Uzbekistan to expand access of individual entrepreneurs to leasing services
The Legislative Chamber has adopted in the third reading a draft law expanding the opportunities for individual entrepreneurs to use leasing services. The document has been sent to the Senate.
Uzbekistan to Expand Sole Proprietors' Access to Leasing Services
The Legislative Chamber of the Oliy Majlis of Uzbekistan has approved in the third reading a bill aimed at expanding the opportunities for individual entrepreneurs to use leasing services.
The document provides for amendments to the legal regulation of leasing relations and is intended to promote the further development of the financial infrastructure.
One of the key innovations will be a new procedure for accounting for the leased asset. According to the draft law, property transferred under a lease will be recorded on the lessee's balance sheet. However, if the lessee is an individual entrepreneur, the leased asset will be reflected on the lessor's balance sheet.
The proposed amendments are also aimed at improving the requirements for accounting for leased assets and increasing the legal certainty of contractual relations between the parties to such transactions.
According to the authors of the document, its adoption will expand individual entrepreneurs' access to leasing services and increase the capacity of business entities to attract financial resources.
In addition, the bill is intended to contribute to the development of financial market infrastructure and the support of entrepreneurial activity.
Following its approval in the third reading, the document was sent to the Senate of the Oliy Majlis for consideration.