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RESOLUTION OF THE CABINET OF MINISTERS OF THE REPUBLIC OF UZBEKISTAN

of September 16, 2003 No. 401

About approval of the Regulations on procedure for preservation of not used fixed assets and objects of construction in progress

(as amended on 14-04-2020)

In pursuance of the Presidential decree of the Republic of Uzbekistan of May 6, 2003 and for the purpose of enhancement of procedure for preservation of not used fixed assets and objects of construction in progress, and also write-off of costs on the stopped construction the Cabinet of Ministers decides No. UP-3240 "About the Main Directions of Further Deepening of Economic Reforms in Capital Construction":

1. Approve Regulations on procedure for preservation of not used fixed assets and objects of construction in progress according to appendix.

2. To the Ministry of Finance, the State Tax Committee of the Republic of Uzbekistan, the State committee of the Republic of Uzbekistan according to the statistics, to other interested ministries and departments together with the Ministry of Justice of the Republic of Uzbekistan to bring departmental regulations into accord with this resolution.

3. Recognize invalid:

the resolution of the Cabinet of Ministers of August 20, 1999 No. 397 "About approval of procedure for preservation and degreasing of objects of construction in progress and fixed assets" (the joint venture of the Republic of Uzbekistan, 1999, No. 8, the Art. 48);

Item 2 of appendix No. 2 to the resolution of the Cabinet of Ministers of April 18, 2003 No. 188 "About measures of increase in efficiency of the carried-out restructuring and financial improvement of economically insolvent companies" (the joint venture of the Republic of Uzbekistan, 2003, No. 4, the Art. 31).

4. To impose control over the implementation of this resolution on the First Deputy Prime Minister of the Republic of Uzbekistan Tulyaganov K. N. and Deputy prime minister of the Republic of Uzbekistan Azimov R. S.

Chairman of the Cabinet of Ministers

I. Karimov

Appendix

to the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan of September 16, 2003 No. 401

Regulations on procedure for preservation of not used fixed assets and objects of construction in progress

I. General provisions

1. This Provision determines procedure for preservation and degreasing of not used fixed assets and objects of construction in progress, and also write-off of costs by the stopped construction in the territory of the Republic of Uzbekistan.

2. The main terms accepted in this Provision:

preservation - complex of actions for ensuring safety of fixed assets or objects of construction in progress for the period determined by the relevant decision after which they are subject to use or continuation of construction;

degreasing - complex of actions for commissioning of the preserved fixed assets or to providing the beginning of works on completion of construction of the preserved objects;

construction in progress - actually made costs on object unfinished by construction;

original cost - the cost of actually made costs on construction (construction and completion) or acquisition of fixed assets, including the paid and not recoverable taxes (charges), but costs on delivery and mounting, installation, commisioning and any other expenses which are directly connected with reduction of asset in operating condition for its use to destination;

residual cost - the original (recovery) cost of fixed assets less cumulative depreciation amount on which the asset is reflected in accounting and the reporting.

II. Preservation

3. Can be subjected to preservation:

objects of construction in progress, in case of neediness of their capital investments or in case of reasons for temporary or final inexpediency of further investment of capital on continuation of their construction - for the period before renewal of construction or sale of object to the new owner;

fixed assets - in case of establishment of discrepancy of their technological level to modern requirements or lack of need of their use for the production purposes within 3 months - for the period before renewal of their demand or sale to the new owner, but no more than 24 months.

4. The decision on preservation of not used fixed assets with establishment of specific term is made:

a) The Cabinet of Ministers of the Republic of Uzbekistan in the relation:

natural monopolists;

the companies which upgrade and modernization is carried out according to the decision of the Cabinet of Ministers of the Republic of Uzbekistan;

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