adoption of main directions of tax and budget policy for 2013, as well as decreasing periodicity of tax reports submission”.

The draft law was developed in line with the Concept of tax policy for 2013 and to implement presidential decrees. It amends Tax Code, law “On bankruptcy”, law “On Customs Tariffs” and law “On foreign investments”.

It was noted changes and amendments are directed at creating necessary legal conditions for implementation of the Concept of tax policy for 2013 and creation of favourable conditions for activity of businesses, including through decreasing and simplifying report submission process.

Changes and amendments are introduced to Tax Code of Uzbekistan based on main direction of tax policy for 2013. The changes are directed at improving tax legislation and creating favourable conditions for tax payers.

In line with the presidential decree, the law introduces changes to article 50 of the Tax Code and article 125 of the Law “On bankruptcy”, which envisages suspension of charging of property tax, land tax and fines for earlier charged fines if the court adopts decision on bankruptcy of the enterprise. Separate articles of Tax Code of Uzbekistan will be harmonized with the decree.

E-banking services, provided by commercial banks, will be equaled to financial services, which are exempted from VAT.

The law also introduces changes to some articles of Tax Code, which changes term of payments to some taxes and mandatory payments. The changes also decrease tax burden and harmonize some norms with international standards.

MPs said that the draft law create necessary legal framework to implement the Concept of tax policy for 2013 and improve activity of businesses through decreasing and simplifying accounting and order of their submission, etc.

The law was passed by the Legislative Chamber and directed to Senate for approval.

MPs also considered a draft law “On introduction on changes to article 4 of the law “On natural monopolies”.

It was said that adoption of the law will significantly decrease concentration and monopoly impact of some participants of transport and infrastructure market. The law envisages to abolish transport terminal services from list of the state regulation. The law sets that transport terminal services will be regulated in line with the law “On competition” in case of unfair competition in the market.

Legislative Chamber of Oliy Majlis of Uzbekistan considered other issues of its jurisdiction.