Journal

Resolution of the Cabinet of Ministers of the Republic of Uzbekistan No.244 dated March 25, 2019 in pursuance of the Resolution of the President No. PP-4008 of November 7, 2018 “On measures on the creation of favorable conditions for carrying out of labor activities on the territory of the Republic of Uzbekistan by qualified specialists from foreign states” passed the Regulation dated March 25, 2019 of the Cabinet of Ministers of the Republic of Uzbekistan on the approval of Provisions “On the procedure for attracting and usage of labor force in the Republic of Uzbekistan”.

Amendments were introduced earlier into the Civil Code in compliance with the Law of the Republic of Uzbekistan dated October 18, 2018, which raised the issue of the procedure for execution of contracts for the sale of real estate. In particular, it was established that the sale of any real estate,

Amendments had been introduced into the “Procedure for maintaining non-residents’ accounts in national currency by commercial banks of the Republic of Uzbekistan” (Reg. No.510 of the Ministry of Justice dated 1998.10.22) and the “Procedure for maintaining accounts in foreign currency by commercial banks” (Reg. No.511 of the Ministry of Justice dated 1998.12.10). The Central the bank introduced those changes, published on the 25th of March, 2019
In compliance with the introduced amendments:

A presidential decree “On measures to further deepen reforms and expand the export potential of the textile and garment-and-knitwear industry” dated February 12, 2019, provides for measures aimed at supporting and developing the textile and garment-and-knitting sector of economy.
In particular, it has been established that as of April 1, 2019, an order in compliance with which:

Under the Decree of the President of the Republic of Uzbekistan “On measures for further liberalization of trade and development of competition in the commodity markets” as of October 30, 2018 (hereinafter “Decree”), relevant measures have been undertaken to develop wholesale and exchange trade, develop retail networks, as well as the use of modern information technologies by business entities.
In particular, there have been undertaken the measures on abolishing the followings to be effective from January 1, 2019:

The Law of the Republic of Uzbekistan passed on October 11, 2018 and published on October 12, introduced amendments to the Civil and Tax Codes, which raised the issue of the procedure for drawing up and the forms of agreements for the sale and lease of real estate.
In particular, a significant change is that if in the past only the conclusion of a contract for the sale of residential premises required mandatory notarization, then now the sale of any real estate, that is, including non-residential ones, shall be formalized by way of drawing up and signing of a single document by the parties and its compulsory notarization.

In connection with undertaken moves on the liberalization of the foreign currency policy of the Republic of Uzbekistan (Decree No.УП-5917 of the President of the Republic of Uzbekistan dated September 29, 2017 “On introduction of changes and amendments into certain acts of the President of the Republic of Uzbekistan”, which lost their force), as well as on measures on saturation of the market with goods and commodities and development of competitive environment (Decree №-5303 of the President of the Republic of Uzbekistan dated January 16, 2018 “On measures on further securing the country’s food safety”) changes have been introduced into a number of legal acts related to requirements as regards minimum amount of statutory fund of individual entrepreneurial entities.

Reforming the foreign exchange market was launched in compliance with the Presidential Decree №УП-5177 dated the 2nd of September 2017 “On priority measures on liberalization of foreign exchange policy” . The following can be stated after summarizing the changes that affected the procedure for maintaining accounts and mutual settlements in foreign currency on the territory of the Republic of Uzbekistan.

1. Amendments introduced into the “Order for maintaining accounts in foreign currency by commercial banks” (reg. №511 of the Ministry of Justice dated the 22nd of October 1998).
Firstly, changes have been introduced related to permissible sources of transfer of foreign currency amounts to accounts of legal entities-residents of Uzbekistan:

The Resolution №ПП-3351 of the President dated the 3rd of November 2017 “On measures on further liberalization of external trade activities and support of entities of entrepreneurship” had significantly reviewed the legal regulation of external economic operations, in particular, the order of calculations on export.

Regarding the export
As of the 1st of December 2017:
1. A single deadline shall be established, after which the accounts receivable on export contracts shall be considered overdue, these include 120 calendar days. The term shall be calculated in the following way: