A bill amending and supplementing Article 11-1 of the Currency Regulation Law was considered in parliament today, Oct. 20. Under the new document, businesses would receive a number of concessions on fines. If an entrepreneur voluntarily pays 50 percent of a fine within one month of the court ruling, the remainder would be waived. Alternatively, the entrepreneur could pay the remaining half in installments over six months.
The article also provides for the prompt return of fine amounts when a decision to impose a financial penalty is overturned or declared invalid. If a refund is delayed, a mechanism requiring interest equal to 1/300 of the Central Bank’s key rate would be implemented.
“The bill is intended to reliably protect the rights and legitimate interests of business entities by ensuring that funds unlawfully collected are returned in full and on time when decisions imposing financial penalties are overturned or declared invalid,” the Legislative Chamber of the Oliy Majlis said in a statement.
The bill also seeks to make it easier to apply financial liability, which is expected to protect entrepreneurs from unjustified or excessive financial penalties.
MPs adopted the bill in its third reading and sent it to the Senate.
It was reported earlier that the size of all types of fines for entrepreneurs in Uzbekistan would be cut by about half on average.
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