News
The social tax rate for trade and service businesses is to be extended
Uzbekistan to introduce a fee for international courier parcels
Another training course was delivered
Over-the-counter drug prices will not be regulated
The law on limiting the number of guaranteed deposits was approved
The Law “On Guarantees of Protection of Deposits in Banks” provides for the payment of compensation by the Deposit Guarantee Agency in the event of a guaranteed event, with the amount of compensation for one depositor in one bank being the full amount of the balance of the object of guarantee, if its size is 200 million sums or less. The law provides for a gradual reduction of the period of compensation payment by the agency in case of bank liquidation to 7 working days. Thus, the payment of compensation is carried out from January 1, 2025, within 20 working days, from January 1, 2026 - within 15 working days, from January 1, 2027 - within 7 working days. In case of bankruptcy of a bank, the agency reimburses depositors' funds, and the depositors' right of claim against the bank is transferred to the agency.
Social network X could be fined more than $100 million
The European Commission may fine the social network X more than $100 million. The potential fine is about 6% of the company's annual turnover, equivalent to at least $100 million. At the same time, the final decision on the imposition of the fine has not yet been made. The investigation began in December 2023, when the European Commission suspected the social network of violating the Digital Services Act. According to the Commission, the company's advertising rules lacked transparency and misled users by selling verified account status.
Signing of the memorandum of cooperation between the Competition Policy and Consumer Rights Research Center and Tashkent State University of Law
As part of the implementation of the Decree of the President of the Republic of Uzbekistan No. PF -5987 , which is aimed at improving legal education and introducing best practices into the country's legal system, on January 22, 2025, a memorandum of mutual cooperation was signed between the Competition Policy and Consumer Rights Research Center under Competition Promotion and Consumer Protection Committee of the Republic of Uzbekistan and Tashkent State University of Law. The document was signed by: On behalf of the Competition Policy and Consumer Rights Research Center – Director of the Center, Olimjon Sadulloyevich Jumaev. On behalf of Tashkent State University of Law – Rector Rustambek Islombekovich. The purpose of signing the memorandum is to develop cooperation in the field of competition policy research, consumer protection and improvement of educational processes in the field of jurisprudence. The parties agreed to jointly implement initiatives aimed at improving the legal framework, increasing the level of consumer protection and developing competition in Uzbekistan. The signing of the memorandum opens up new opportunities for the exchange of experience between academic circles and government agencies , which, in turn, will help strengthen consumer protection, create a healthy competitive environment and improve the level of legal education in the republic.
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