Tashkent, Uzbekistan (UzDaily.com) — The Legislative Chamber of the Oliy Majlis of Uzbekistan has approved, in the first reading, a bill amending Article 11-1 of the Law on "Foreign Exchange Regulation," aimed at improving the requirements for asset repatriation.

In recent years, measures have been taken to enhance the investment climate, introduce market mechanisms, and liberalize foreign trade activities. However, issues have been identified regarding non-compliance with the deadlines and conditions for repatriating assets under foreign trade contracts, including delays in goods, services, and export proceeds.

It is especially noted that the existing 180-day period for foreign trade operations related to investment projects is insufficient, leading to penalties. To address these issues, the bill proposes the following:

The abolition of the three-tier penalty system for overdue receivables, replacing it with a single penalty of 20%.

Easing liability for overdue amounts exceeding 10% under a single foreign trade contract.

The adoption of the bill will create favorable conditions for the implementation of investment projects and ensure timely asset repatriation. The bill was conceptually approved by deputies in the first reading.