Volume 04 Issue 06-2024
24
International Journal of Advance Scientific Research
(ISSN
–
2750-1396)
VOLUME
04
ISSUE
06
Pages:
24-29
SJIF
I
MPACT
FACTOR
(2022:
5.636
)
(2023:
6.741
)
(2024:
7.874
)
OCLC
–
1368736135
A
BSTRACT
The article offers an in-depth analysis of the diverse sources that constitute the economic and financial
legal framework of Uzbekistan. It highlights the evolution of these laws from the Soviet era to the present,
emphasizing the transition from a centrally planned economy to a market-oriented system. Key sources
discussed include the Constitution, legislative acts, presidential decrees, regulatory frameworks, and
judicial decisions, each playing a vital role in shaping the legal landscape. The article also explores the
influence of international treaties and customary law on Uzbekistan's economic and financial regulations.
It underscores the challenges of harmonizing domestic laws with international standards and the
importance of legal reforms to support economic growth and stability. The unique combination of these
sources reflects Uzbekistan's efforts to create a comprehensive legal system that fosters economic
development while ensuring social equity and legal certainty.
K
EYWORDS
Economic law, financial law, Uzbekistan, legal framework, legislative acts, regulatory frameworks,
international treaties, judicial decisions, legal reform, market economy.
I
NTRODUCTION
Journal
Website:
http://sciencebring.co
m/index.php/ijasr
Copyright:
Original
content from this work
may be used under the
terms of the creative
commons
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4.0 licence.
Research Article
SPECIFIC ASPECTS OF THE SOURCES OF ECONOMIC AND
FINANCIAL LAW OF UZBEKISTAN
Submission Date:
June 11,
2024,
Accepted Date:
June 16, 2024,
Published Date:
June 21, 2024
Crossref doi:
https://doi.org/10.37547/ijasr-04-06-05
Normatova Muharam Foziljanovna
Teacher of Namangan State University, Uzbekistan
Volume 04 Issue 06-2024
25
International Journal of Advance Scientific Research
(ISSN
–
2750-1396)
VOLUME
04
ISSUE
06
Pages:
24-29
SJIF
I
MPACT
FACTOR
(2022:
5.636
)
(2023:
6.741
)
(2024:
7.874
)
OCLC
–
1368736135
Uzbekistan, located in Central Asia, has
experienced significant economic and legal
transformations since gaining independence
from the Soviet Union in 1991. The development
of a robust legal framework governing economic
and financial matters has been crucial for the
country’s economic stability and growth.
Economic and financial law in Uzbekistan
encompasses a wide array of regulations,
including those related to business activities,
banking, taxation, and investment. This article
explores the specific aspects of the sources of
economic and financial law in Uzbekistan,
highlighting the legislative, regulatory, and
customary foundations that shape the legal
landscape.
Historical Context of Economic and Financial Law.
During the Soviet era, Uzbekistan’s economic and
financial systems were centrally planned, with
legal frameworks reflecting socialist principles.
Economic activities were primarily controlled by
the state, with limited scope for private
enterprise and market dynamics. The dissolution
of the Soviet Union marked the beginning of a
transition to a market-oriented economy,
necessitating the creation of new legal structures
to support economic liberalization and
growth.[1]
Following independence, Uzbekistan embarked
on a comprehensive process of economic reform.
The government introduced a series of legislative
measures aimed at creating a market economy,
encouraging foreign investment, and fostering
private enterprise. These reforms included the
establishment
of
property
rights,
the
development of a financial sector, and the
liberalization of trade and investment policies.
The evolution of economic and financial law
during this period was guided by the need to
balance rapid economic transformation with
social stability and state control.[2]
The Constitution of Uzbekistan, adopted in 1992,
serves as the supreme legal document of the
country and lays the foundation for economic and
financial law. It enshrines the principles of
economic sovereignty, property rights, and the
rule of law, providing a framework for the legal
regulation
of
economic
activities.
