MPs considered a draft law “On introduction of changes and amendments to some legislative acts of Uzbekistan in connection with further cardinal improvement of business environment”.

The document was developed in line with the presidential decree “On measures on further cardinal improvement of business environment and providing more freedom to entrepreneurship” from 18 July 2012.

The draft law is directed at creative favourable conditions for business activities. It introduces amendments to Criminal Code, Criminal-Procedural Code, Tax Code, Customs Code, Code of Administrative Responsibility, Law “On companies with limited liability”, Law “On securities market”.

In particular, the document abolishes requirement on payment of part of the charter capital till the state registration of business entity (except credit organizations), but the requirement on formation of the charter capital within a year will be kept. It also introduces new rules. The public companies now will have to disclose information on the website of the securities market regulator.

The document also directed at liberalizing criminal punishments related to business activities. In particular, it offers norm, which says that the bank officers will not responsible for non-execution of the liabilities within credit agreement by businesses.

After the discussions, MPs approved the concept of the law and passed it in the first reading.

MPs also considered a draft law “On introduction of changes and amendments to some legislative acts of Uzbekistan in connection with adoption of law “On introduction of changes and amendments to law “On freedom of entrepreneurship activity”.

The draft law offers to amends law “On state control over activities of business entities”, law “On firm name”, Tax Code of Uzbekistan. The amendments are directed at limiting inspection of activities of businesses.

In particular, the amendments offer norm, which says that the inspection of businesses can be launched only after revealing violations during off-site control of financial tax reports.

The amendments also set norm, in line with which controlling bodies should inform business entity 30 days before about upcoming inspection. Controlling bodies should also inform about object of inspection.

After the discussions, MPs approved the concept of the law and passed it in the first reading.

Legislative Chamber also considered other issues of its jurisdiction.