MPs considered a draft law “On banking and financial institutions and guarantees of their activities” in the first reading.

The document sets legal norms for operation of private banks and financial institution, their organization and taxation, rights and liabilities, guarantees for their property, non-interference to their activities, etc.

The draft law also sets state regulation of the activities of private banks and financial institutions, inspection of their activities, etc.

MPs also discussed a draft law “On introduction of changes and amendments to some legislative acts of Uzbekistan in connection with improvement micro financing sector”, proposed by the Committee on budget and economic reforms of the Legislative Chamber.

The draft law was developed in line with the presidential decree on priority directions on further reforming and increasing sustainability of financial-banking system of Uzbekistan for 2011-2015 and achievement of high international ratings from 26 November 2010.

The document is aimed at further improving legislation in micro financing sector and ensuring development of micro credit organizations.

The draft law introduces changes and amendments to some laws. It sets additional liabilities of micro credit organizations, providing information on interest rates to customers, use of punishments for violations and introduction of banking confidentiality to operations of clients, etc.

They also discussed a draft law “On introduction of changes and amendments to Tax Code of Uzbekistan” in the first reading.

The document sets that family businesses will pay single tax payment and it also regulates issues on distribution of net income to its participants.

The document will create legal foundation for operation of family businesses in Uzbekistan and introduction of simplified tax and accounting reporting.

After discussions, MPs approved the proposed laws in the first reading.