Uzbekistan to ease fines for exporters who have not received money from foreign partners
The Legislative Chamber approved amendments allowing courts to reduce by 50% fines for late return of foreign trade assets if mitigating circumstances are present. Among these are international sanctions, payment system restrictions, and the return of at least half of the funds. The law has been sent to the Senate.
Uzbekistan to ease fines for exporters who failed to receive funds from foreign partners
The Legislative Chamber of the Oliy Majlis has approved amendments that provide for cutting fines in half for violating the deadlines for the return of foreign trade assets in the presence of mitigating circumstances.
Deputies adopted the corresponding changes to Article 11−1 of the Law "On Currency Regulation" in the second and third readings on October 20. The document has been sent to the Senate for consideration.
The bill is designed to protect entrepreneurs who are unable to return funds or other assets on time due to the actions of foreign counterparties, restrictions of international payment systems, and other circumstances beyond their control.
According to data presented during the consideration of the initiative, in 2024, economic courts imposed fines on 3,500 entrepreneurs totaling 752 billion sum. In 2025, the number of such cases increased to 9,100, and the amount of sanctions rose to 3.3 trillion sum.
The developers believe that current legislation insufficiently accounts for situations where an entrepreneur attempts in good faith to fulfill obligations but cannot secure the return of assets for reasons beyond their control.
The bill provides for a 50% reduction of the fine by a court if at least one of the following circumstances is present:
The specified circumstances must be taken into account by the court when considering a case on the application of a financial sanction. At the same time, reducing the fine does not mean settling the remaining foreign trade debt or releasing the company from the obligation to seek its return.
Speaking at the meeting, Ulugbek Kabulov, a member of the Parliamentary Committee on Anti-Corruption and Judicial-Legal Issues, reported that deputies clarified three provisions during the preparation of the bill for the second reading.
The first concerns confirmation of the entrepreneur's good-faith actions.
"During faction meetings, it was proposed to clarify this norm. As a result, cases where a resident appealed to court or arbitration for protection of their rights or used other forced collection measures were included among mitigating circumstances," the deputy reported.
At the same time, a proviso is included for cases where force majeure circumstances are confirmed in accordance with established procedures.
The second change concerns the proportion of returned assets.
"While the first reading provided for the return of more than 50% of assets, in the second reading this indicator was set at 50% or more. Thanks to this, cases where exactly half of the assets have been returned are also unambiguously included in the scope of the corresponding benefit," Kabulov explained.
The third amendment relates to international restrictions. The original version used the expression "generally known international sanctions." During preparation for the second reading, the word "generally known" was removed.
The general deadline for the return of assets under foreign trade operations is 180 days from the date of payment or export. If, after its expiration, the delay exceeds another 45 days (90 days for small businesses), fines may be applied: 5% of the amount of unreturned assets for delays up to 360 days, an additional 10% for 360 to 545 days, and another 35% for over 545 days. In aggregate, sanctions can reach up to 50%.
A presidential decree dated August 27, 2026, provides for a 50% reduction in fines starting January 1, 2027, if at least one mitigating circumstance is present. The bill codifies this mechanism and clarifies the conditions for its application. The benefit does not apply to companies with a state share of 50% or more, nor to organizations in which such companies own at least 50% of the capital.
In addition, until January 1, 2027, entrepreneurs are permitted to settle overdue export debts that arose before the decree entered into force using their own funds. In doing so, uncollected fines are canceled in proportion to the settled debt. Such proceeds are not considered export revenue and do not confer the right to a zero VAT rate.