Zafar Khashimov Calls for Protection of Business Investments in Leased Property
Uzbekistan
Uzbekistan has proposed establishing a separate legal regime for commercial leases, with longer-term agreements and additional guarantees for businesses. The initiative was put forward on August 18 by Zafar Khashimov, Chairman of the Supervisory Board of Anglesey Food (Korzinka) and Chairman of the Trade and Services Association, during the President’s sixth open dialogue with entrepreneurs in Khiva.
According to Khashimov, businesses face short-term lease agreements, unjustified rent increases and unofficial payments. “If these relations are unstable, it is a major risk for an entrepreneur,” he said.
Khashimov also highlighted the practice of dividing rent into official and unofficial payments. “I would like to tell entrepreneurs: we need to put an end to this practice,” he said. According to him, fully official rent payments benefit both parties, while lease expenses can reduce an entrepreneur’s taxable base.
He also called for protection of investments made by entrepreneurs in renovating and developing leased premises if a lease agreement is terminated without sufficient grounds.
“We need to introduce a legal regime for commercial leases. People entering business plan for the long term, and within this regime, lease terms need to be extended and guarantees for entrepreneurs strengthened,” Khashimov said.
President Shavkat Mirziyoyev supported the proposal and instructed Deputy Prime Minister and Minister of Economy and Finance Jamshid Kuchkarov, Minister of Justice Akbar Tashkulov and the Public Council to work jointly on the issue.
“It is time to put things in order here. If all of you formulate proposals together, discuss them with our representatives and submit concrete solutions within two months, I am ready to support them,” the President said.
Khashimov also highlighted the practice of dividing rent into official and unofficial payments. “I would like to tell entrepreneurs: we need to put an end to this practice,” he said. According to him, fully official rent payments benefit both parties, while lease expenses can reduce an entrepreneur’s taxable base.
He also called for protection of investments made by entrepreneurs in renovating and developing leased premises if a lease agreement is terminated without sufficient grounds.
“We need to introduce a legal regime for commercial leases. People entering business plan for the long term, and within this regime, lease terms need to be extended and guarantees for entrepreneurs strengthened,” Khashimov said.
President Shavkat Mirziyoyev supported the proposal and instructed Deputy Prime Minister and Minister of Economy and Finance Jamshid Kuchkarov, Minister of Justice Akbar Tashkulov and the Public Council to work jointly on the issue.
“It is time to put things in order here. If all of you formulate proposals together, discuss them with our representatives and submit concrete solutions within two months, I am ready to support them,” the President said.
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