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IT IS REGISTERED

Ministry of Justice

Republic of Uzbekistan

On June 21, 1999 No. 753

Approved by the Ministry of Finance of the Republic of Uzbekistan No. 37, the State Tax Committee of the Republic of Uzbekistan No. 99-60, the Central bank of the Republic of Uzbekistan No. 128-B of May 7, 1999

Procedure for repayment of obligations to the budget by the business entities having means on accounts in foreign currency

This Procedure is developed according to the Law of the Republic of Uzbekistan "About the State Tax Service", "About measures for increase in responsibility of business entities for calculations with the budget" of August 9, 1996 NUP-1504 also provides with the Presidential decree of the Republic of Uzbekistan strict and timely execution by business entities of the obligations to the budget.

1. This Procedure extends on all business entities, irrespective of patterns of ownership, including to overseas enterprises, affiliated enterprises having debt to the budget in the absence of means at them on accounts in national currency and availability of means on accounts in foreign currency.

2. Bodies of the State Tax Service (district, city GNI), in case of origin at business entities of debt to the budget expose collection orders on all outstanding amount in the serving these business entities banks.

3. Acceptance from bodies of the State Tax Service for collection of requirements is made during all working day of bank. Within one day (operational time) the serving banks, based on the collection order in indisputable procedure perform write-off from accounts of the companies money according to "The instruction about procedure for cash write-off from bank accounting of business entities", registered by the Ministry of Justice on January 30, 1999 N 615. In case of lack of means on accounts of business entities the serving banks in three-day time inform on it bodies of the State Tax Service.

4. Bodies of the State Tax Service after receipt of data from the serving banks on shortcoming on accounts of the company of money for complete debt repayment before the budget send to one-day time representation to authorized banks in which there is on-demand deposit account in foreign currency of the company for the form given in appendix to this Procedure.

5. Authorized bank, having accepted representation of body of the State Tax Service and having analysed accounts in foreign currency of business entity regarding availability of necessary means, in indisputable procedure performs sale of currency means at the Uzbek Republican currency exchange at the rate on the date of sale, in the amounts necessary for debt repayment before the budget, and lists amount-based equivalent on the on-demand deposit account in national currency of debtor enterprise. At the same time cash write-off is made in compliance with "The instruction about procedure for cash write-off from bank accounts of business entities", the Republic of Uzbekistan registered by the Ministry of Justice on January 30, 1999 N 615.

If means in foreign currency are not enough for complete debt repayment before the budget, the authorized bank in three-day time reports about their shortcoming to tax authority. At the same time, the given representation for debt repayment affects converting of currency means until complete repayment of shortage that is confirmed by the certificate of body of the State Tax Service of condition of settlement of the company with the budget.

6. Data on the drawn-up representations go territorial authorities of the State Tax Service to GGNU of the Republic of Karakalpakstan, Tashkent and GNU of areas no later than the 5th following for reporting, and the last - in Head department on control for currency and export-import transactions of GNK monthly no later than the 8th following for reporting for control of execution of representations.

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