Tashkent, Uzbekistan (UzDaily.com) — The Legislative Chamber of the Oliy Majlis has approved the draft law "On Amendments to Article 11-1 of the Law of the Republic of Uzbekistan on Foreign Exchange Regulation," aimed at improving the asset repatriation requirements.

During discussions, deputies noted that the current three-tiered penalty system of 50% for the untimely repatriation of assets from foreign trade operations creates difficulties for businesses, requiring additional costs and time. Therefore, it was proposed to replace the existing system with a one-time financial penalty of 20% of the amount of unreturned assets.

The deputies also supported the establishment of norms that exclude penalties for businesses if the amount of non-repatriated assets does not exceed 10% of the total value of transactions under a foreign trade contract.

Additionally, if the delivery time for equipment and components in a contract exceeds 180 days, the repatriation period for assets will be extended to match the delivery period, easing foreign trade operations.

The adoption of the bill aims to simplify foreign trade activities and encourage the timely repatriation of assets.

The bill was approved by deputies in the second reading.