Tashkent, Uzbekistan (UzDaily.com) -- At a regular plenary session of the Legislative Chamber of the Oliy Majlis, the draft law “On amendments and additions to certain legislative acts of the Republic of Uzbekistan aimed at improving tax and customs legislation, as well as the application of tax and customs privileges” was considered.

It was noted that in recent years the country has been carrying out reforms to create a favorable investment climate for business, including reducing the tax burden, simplifying taxation, supporting manufacturers through the widespread use of modern information and communication technologies in the field.

By this bill, the excise tax rate on mobile communication services will be reduced from 15 to 10 percent, parents will be exempted from income tax on payments for education and upbringing of children in non-state preschool educational organizations and schools up to 3 million soums per month, tax incentives will be provided for the development of the sphere services and introduced a separate tax regime.

Tax incentives will also be provided to support the capital market, and the import of spare parts for medical equipment and products, as well as consumables for medical purposes, will be exempt from value added tax. In addition, in order to increase the employment rate of women, a social tax rate of 1 percent will be established for enterprises in regions included in the register of rural areas with a high labor density.

As the deputies noted at the meeting, the adoption of the bill will serve to further improve the investment environment, introduce the principles of fair competition, and further develop the activities of business entities.

The bill was conceptually adopted by the representatives of the people in the first reading. Considering the relevance of the bill, at the suggestion of the responsible committee, it was considered article by article in the second reading under the new title "On the introduction of additions and amendments to certain legislative acts of the Republic of Uzbekistan in connection with the improvement of tax and customs legislation."

After that, the document was adopted in the third reading, it will be sent to the Senate of the Oliy Majlis.