Tashkent, Uzbekistan (UzDaily.com) -- At the fifty-second plenary meeting of the Senate, the Law “On Amendments to Article 2271 of the Tax Code of the Republic of Uzbekistan” was considered.

According to the amendment, liability associated with violation of tax laws is further liberalized.

In particular, this Law introduces amendments to the Tax Code, which provide for a reduction in the size of financial sanctions for committing fiscal offenses.

Thus, violation of the requirements or procedure established by law for displaying fiscal marks or equipping with automated measuring instruments or ensuring integration with information systems of tax authorities, as well as violation by manufacturers, importers and sellers of the rules for mandatory digital marking of goods (products) with identification means, entails a fine in the amount two percent of the net revenue received in the last reporting quarter in which the sale took place.

It is established that the same offense, committed again within a year after the application of the fine, entails a fine in the amount of twenty percent of the net proceeds received in the last reporting quarter in which the sale took place.

Previously, for this violation of the law, entrepreneurs were forced to pay the net profit of the last reporting quarter in the form of a fine.

Now the size of financial sanctions applied for offenses relating to fiscal procedures is reduced by almost 98 percent.

According to the senators, the adoption of this Law serves to further optimize liability for violation of tax laws and create favorable conditions for business activities.

Following the discussion, the Law was approved by the senators.