Tashkent, Uzbekistan (UzDaily.uz) — Uzbekistan’s Legislative Chamber of the Oliy Majlis has passed a bill in its third reading aimed at expanding individual entrepreneurs’ access to leasing services.
The draft legislation introduces amendments to the legal framework governing leasing and is intended to further develop the country’s financial infrastructure.
One of its key provisions changes how leased assets are recorded. Under the proposed rules, assets transferred under leasing agreements will generally be recorded on the lessee’s balance sheet. However, when the lessee is an individual entrepreneur, the leased asset will remain on the lessor’s balance sheet.
The amendments are also intended to improve accounting requirements for leased assets and provide greater legal clarity in contractual relationships between parties to leasing transactions.
According to the bill’s initiators, its adoption would broaden individual entrepreneurs’ access to leasing services and increase businesses’ opportunities to attract financial resources.
The draft law is also intended to support the development of financial market infrastructure and business activity.
Following its approval in the third reading, the bill has been submitted to the Senate of the Oliy Majlis for consideration.
