To propel entrepreneurship in the dynamic realm of digital technologies, the president of Uzbekistan has officially ratified Resolution RP-129 on March 15, 2024, marking a stride towards creating conducive conditions for businesses in this sector, the Ministry of Digital Technologies of Uzbekistan reported.
The resolution, titled "On measures to create favorable conditions for service provision to entrepreneurship entities in the field of digital technologies through international platforms," promises to unlock new avenues for growth and innovation.
A pivotal aspect of this resolution is the initiation of a legal experiment aimed at simplifying the process of offering digitization services through international platforms. Under this experimental framework, entrepreneurs are now authorized to formalize export contractual documentation for the provision of digitization services on specified international platforms.
Commencing from April 1, 2024, contracts executed electronically for amounts up to $100,000 (or equivalent) on these international platforms will be recognized as legally valid electronic documents. This revolutionary move eliminates the need for cumbersome paper documentation, significantly streamlining transaction processes and reducing bureaucratic red tape.
To ensure that services provided adhere to established standards and regulations, the scope of activities permitted under these contracts will be governed by a predefined list. Additionally, the Ministry of Digital Technologies and the Ministry of Investments, Industry, and Trade will collaborate to endorse the international platforms eligible for such contracts, adding a layer of oversight and accountability.
Central to the success of this initiative are the residents of the Technological Park of Software Products and Information Technologies (IT Park). As part of the legal experiment, these residents are mandated to report relevant information on foreign trade contracts to the Unified electronic information system of foreign trade operations through the UPIPS. This mechanism will enable authorities to effectively monitor and regulate transactions, ensuring compliance and transparency.
Follow Daryo's official Instagram and Twitter pages to keep current on world news.
Comments (0)