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Ministry of Justice

Republic of Uzbekistan

On December 24, 2004 No. 1436

RESOLUTION OF THE MINISTRY OF FINANCE OF THE REPUBLIC OF UZBEKISTAN, STATE TAX COMMITTEE OF THE REPUBLIC OF UZBEKISTAN AND STATE COMMITTEE OF THE REPUBLIC OF UZBEKISTAN ON MANAGEMENT OF THE STATE-OWNED PROPERTY AND SUPPORT OF THE ENTREPRENEURSHIP

of December 13, 2004 No. No. 119, 2004-63, 01/06-20

About approval of the Regulations on procedure for determination and write-off of the amounts of bad debt of last years on payments in the Government budget of the Republic of Uzbekistan and the state trust funds, including the penalty fee and penalties added on them, on low-profitable, unprofitable, economically insolvent state companies, the implemented investors for zero redemption value

(as amended on 16-02-2015)

According to the Tax code of the Republic of Uzbekistan and resolutions of the Cabinet of Ministers of the Republic of Uzbekistan of 26.08.2003 No. 368 "About additional measures for acceleration of privatization of the state, low-profitable, unprofitable, economically insolvent companies and objects" (Collection of the orders of the Government of the Republic of Uzbekistan 2003, No. 8, the Art. 78) and of 05.05.2004 No. 209 "About measures but to acceleration of realization of separate objects of state-owned property at zero cost" (Collection of the legislation of the Republic of Uzbekistan 2004, No. 18, the Art. 206), we decide:

1. Approve the enclosed Regulations on procedure for determination and write-off of the amounts of bad debt of last years on payments in the Government budget of the Republic of Uzbekistan and the state trust funds, including the penalty fee and penalties added on them, on low-profitable, unprofitable, economically insolvent state companies, the implemented investors for zero redemption value.

2. This resolution becomes effective after ten days from the moment of its state registration in the Ministry of Justice of the Republic of Uzbekistan.

Minister of Finance

S. Rakhimov

Chairman of the State Tax Committee

B. Parpiyev

Chairman of the State management committee state-owned property and supports of entrepreneurship

M. Askarov

Approved by the Resolution of the Ministry of Finance, State Tax Committee and the State management committee state-owned property and supports of entrepreneurship of the Republic of Uzbekistan of December 13, 2004 No. 119, No. 2004-63, No. 01/06-20

Regulations on procedure for determination and write-off of the amounts of bad debt of last years on payments in the Government budget of the Republic of Uzbekistan and the state trust funds, including the penalty fee and penalties added on them, on low-profitable, unprofitable, economically insolvent state companies, the implemented investors for zero redemption value

This Provision according to the Tax code of the Republic of Uzbekistan, resolutions of the Cabinet of Ministers of the Republic of Uzbekistan of August 26, 2003 No. 368 "About additional measures for acceleration of privatization of the state, low-profitable, unprofitable, economically insolvent companies and objects", of May 5, 2004 No. 209 "About measures for acceleration of realization of separate objects of state-owned property for zero redemption value" and of October 6, 2014 No. 279 "About approval of regulations on procedure for privatization of objects of state-owned property" determines procedure for determination and write-off of the amounts of bad debt of last years by payments in the Government budget of the Republic of Uzbekistan (further - the Government budget), in the off-budget Pension fund under the Ministry of Finance of the Republic of Uzbekistan, Republican road fund under the Ministry of Finance of the Republic of Uzbekistan, The state fund of assistance of employment of the Republic of Uzbekistan and off-budget fund of reconstruction, capital repairs and equipment of comprehensive schools, professional colleges, academic lyceums and medical institutions under the Ministry of Finance of the Republic of Uzbekistan (further - the state trust funds), including the penalty fee and penalties added on them (further - debts), on low-profitable, unprofitable, economically insolvent state companies, the implemented investors (including foreign) on zero redemption value.

I. The companies on which write-off of outstanding amounts is made

1. Hopeless outstanding amounts are written off on low-profitable, unprofitable, economically insolvent state companies, implementable investors for zero redemption value under investment obligations.

2. The procedure for forming of the list of objects of state-owned property of the investment and social obligations and preparation of conditions of tender realized on "zero" redemption value with condition of adoption by the buyer is determined by Regulations on procedure for realization of objects of state-owned property by "zero" redemption value with condition of adoption of investment and social obligations by the buyer approved by the resolution of the Cabinet of Ministers of the Republic of Uzbekistan of October 6, 2014 No. 279.

II. Determination of the amounts of bad debt

3. The amount of bad debt is determined proceeding from cumulative outstanding amount by payments in the Government budget and the state trust funds, including the penalties added on them and penalty fee of this company, registered for the beginning of year of registration between the seller and the winner of tender of the agreement on realization of object of sale on zero redemption value.

4. The debt which does not have real sources of its covering which is determined by formula is recognized hopeless:

Формула к Пост. от 13.12.2004 года №119

where: Bz - bad debt;

Stars - debt to the Government budget and the state trust funds of everything, including penalties and penalty fee, formed for the beginning of year of execution of the agreement on realization of object of sale on zero redemption value between the seller and the winner of tender;

Pz - production supplies, finished goods and goods (p. 150 + p. 170 + p. 180 of the balance sheet);

DB - receivables amount (p. 210 of the balance sheet);

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