Tashkent, Uzbekistan (UzDaily.com) — The Legislative Chamber of the Oliy Majlis has reviewed and approved, in the first reading, a series of bills aimed at supporting business and improving the credit and financial sector.

One of the key issues discussed was the development of factoring services. Deputies noted that the current legislation does not create conditions for the establishment of specialized financial institutions engaged in factoring.

The bill proposes amendments to the Civil Code and other legal acts, aligning the regulations with international practices and fostering the growth of factoring relationships in Uzbekistan.

The bill also introduces a ban on contracts between individuals and credit bureaus through submitted applications. This measure is aimed at preventing cases where fraudsters take out loans in the names of citizens without their consent.

For members of the "Uzbekzargarsanoati" association, tax benefits are proposed:

• Exemption from property and land taxes until September 1, 2027.
• Allowing refining enterprises to sell precious metals in forms and quantities convenient for jewelers. They will also be able to issue souvenir coins made of precious metals.

Jewelry businesses will be granted the right to sell semi-finished products to other manufacturers, and the purchase of precious metals and products will be carried out in a notification procedure.

Additionally, there are plans to prohibit the sale of imported jewelry without proof of customs duty payment.

The adoption of these bills, according to the deputies, will create favorable conditions for businesses and enhance protection of citizens’ rights in the financial sector.