Tashkent, Uzbekistan (UzDaily.com) -- In Uzbekistan, 98% of the amount of fines applied under Article 227-1 of the Tax Code will be written off.

This is envisaged by the Decree of the President of the Republic of Uzbekistan “On optimization of liability measures for certain tax offenses”. 

According to the document, the grounds for applying financial sanctions are:

- fiscal offenses committed for the first time - in the amount of 2% of net revenue (previously 100%) received in the last reporting quarter in which the sale took place;

- committed repeatedly within 1 year - in the amount of 20% of the net proceeds received in the last quarter in which the sale took place.

According to financial sanctions previously applied for fiscal offenses under Article 227-.1, 98% of the debt is written off.

Judicial and enforcement cases related to collection are terminated.

Business entities will be refunded 98% of the fines against upcoming payments.