Tashkent, Uzbekistan (UzDaily.com) -- At the ninth plenary session of the upper house of parliament, held today, on 20 November, the Law of the Republic of Uzbekistan “On amendments and additions to some legislative acts of the Republic of Uzbekistan in connection with the measures taken to mitigate the negative impact on sectors of the economy of the coronavirus pandemic and global crisis phenomena” was considered.

This Law introduces changes and additions to the Law "On the State Budget of the Republic of Uzbekistan for 2020" and the Tax Code.

The change envisages the preservation of rates of some types of excise tax until the end of this year in order to prevent price increases.

In addition, a 50% reduction in the tax rate for the use of water volumes for irrigation of agricultural land and fish farming is also established.

It should be noted that the Law determines the fulfillment of the tax obligation under special conditions, that is, in the context of the coronavirus pandemic, which provides for the provision of an interest-free deferral or installment plan for the payment of taxes and advance payments by the President of the Republic of Uzbekistan in 2020, as well as the provision of additional temporary tax benefits.

In addition, the amendments also reflect the rights of local government bodies to grant deferrals for tax payments.

The approval of the law will play an important role in ensuring the stability of economic reforms.

Senators approved the law.