Tashkent, Uzbekistan (UzDaily.com) — The Legislative Chamber of the Oliy Majlis of Uzbekistan has reviewed in its first reading a draft law that amends and supplements the Tax Code of the Republic of Uzbekistan.

The draft law aims to reduce certain mandatory requirements in regulating entrepreneurial activity to ensure timely and complete payment of taxes and mandatory budget contributions. It also seeks to enhance tax discipline, increase accountability to the budget, and improve business conditions.

The bill proposes the introduction of a sustainability rating for business entities, which will create more favorable conditions for companies that pay taxes on time and comply with the law. Additional incentives for such companies are also envisioned.

Specifically, the draft law suggests that tax audits will not be conducted for businesses with a high sustainability rating of "AAA." Moreover, these companies will receive a refund of value-added tax within one day without a check.

Additionally, it is proposed that businesses categorized as "A" or higher will receive refunds for overpaid taxes (excluding VAT) within three days.

Deputies believe that the adoption of this draft law will create a more favorable business environment, enhance responsibility for tax obligations, and reduce bureaucratic procedures. This, in turn, will allow for more effective use of working capital.

Following discussions, the draft law was approved by the deputies in its third reading.