Tashkent, Uzbekistan (UzDaily.com) -- At a regular meeting of the Legislative Chamber of the Oliy Majlis, deputies considered in the first reading the draft law "On Amendments and Additions to the Tax Code of the Republic of Uzbekistan."

As noted, the draft law reflects norms aimed at further supporting business entities, mitigating the negative impact of the coronavirus pandemic on economic sectors and increasing the income of the population.

The draft law envisages exemption from payment for the purchase and (or) temporary import of vehicles with electric motors into the territory of the Republic of Uzbekistan.

In addition, until 1 January 2024, newly created business entities in the areas of activity defined as "growth points" of each city and districts of the Republic of Karakalpakstan are provided with a 50 percent reduction from the established tax rate on profits and water. In the case of rational use of benefits by entrepreneurs, an opportunity will be created for further expansion of their activities at the expense of these taxes.

The adoption of the draft law will serve to mitigate the negative impact of the coronavirus pandemic on economic sectors and increase income, systematize the regulations governing relations in the spheres.

At the meeting, the draft law was conceptually adopted by the deputies in the first reading.