Key
constitutional provisions relevant to economic
and financial law include the protection of private
property, the promotion of free enterprise, and
the prohibition of monopolistic practices. The
basis of the economy of Uzbekistan, evolving to
enhance the well-being of citizens, shall be a
property in its various forms. The State shall
create the conditions for the development of
market relations and fair competition, and
guarantee the freedom of economic activity,
enterprise and labour, taking into account the
priority of consumer rights.
Equality and legal protection of all forms of
property shall be ensured in Uzbekistan.
Private property shall be inviolable. An owner
may not be deprived of his or her property except
in the cases and according to the procedure
prescribed by law and on the basis of a court
decision.[3]
The legislative framework for economic and
financial law in Uzbekistan is primarily composed
Volume 04 Issue 06-2024
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International Journal of Advance Scientific Research
(ISSN
–
2750-1396)
VOLUME
04
ISSUE
06
Pages:
24-29
SJIF
I
MPACT
FACTOR
(2022:
5.636
)
(2023:
6.741
)
(2024:
7.874
)
OCLC
–
1368736135
of laws enacted by the Oliy Majlis (Supreme
Assembly). These laws regulate various aspects of
economic
activity,
including
corporate
governance, banking and finance, taxation, and
trade. Significant legislative acts include:
- Civil Code of Uzbekistan (1997): This
comprehensive code governs contractual
relations, property rights, and commercial
activities. It provides the legal basis for business
operations and private enterprise in the country.
Article 164. The concept of property rights.The
right to property is the ownership, use and
disposal of property owned by a person at his
own will and for his own interests, as well as his
right to property, consists of the right to demand
the elimination of any violation by whoever.
Property rights are indefinite.[4]
- Tax Code of Uzbekistan (2007, revised 2019):
The Tax Code outlines the principles and
procedures for taxation, including income tax,
value-added tax, and customs duties. It aims to
create a transparent and efficient tax system to
support economic development. (Article 16.
Taxes and fees. A tax is defined in this Code as a
compulsory non-discriminatory payment paid to
the State budget of the Republic of Uzbekistan or
the state special fund (hereinafter referred to as
the budget system). Fee means a mandatory
payment to the budget system specified in this
Code or other legal documents, the payment of
this fee is the implementation of legally
significant actions by the authorized div or its
official against the person who pays it, including,
it will be one of the conditions for granting him
certain rights or permitting documents.)[5]
- Law on Investment Activity (1998): This law
regulates foreign and domestic investment,
providing guarantees and incentives to investors.
It aims to create a favorable investment climate
and promote economic growth through capital
inflows.
- Law on Banks and Banking Activity (1996,
revised 2015): This law governs the banking
sector, establishing the legal framework for the
operation of banks and other financial
institutions. It aims to ensure the stability and
integrity of the financial system.
Presidential
Decrees
and
Resolutions.
Presidential decrees and resolutions play a
significant role in shaping economic and financial
law in Uzbekistan. The President of Uzbekistan
has the authority to issue decrees and resolutions
that have the force of law, particularly in areas
requiring urgent economic and financial reforms.
These instruments often address specific
economic challenges, implement policy changes,
and provide guidance for the development of
legislation.[6]
Examples include:
- Decree on the Strategy of Actions for the Further
Development of Uzbekistan (2017): This decree
outlines the strategic priorities for economic
development, including reforms in the banking
sector,
improvement
of
the
business
environment, and promotion of foreign
investment.
- Resolution on Measures for the Development of
Digital Economy (2018): This resolution sets the
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(ISSN
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2750-1396)
VOLUME
04
ISSUE
06
Pages:
24-29
SJIF
I
MPACT
FACTOR
(2022:
5.636
)
(2023:
6.741
)
(2024:
7.874
)
OCLC
–
1368736135
framework for the digital transformation of the
economy, promoting the use of digital
technologies in financial services and economic
activities.
