The procedure for unblocking entrepreneurs bank accounts will be simplified

Deputies of the Legislative Chamber of the Republic of Uzbekistan have adopted in the first reading a draft law aimed at simplifying the procedure for blocking and unblocking the bank accounts of entrepreneurs. The document envisages introducing corresponding amendments to the Economic Procedural Code and the Tax Code.

According to the new procedure, if an entrepreneur acknowledges the violation of tax rules and does not object to the relevant decision, the decision on the temporary blocking of accounts will be taken directly by the tax authority. In addition, after the identified violations are eliminated, the process of lifting restrictions on bank accounts will also be significantly simplified through the tax service.

This measure will allow representatives of business to be spared unnecessary court proceedings and to restore the operations of enterprises more quickly. However, if the taxpayer does not agree with the decision taken, the issue of suspending transactions on accounts, as before, will continue to be considered only by the Economic Court.

It should be noted that a new stage of the tax administration system is being introduced in the country. By dividing enterprises into green, yellow and red zones depending on the level of risk, business entities are expected to gain the opportunity to save more than eight trillion soums in total. This system is designed to make tax control more transparent and to improve the business environment.