The legislative chamber of the Oliy Majlis has approved amendments that will allow for halving the size of fines for exporters if they fail to receive funds from their foreign partners. These changes relate to the violation of deadlines for returning foreign trade assets when certain mitigating factors are present.
Deputies adopted the relevant adjustments to Article 11-1 of the 'On Currency Regulation' law during the second and third readings on October 20. This document is now being sent to the Senate for consideration.
The main goal of the bill is to protect entrepreneurs who face the inability to timely return funds or other assets due to actions of foreign counterparties, restrictions in international payment systems, or other circumstances beyond their control.
The review of the initiative revealed a serious problem: in 2024, economic courts imposed fines on 3,500 entrepreneurs totaling 752 billion soms. Forecasts for 2025 indicate an increase in such cases to 9,100, with the total amount of sanctions potentially reaching 3.3 trillion soms.
Developers believe that current legislation does not adequately reflect situations where an entrepreneur diligently tries to fulfill their obligations but cannot recover assets due to reasons outside of their control.
The bill stipulates that the court may reduce the fine by 50% if at least one of the following conditions is met:
- The company took all possible steps within its power to return foreign trade assets, including applying to court, arbitration, or using other legal methods for debt enforcement.
- At least 50% of the assets were returned within the framework of the foreign trade operation.
- The return was hindered by international sanctions, limitations of banking or payment systems, or prohibitions on currency operations in the foreign counterparty's country or the country where the payment was made.
These circumstances must be taken into account by the court when deciding on the application of financial penalties. It is important to note that reducing the fine does not cancel the company's obligation to repay the remaining external debt or continue attempts to collect it.
During the meeting of a member of the parliamentary Committee on Anti-Corruption and Judicial Issues, Ulugbek Kabulov, reported on three clarifications made by deputies while preparing the bill for the second reading.
The first change concerns confirming the good faith of the entrepreneur's actions. Deputies proposed clarifying this norm, resulting in the addition of cases involving the resident seeking protection of their rights through court, arbitration, or the application of other enforcement measures to the mitigating circumstances. A clause was also added for situations where force majeure—circumstances of irresistible force—is confirmed.
The second change relates to the percentage of recovered assets. If the first reading required the return of more than 50% of the assets, the second reading sets this threshold at 50% or more. This allows for the unambiguous inclusion in the scope of benefits of cases where exactly half of the assets were returned.
The third amendment concerns international restrictions. The first version of the document used the phrase 'well-known international sanctions,' but the word 'well-known' was removed when preparing for the second reading.
According to the 'On Currency Regulation' law, the standard period for returning assets under foreign trade transactions is 180 days from the date of export or payment. If this period expires, and the delay continues to grow by another 45 days (or 90 days for small businesses), fines may be applied: 5% of the unreturned asset amount for delays up to 360 days, plus an additional 10% from 360 to 545 days, and another 35% for delays exceeding 545 days. In total, sanctions can reach 50%.
The presidential decree of August 27, 2026, provided for halving fines starting January 1, 2027, if mitigating circumstances existed. The bill enshrines this mechanism and details the conditions for its application. The benefit does not apply to companies with a state stake of 50% or more, nor to organizations where such companies own at least 50% of the capital.
Before the beginning of 2027, entrepreneurs are given the opportunity to repay overdue export debt incurred before the decree came into force using their own funds. In this case, fines that were not collected are canceled proportionally to the repaid debt. Such receipts are not counted as export revenue and do not grant the right to a zero VAT rate.