Secondary Sources of Economic and Financial
Law. Economic and financial law in Uzbekistan is
also shaped by various regulatory frameworks
established by government agencies and
regulatory bodies. These regulations provide
detailed rules and guidelines for the
implementation of legislative acts, ensuring
compliance and facilitating the effective
functioning of the economy.[7]
Key regulatory bodies include:
- Central Bank of Uzbekistan: Responsible for
monetary policy, regulation of financial
institutions, and oversight of the banking sector.
The Central Bank issues regulations on banking
operations, currency control, and financial
stability.
- State Tax Committee: Oversees tax
administration and enforcement. The committee
issues regulations and guidelines on tax
compliance, auditing, and dispute resolution.
- State Committee for Investment: Promotes and
regulates investment activities. The committee
provides guidelines for investment procedures,
investor protection, and incentives.
Judicial Decisions. Judicial decisions, particularly
those of the Constitutional Court and the Supreme
Court, contribute to the interpretation and
application of economic and financial law in
Uzbekistan. Court rulings provide legal
precedents and clarify the scope and meaning of
legislative provisions, enhancing legal certainty
and predictability for businesses and individuals.
Customary Law. In some regions of Uzbekistan,
customary law continues to play a role in
economic and financial matters, particularly in
rural areas where traditional practices and
community norms influence business and
financial transactions. While customary law is not
formally codified, it can impact the interpretation
and
enforcement
of
legal
rights
and
obligations.[8]
International Agreements and Standards.
Uzbekistan's economic and financial law is also
influenced by international agreements and
standards. The country is a member of various
international organizations, including the World
Trade Organization (WTO) and the International
Monetary Fund (IMF). These memberships
require compliance with international trade and
financial standards, which in turn shape domestic
legal frameworks. International treaties and
agreements on investment, trade, and finance
provide additional sources of law that guide the
development of Uzbekistan's economic and
financial regulations.[9]
Legal Harmonization and Modernization. One of
the key challenges facing Uzbekistan is the need
to harmonize and modernize its economic and
financial laws to align with international
standards and best practices. This requires
ongoing legal reforms, capacity building, and the
Volume 04 Issue 06-2024
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International Journal of Advance Scientific Research
(ISSN
–
2750-1396)
VOLUME
04
ISSUE
06
Pages:
24-29
SJIF
I
MPACT
FACTOR
(2022:
5.636
)
(2023:
6.741
)
(2024:
7.874
)
OCLC
–
1368736135
development of a transparent and efficient legal
system.
Enhancing Legal Awareness and Compliance.
Promoting legal awareness and compliance is
crucial for the effective implementation of
economic and financial laws. Efforts to educate
businesses and individuals about their legal
rights and obligations can enhance compliance
and reduce the risk of legal disputes.[10]
Balancing Economic Growth and Social Equity. As
Uzbekistan continues to develop its economic and
financial laws, it must balance the goals of
economic growth with the need for social equity
and inclusion. Legal frameworks should support
sustainable development, protect vulnerable
populations, and promote fair economic
opportunities for all citizens.[11]
C
ONCLUSION
The development of economic and financial law in
Uzbekistan reflects the country's journey from a
centrally planned economy to a market-oriented
system. The legal framework is shaped by a
combination
of
constitutional
principles,
legislative acts, regulatory guidelines, and
international influences. As Uzbekistan continues
to reform and modernize its legal system,
addressing challenges and seizing opportunities
will be essential for fostering a stable, inclusive,
and dynamic economy. The specific aspects of
economic and financial law in Uzbekistan
underscore the importance of a comprehensive
and adaptive legal framework that supports
economic growth, ensures legal certainty, and
promotes social well-being. As the country
navigates the complexities of the global economy,
the continued development of robust legal
structures will be crucial for achieving long-term
prosperity and stability.
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24-29
SJIF
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(2023:
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