Registration duty for local and foreign companies to be equalized

The Oliy Majlis began consideration of amendments to harmonize legislation with WTO conditions.
The Legislative Chamber of the Oliy Majlis has started considering several laws to simplify work for businesses in Uzbekistan. This was reported by the press service of the lower chamber.

Deputies considered and approved in the first reading amendments to the legislation aimed at its harmonization with the conditions of the World Trade Organization. It was noted that they will help create the same conditions for Uzbek and foreign entrepreneurs.

The duty for state registration of a company with foreign investment is proposed to be equalized with the amount for firms established by residents. Now the fee for joint and foreign companies is 10 BRV (3.4 million soums), for local companies – 1 BRV (340 thousand soums), in some cases – 4 BRV (1.36 million soums).

In addition, the process of issuing certificates for the right to use a trademark or appellation of origin will be simplified. It is planned to reduce the period of issuance of documents from ten working days to one.

On the same day, amendments to the Customs Code were adopted in the first reading. According to them, Uzbekistan will implement the standards of the Kyoto Convention on simplification and harmonization of customs procedures.
The contract price is established as the main method of calculating the customs value of goods. It also introduces conditional release of goods into the customs territory until the expert examination is completed in order to combat counterfeiting.

Also, lawmakers in the first reading adopted additions to the law “On guarantees of freedom of entrepreneurial activity. It is planned to prescribe guarantees of free movement of goods, services, labor and financial resources in Uzbekistan.

The amendments will ensure protection of businesses from restrictions on transportation of resources belonging to them between regions. The business ombudsman’s office put forward the bill for public discussion in October.

“Restriction, suspension and prohibition of free movement of goods, services, labor resources and financial resources of business entities on territorial grounds shall not be allowed,” the draft said.