Approved on April 20, 1997 by the Ministry of Finance of the Republic of Uzbekistan, State tax committee of the Republic of Uzbekistan of April 16, 1997, No. 04-02-05/155, No. 97-27, the Deputy prime minister of the Republic of Uzbekistan

Procedure for provision of the tax credits to the companies with the foreign investments making export-oriented and import-substituting products

1. General provisions

1.1. This procedure is developed according to the Presidential decree of the Republic of Uzbekistan of May 31, 1996 "About additional measures for stimulation of creation and activities of the companies with foreign investments" and determines conditions of provision of the tax credit to the companies with the foreign investments making export-oriented and import-substituting products.

1.2. The tax credit represents change of completion date of the tax liability in case of which the taxpayer is given opportunity during certain term to reduce the tax payments which are due from it with subsequent their step-by-step payment.

1.3. The tax credit, according to the above-named Decree, is provided due to delay of receivable payments in the budget for the income tax, the value added tax and the land tax for a period of up to two years.

1.4. The tax credit can be granted as on one and at the same time by three types of tax payments.

1.5. For use of the tax credit the payment in the form of percent, at the rate to equal 30 percent from refunding rate of the Central bank of the Republic of Uzbekistan which are transferred into the budget quarterly, from the total amount of the accrued (delayed) taxes to the 25th following reporting quarter on the Section of budget classification on the income tax is levied from the company (taxpayer).

1.6. The tax credit is granted only to those companies which have no current debt to the budget for taxes on date of registration of the credit.

In exceptional cases, when the debt to the budget formed for the reasons, independent of the companies, the tax credits can be granted to such companies with the permission of the Cabinet of Ministers.

1.7. The means released from the taxation shall be aimed at the development and expansion of production of export-oriented and import-substituting products.

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