THE ORDER OF THE TAX COMMITTEE UNDER THE GOVERNMENT OF THE REPUBLIC OF TAJIKISTAN

of December 7, 2012 No. 14-F

About approval of the Instruction "About procedure for calculation and tax discharge on profit"

According to part 8 of article 158 of the Tax Code of the Republic of Tajikistan,

I dispose:

1. Approve the Instruction about procedure for calculation and tax discharge on profit in the state and Russian languages it (is applied).

2. Approve this instruction with the Ministry of Finance of the Republic of Tajikistan and provide for state registration in the Ministry of Justice of the Republic of Tajikistan.

3. Assist financial and economic management for placement of this Instruction in the Bodzhu Hirodzh and Dzhumkhuriyat newspapers, and also to take measures for bringing this Instruction to local tax authorities and taxpayers.

4. This Order becomes effective after state registration and official publication since January 1, 2013.

5. Declare invalid the Order of the Chairman of the Tax Committee under the Government of the Republic of Tajikistan from 27.09.2011, for No. 9-F "About approval of the Instruction "About procedure for calculation and tax discharge on profit", registered in the Ministry of Justice of the Republic of Tajikistan of 29.11.2011, No. 632.

6. I impose control over execution of this Order on the vice-chairman Yusupov P. S.

Approved by the Order of the Tax Committee under the Government of the Republic of Tajikistan of December 7, 2012 No. 14-F

The instruction "About procedure for calculation and tax discharge on profit"

1. General provisions

1. The instruction about procedure for calculation and tax discharge on profit (further - "Instruction") is developed according to part 8 of article 158 of the Tax Code of the Republic of Tajikistan.

2. The instruction in details determines taxpayers, procedure for its calculation, payment, delivery of tax statements and other elements of the taxation of the income tax.

2. Taxpayers

3. Income tax payers are legal entities (except for persons answering to conditions of special tax regimes).

Branches and representations of resident legal entities and their separate divisions cannot be independent income tax payers.

Example: The Aktiv limited liability company was registered in January, 2013. As Society falls under conditions of the taxation of the simplified taxation system for subjects of small business provided by Chapter 43 of the Tax code, therefore, Society in 2013 cannot be the income tax payer.

Example: The Asia private company is income tax payer which has branches and representations in the territory of other regions of the Republic of Tajikistan. In this example, branches and representative offices of Asia Ltd are not (are not recognized) independent income tax payers.

4. Any foreign subject which is not physical person is considered for the purposes of this Instruction as the taxpayer company if he does not prove that he acts as the participant of joint tenancy according to article 147 of the Tax Code.

Irrespective of organizationally legal form in which the foreign subject in foreign state and irrespective of the fact of recognition by his legal entity or not in foreign state, its activities or the gained income from sources of the Republic of Tajikistan is registered are recognized as activities or income gained by overseas enterprise. The case provided in Item 87 of this Instruction that is if the foreign physical person conducts activities can be exception or gains income within the agreement of particular partnership (cooperation agreement) of the Civil code of the Republic of Tajikistan provided in Article 1058.

3. Taxation object

5. The taxation object on the income tax for resident is the gross income reduced by the amount of the deductions provided by this Instruction.

6. The gross income consists of the income, remunerations and benefits of the taxpayer in cash and natural (non-material) form, including all receipts leading to increase in net value of assets of the taxpayer except receipts, tax-exempt on profit.

Gross income for the purposes of this Instruction increase in economic benefits as a result of receipt of assets (money, material and non-material property) from deliveries of goods (performance of works, rendering services) or the repayments of obligations (offset) leading to increase in net value of assets of the taxpayer and also non-operating and operating incomes of the taxpayer is recognized.

a) treat non-operating and operating incomes of the taxpayer:

- receipt of penalties, penalty fee, the penalties for violation of conditions of agreements both recognized by the debtor, and awarded judicially;

- the assets received gratuitously, including received from participants (shareholders) or according to the gift agreement. At the same time, the cost gratuitously of the received property is determined by market value at the time of their obtaining;

- receipts in the account compensation of the caused losses, both recognized as the debtor, and awarded judicially;

- the profit of last years revealed in reporting year;

- the amounts of creditor and depositor debt on which the term of limitation period at the time of write-off of amount of debt in financial accounting of the taxpayer as not having cost expired;

- positive exchange and amount-based differences on revaluation of the foreign currency and receivables expressed in foreign currency.

- the percent received under agreements of the credit, loan;

- rent, royalty and other forms of remuneration for right to use.

b) for the purposes of this Instruction is not recognized gross income of the taxpayer of receipt type:

- excises, sales tax of cotton-fiber and aluminum primary;

- the amount received by the taxpayer under commission agreements, orders and to other similar agreements, subject to payment for benefit of the consignor, the principal, except for the amounts of remuneration and expense recoveries of the broker, the attorney. If all requirements of the civil legislation of the Republic of Tajikistan concerning observance of conditions for the conclusion and the subsequent realization similar the agreement were not observed, and/or the being of the transaction does not correspond to its form, the transaction can be qualified by tax authorities as purchase and sale. Respectively, gross income for the purpose of calculation of the income tax under commission agreements, the order and similar agreements the amount the taxpayer (agent) similarly as according to transactions of purchase and sale will be recognized all received (subject to obtaining);

- pledge if the agreement provides transfer of pledged property to the pawnbroker, except as specified, when the pledged property is transferred it (is alienated) in property to the pawnbroker;

- receipt of the main credit amount, the loan granted by the taxpayer, to the borrower;

- property value, received by the taxpayer as share and (or) contribution to the authorized (share) capital;

- amount of money, received by the taxpayer issuer from placement of the shares issued by it.

Example: Aktiv LLC was registered on January 5, 2013. Founders of Society are two physical persons residents of the Republic of Tajikistan. The authorized capital of Society during creation is announced in the amount of 10 000 somoni. The cost of the received property from founders for forming of the authorized capital of Society is not recognized the income of Society, respectively will not be assessed with the income tax.

In case of further increase in the authorized capital of Society, at the expense of additional contribution of founders or by net profit of Society will also not be recognized the income of Society. Provided that such increase was made and properly registered in compliance to requirements of the Civil code of the Republic of Tajikistan, the Law of the Republic of Tajikistan "About limited liability companies" and the Law of the Republic of Tajikistan "About state registration of legal entities and individual entrepreneurs".

7. The taxation object of the nonresident performing activities in the Republic of Tajikistan through permanent organization is its gross income from sources in the Republic of Tajikistan connected with permanent organization, reduced by the amount of the deductions provided by this Instruction concerning such income.

Example: The foreign company "Star" within 150 calendar days in 2013 rendered services in the territory of the Republic of Tajikistan, through workers and the personnel hired for these purposes. According to article 12 of the Tax Code, activities foreign the Star company in the territory of the Republic of Tajikistan for the purpose of the taxation forms permanent organization of the nonresident.

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