Expanding access to leasing services for individual entrepreneurs

At a meeting (https://t.me/qonunchilikpalatasi/38973) of the Legislative Chamber of the Oliy Majlis of the Republic of Uzbekistan, a draft law aimed at expanding individual entrepreneurs’ access to leasing services and improving the legal framework governing leasing relations was considered.

The draft law includes amendments and additions to the procedure for accounting for leased assets. Under the proposed provisions, the leased asset will be recorded on the balance sheet of the lessee. However, where the lessee is an individual entrepreneur, the leased asset will be recorded on the balance sheet of the lessor.

Adoption of the draft law will help expand individual entrepreneurs’ access to financing through leasing, improve requirements for accounting for leased assets, and enhance legal certainty in leasing relations.

The proposed amendments are also expected to improve businesses’ access to financial resources, contribute to the development of the leasing market, and strengthen support mechanisms for small businesses.

The draft law was adopted in the third reading and submitted to the Senate.

The Leasing Association of Uzbekistan welcomes initiatives aimed at strengthening the legislative framework for the leasing sector and expanding entrepreneurs’ access to modern financial instruments.

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