President of Uzbekistan Islam Karimov signed a law “On introduction of changes and amendments to Tax Code of Uzbekistan in connection with adoption of main directions of tax and budget policy for 2014” on 24 December 2013.

The size of the fine was decreased within the law. From 1 January 2014, the fine size will be set at 20% of the volume of hidden or decreased revenue.

Currently, the size of the fine for such tax legislation makes up the full size of the hidden or decreased revenue.

The law also abolished fines for re-calculated taxes for some tax violations. At the same time, the mandatory levy of fines will not be implemented from 2014.