Attention entrepreneurs! The penalties for fiscal offenses are being reduced

Changes to the Tax Code are underway to decrease financial penalties for fiscal infractions, as deliberated during the fifty-second plenary session of the Senate of the Oliy Majlis on May 18.

The Senate reviewed the proposed amendments to Article 2271 of the Tax Code of the Republic of Uzbekistan.

It's highlighted that the suggested amendment aims to further ease penalties for breaches of tax regulations.

Violation of the requirements or procedure established by the legislation on the display of fiscal signs or equipment with automated accounting measuring devices or ensuring integration with information systems of tax authorities, as well as the procedure for mandatory digital marking of goods (products) by means of identification by manufacturers, importers, and sellers - in the case of the first violation of the rules, the amount of the fine is two percent of the net income received in the last reporting quarter.

Repeated offenses within a year will result in a fine of twenty percent.

Previously, entrepreneurs had to pay fines equivalent to their net income from the last quarter for such violations.

Now, the financial penalties for fiscal procedure violations are being slashed by nearly 98 percent.

Senators believe this Law's adoption will make tax law enforcement more reasonable and foster a conducive environment for business operations.

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