The Senate has approved amendments to the legislation aimed at developing mortgage lending. This was reported by the press service of the upper chamber of the Oliy Majlis.
The bill was passed by the lower chamber in its final reading in September. It includes changes to the laws "On Mortgages," "On the Securities Market," and "On Insolvency," which are intended to simplify the use of mortgage notes as collateral.
Currently, applicants need to contact cadastral authorities to register rights under the pledge agreement, as well as the direct presence of the parties when formalizing the note. It was noted that this significantly complicates the process when there are a large number of notes.
The new law allows for the formalization of notes online or through a public service center. The concept of an electronic note is introduced, which will speed up their processing and reduce costs.
The bill provides organizations involved in mortgage refinancing the ability to issue bonds for amounts exceeding their own charter capital. This means increased opportunities for them to attract funds.
As noted during the document's review by the Senate, its adoption is expected to simplify the process for banks to attract financial resources through notes. The terms of the loan will remain the same; only the payment recipient will change.
Additionally, the senators approved a number of amendments to the Tax Code. The threshold for total income, upon reaching which taxpayers are required to make monthly advance tax payments quarterly, is raised from 5 billion to 10 billion sums.
At the same time, budget subsidies granted by the president or the Cabinet will not be included in the total income. The bill establishes tax incentives for the construction of private schools at their own expense.
Furthermore, the turnover of operators of wagons and containers leased for railway transport will be exempt from VAT. This exemption will apply to resident companies.
Previously, Spot reported on how the criteria for evaluating applications for mortgage subsidies have changed.