Uzbekistan Overhauls Bank Consumer Protection and Taxation Rules

Uzbek authorities are strengthening consumer protection in the banking sector. Under the new rules, banks must identify the root cause of repeated errors – such as unjustified commissions, incorrect credit‑payment calculations or faulty mobile‑app operations – and address systemic issues rather than merely refunding affected customers. Internal audit and management accountability are also being increased, and repeated complaints will be treated as indicators of broader process failures.

At the same time, a fiscal proposal aims to lower the profit tax for large sectors, including commercial banks and mobile operators, from 20 % to a uniform 15 %. To compensate for the expected loss of about 859 billion soum in annual budget revenue, the plan would expand the value‑added tax (VAT) base to cover many banking commission services, such as account maintenance, card issuance, acquiring, currency exchange and payment processing. This could lead to higher costs for bank customers while seeking to balance the state’s fiscal position.