Tashkent, Uzbekistan (UzDaily.com) -- At the forty-eighth plenary meeting of the Senate, the Law “On Amendments to Certain Legislative Acts of the Republic of Uzbekistan” was considered.

The Law discussed is consistent with the reforms being carried out in our country and is aimed at eliminating existing restrictions on ensuring judicial protection of the rights of business entities and reducing some mandatory requirements for regulating business activities.

The law introduces amendments to the Tax Code of the Republic of Uzbekistan, which provide for the abolition of restrictions regarding the direct appeal by entrepreneurs to the court of decisions made based on the results of on-site tax audits and tax audits of tax authorities, and the expansion of opportunities to go to court.

In addition, amendments are being made to the laws “On Business Companies”, “On Limited and Additional Liability Companies” and “On the Protection of the Rights of Joint-Stock Companies and Shareholders”, which provide for the abolition of the requirement when making a decision to reduce the authorized capital (authorized capital) of a business entity about informing creditors about this in writing and submitting a corresponding announcement in the media.

The senators recognized that the adoption of this Law will lead to effective protection of the rights of business entities and the abolition of some bureaucratic procedures that impose unnecessary costs and obligations on them.

After discussion, the Law was approved by the senators.