Approved by the Ministry of Finance of the Republic of Uzbekistan of November 25, 1997 No. 654 the State Tax Committee of the Republic of Uzbekistan of November 25, 1997 No. 97-98 the Central bank of the Republic of Uzbekistan of November 25, 1997 No. 50B

Procedure for Correctness of use of national currency of the Republic of Uzbekistan in calculations for export-import transactions

This procedure is developed according to acting legislative and regulations of the Republic of Uzbekistan and is obligatory to execution by all business entities (residents and nonresidents), including the physical persons perfroming calculations in national currency of the Republic of Uzbekistan for export-import transactions.

A. During transaction on import contracts to deliver goods, performance of works (rendering services) or according to credit agreements with transfer of funds from residents for the correspondent accounts of Loro of foreign banks opened in authorized banks of the Republic of Uzbekistan:

А.1. The organizations of banks serving the resident make money transfer from its deposit account on correspondent account of Loro of foreign bank for the foreign partner in case of availability and verification of the following documents:

I. According to import contracts to deliver goods, including on consignment and credit basis:

1. Copy of the contract to deliver goods;

2. The copy of the customs declaration about commodity importation;

3. The passport copy of the import transaction on imported goods;

4. Availability of means on the deposit account under this contract;

5. The payment order where shall be specified the specific name of the nonresident supplier, number and date of the contract, passport of the import transaction. At the same time the amount specified in the payment order shall correspond to the cost of the goods delivered to the republic under this contract according to the cargo customs declaration and shall not exceed the total cost of the contract estimated at hard currency taking into account the income of the nonresident after payment of taxes on it according to the current legislation;

6. The certificate of authorized bank of the Republic of Uzbekistan of confirmation of availability of the operating correspondent account of Loro of foreign bank;

7. The certificate of tax authority of absence of debt on taxes and on other obligatory payments of both the resident, and the nonresident according to income gained in the Republic of Uzbekistan;

8. The certificate of the Central bank of the Republic of Uzbekistan of registration of the credit agreement (on the non-quaranteed credits) on the basis of which delivery of goods will be performed.

II. Under contracts for performance of works or rendering services by nonresidents to business entities in the territory of the Republic of Uzbekistan:

1. Copy of the contract for performance of works or rendering services;

2. Acts on the amount of the performed works or the rendered services. In case of final settlement the documents confirming completion of works (services);

3. Availability of means on the deposit account of the resident customer;

4. The payment order where shall be specified the specific name of the nonresident contractor who signed the contract, number and date of the contract. The amount specified in the payment order shall constitute no more than 15% of advance payment or correspond to actually performed works, and also the cost of the delivered equipment, material confirmed to GTD. At the same time the total amount of the translation shall not exceed the total cost of the contract estimated at hard currency taking into account the income of the nonresident after payment of taxes on it according to the current legislation;

5. The certificate of authorized bank of the Republic of Uzbekistan of confirmation of availability of the operating correspondent account of Loro of foreign bank;

6. The certificate of tax authority of absence of debt on taxes and on other obligatory payments of both the resident, and the nonresident according to income gained in the Republic of Uzbekistan.

III. Under the import contracts signed at the fair and exchange biddings of the Uzbek republican commodity and raw exchange (Exchange):

1. The copy of the contract registered at the Exchange. At the same time correctness of application of currency rate with date of the conclusion of the contract is verified;

2. Availability on the deposit account of the resident buyer of necessary means for implementation of 100% of payment of each batch;

3. The certificate of authorized bank of the Republic of Uzbekistan of confirmation of availability of the operating correspondent account of Loro of foreign bank;

4. The certificate of tax authority of absence of debt on taxes to other obligatory payments of the resident buyer.

IV. On the non-quaranteed credits obtained by residents in foreign currency on the basis of contracts with nonresidents in case of interest payment and repayment of principal debt in national currency - bags.:

1. Copy of the credit agreement;

2. Certificate of the Central bank of the Republic of Uzbekistan of registration of the credit agreement;

3. Availability of means on the deposit account of the resident borrower of the credit according to this credit agreement;

4. The payment order with the nonresident creditor's details on the amount of the next payment with appendix of the payment schedule of the credit and percent on it, also with indication of number and date of the contract. At the same time the total amount of the translation shall not exceed the total cost of the credit agreement taking into account charge of percent estimated at hard currency;

5. The certificate of authorized bank of the Republic of Uzbekistan of confirmation of availability of the operating correspondent account of Loro of foreign bank;

6. The certificate of tax authority of absence of debt on taxes and on other obligatory payments of both the resident, and the nonresident according to income gained in the form of percent from granted loan to resident in the Republic of Uzbekistan.

V. In case of money transfer in the form of dividends (profit) on participation by nonresidents in the authorized capital or liquidation of the companies of the Republic of Uzbekistan with participation of the foreign capital:

1. The copy of the registration certificate of the company or the document confirming about liquidation of the company;

2. Copies of constituent documents (agreement, charter);

3. Minutes abstract of general shareholder meeting (participants, founders) or other authorized body about approval of the year balance and availability of the conclusion of tax authority about correctness of determination of the size of the dividend (profit);

4. Availability of means on the deposit account;

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