Uzbek Parliament Passes Bill on Business Guarantees in Second Reading

Tashkent, Uzbekistan (UzDaily.uz) — The Legislative Chamber of the Oliy Majlis (the lower house of parliament) has passed a draft law in its second reading aimed at strengthening guarantees for entrepreneurial activity and improving mechanisms of state support for business. The document provides for amendments and additions to the Law "On Guarantees of Freedom of Entrepreneurial Activity" as well as several other legislative acts. Following its approval by deputies, the bill was forwarded to the Senate for consideration.

The document consolidates key principles of entrepreneurial activity, including the equality of business entities, the protection of trust, the inviolability of private property, and the stability and legal certainty of business legislation.

To improve the state support system and the compilation of official statistics, the bill introduces a clear division of business entities into small, medium, and large enterprises.

One of the key innovations of the draft law is a restriction on the ability of state authorities and courts to initiate questions regarding the review or annulment of privatization results. Under the proposed rules, such cases will not be accepted for consideration.

The document also strengthens the legal foundation of the registry of mandatory requirements in the business sector. It proposes that an entrepreneur cannot be held liable for failing to comply with a requirement if it is not included in this specialized registry.

In addition, the bill stipulates that draft regulatory acts establishing new obligations or restrictions for entrepreneurs can only be adopted after discussions with business representatives and upon receiving a positive regulatory impact assessment.

It is also proposed to create a separate registry of benefits and preferences for business entities, specifying their types, durations, and terms of provision. The draft law also aims to define criteria for responsible business conduct and grant entrepreneurs the option to pay financial penalties in installments or with deferred payment terms.

While preparing the document for its second reading, the relevant parliamentary committee reviewed proposals from deputies, representatives of ministries and departments, the business community, and independent experts. Following these discussions, provisions concerning the core principles of the bill, guarantees of privatization results, and the application of benefits and preferences were refined, and certain legal ambiguities were eliminated.

According to the deputies, the adoption of this law will contribute to further improving the country's business climate, reinforcing the legal protection of enterprises, strengthening the inviolability of private property, and expanding the role of the private sector in the national economy.