Baku, Azerbaijan, Feb. 9
By Nigar Guliyeva – Trend:
Private entrepreneurs in Uzbekistan, who will undergo bankruptcy proceedings in the first quarter of 2018, will get tax debts remission and will be able to return to business since the second half of the year, Uzbek media reported.
The announcement was made during a training workshop organized by interregional economic court and state tax administration of Tashkent city.
A debt will be written off in the first half of the year if an enterprise subject will file a bankruptcy statement till the end of the first quarter of the year. Beginning with the second half of the year such subjects will be able to continue their work.
In Tashkent there are currently more than 500 bankrupt individuals, who lost the status of private entrepreneurs and are burdened with tax debts. Unpaid taxes from private entrepreneurs totaled 8.6 billion soums.
“Earlier there was no practice of bankruptcy proceedings for private entrepreneurs in Uzbekistan, because there was no legal foundation. From now on bankruptcy proceedings can be opened against former entrepreneurs as well. Changes implemented to the sphere will increase work efficiency of judicial bodies and protect the rights of debtors and creditors,” Acting Chairman of Tashkent Interregional Court Ilhomjon Rajabov said.
From Jan. 1, 2018 Uzbekistan implemented the bankruptcy proceedings against individuals, who lost status of a private entrepreneur. This procedure will be carried out in line with the changes introduced to the bankruptcy legislation.