RESOLUTION OF THE SUPREME ECONOMIC COURT OF THE REPUBLIC OF UZBEKISTAN

of June 2, 2004 No. 10-0407/1790

(extraction)

If the subsequent legislation of the Republic of Uzbekistan worsens investment conditions, the legislation existing for date of investment is applied to foreign investments within ten years from the moment of investment.

IP JF INTERNATIONAL appealed to economic court with the claim to UGTK for Tashkent about return of unreasonably paid money in the amount of 54350 bags (payment of the excise tax on tea).

By the judgment satisfaction of claims it is refused.

In appellate instance case was not considered.

Without having agreed with the decision, the claimant appealed to the Supreme Economic Court with the writ of appeal about its cancellation and satisfaction of claims.

Judicial board, having studied case papers and having discussed arguments of the writ of appeal, considers the claim reasonable on the following bases. As it is seen from case papers, the claimant, being 100% overseas enterprise, it is registered in the Ministry of Justice for N2545 in December, 1996. More than 50 percent of disabled people work at the company.

At the moment, the authorized fund of overseas enterprise constitutes 4000000 US dollars, one of core activities of which, production of food is.

IP JF INTERNATIONAL according to authorized activities imports raw materials and auxiliary materials for own production needs, including tea.

The resolution of the RUZ Cabinet of Ministers for N567 of December 25, 2003 established the excise tax on the tea imported on the territory of the Republic of Uzbekistan in the amount of 10%.

Referring to the above-stated Resolution, the defendant in case of customs clearance of load of the tea which arrived to the claimant (the contract NS-20 of January 10, 2004), being raw materials for production, obliged to pay IP JF INTERNATIONAL the excise tax in the amount of 54350-79 bags. The claimant, in order to avoid payment of penalties, paid the excise tax on tea.

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