Tashkent, Uzbekistan (UzDaily.com) -- President of Uzbekistan Shavkat Mirziyoyev signed the law “On amendments to Article 227-1 of the Tax Code of the Republic of Uzbekistan.”

According to the amendments, liability for violations of tax laws becomes even more liberal.

This Law introduces changes to the Tax Code aimed at reducing the amount of financial sanctions for committing tax offenses.

Thus, for violations in the field of fiscal procedures, such as incorrect display of fiscal marks, failure to comply with requirements for equipment with automated accounting tools or integration with information systems of tax authorities, or violations of the rules for mandatory digital labeling of goods, a fine is imposed in the amount of two percent of net revenue for the last reporting quarter in which goods were sold.

Repeated commission of the same violation within a year after the application of the fine entails a fine in the amount of twenty percent of net revenue for the last reporting quarter.

Previously, entrepreneurs had to pay a fine in the amount of net profit for the last reporting quarter. Now the amount of financial sanctions for tax offenses has been reduced by almost 98 percent.