RESOLUTION OF THE SUPREME ECONOMIC COURT OF THE REPUBLIC OF UZBEKISTAN

of June 1, 2004 No. 15-03-04/4854

(extraction)

The privileges provided to foreign investors of Art. 3 of the Law "About Guarantees and Measures of Protection of the Rights of Foreign Investors" are applied under condition when the fact in evidence of deterioration in conditions of investment by the changes made to the legislation is investor.

The justice department of the Fergana region made the claim for the benefit of JV 172-TEHASO to the defendant - to Management of the State Customs Committee on the Fergana region about return of 108765447 bags of the paid customs payments.

By the decision of economic court satisfaction of the claim it is refused.

The decision is left by the resolution of appellate instance without change.

The justice department of the Fergana region appealed to the Supreme Economic Court of the Republic of Uzbekistan with the writ of appeal in which it asks to cancel the judgment and to return the amount of the paid VAT.

Judicial board, having studied case papers and arguments of the writ of appeal, considers the writ of appeal not subject to satisfaction, the decision of economic court - to leaving without change on the following bases.

From case papers it is seen that JV 112-TEHASO is formed based on the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan by N455 of December 23, 1996 in Fergana for production of high-quality oils, their packing and packaging. The share of the foreign investor (American) in the amount of 50,1% and share of the Uzbek participant - % 49,9 is provided in authorized fund. Appendix to this resolution provides the rights and privileges provided to newly created joint business. In particular, JV I2-TEHASO is exempted:

- from the customs duties, charges on the equipment, mechanisms, products and property imported by joint business for implementation of the activities and for personal needs of the foreign employees;

- duties for export and any charges connected with export of products of the joint venture from the Republic of Uzbekistan;

- payments of all taxes entering competence of the Cabinet of Ministers for the five-year period from the moment of registration;

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