Legislation on banks and banking activities will be revised

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January 23, 2018

Legislation on banks and banking activities will be revised

Within the framework of the State Program, approved by President Shavkat Mirziyoyev on January 22, legal framework for creation and development of venture funds, venture financing, as well as mechanisms stimulating introduction of innovations and new technologies into the economy will be developed.

Tax privileges are granted, until January 1, 2023, to venture funds, high-tech start-up projects, scientific research institutions, innovation centers, and revenue design bureau, received from the sale (transfer for use) to entrepreneurs of new technologies.

For ensuring transparency and legality of providing land, it is planned to introduce electronic trading on the Internet. It is envisaged to create a system on state assets sale through electronic trading platforms.

Legislation on banks and banking activities will be radically revised, digital banking, Internet banking and other modern technologies will be introduced in this sphere.

It is planned to continue activity on improving and optimizing the tax and customs policy, reducing the tax burden, simplifying tax and customs administration.

Particular attention will be paid to development of the tourism sector, stimulating development of inbound and domestic tourism, simplifying administrative and visa procedures for tourists.