RESOLUTION OF THE CABINET OF MINISTERS OF THE REPUBLIC OF UZBEKISTAN

of November 18, 1998 No. 477

About measures for stimulation of attraction of the foreign capital in case of privatization of state-owned property

For the purpose of creation of the effective mechanism of attraction of foreign investments in case of privatization of state-owned property, ensuring protection of the rights and interests of foreign investors in the Cabinet of Ministers security market decides:

1. ceased to be valid the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan N 511 of 26.11.99.

2. ceased to be valid the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan N 511 of 26.11.99.

3. State commission:

in two weeks to submit for approval in the Cabinet of Ministers Regulations on State commission on holding tenders in case of sale of state-owned property;

in two-month time to attract the foreign estimative companies to value assessment of the companies according to appendices No. 1 and 3;

together with the State Property Committee of the Republic of Uzbekistan to publish the prospectus of the objects reflected in the appendices N 1-3, with indication of their productive and economic and financial characteristics which are of interest to foreign investors and also the main details of these objects in a month.

4. Determine that:

the means in foreign currency or processing equipment received by the privatized company on account of investment obligations of the foreign investor are not the taxation object on the income (profit) and value added.

5. Ceased to be valid

6. Agree with the offer of the Ministry of Finance, Central bank, State Property Committee - and National Bank of foreign economic activity of the Republic of Uzbekistan about holding actions for receipt of sovereign rating of the Republic of Uzbekistan according to the appendix N 6.

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