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RESOLUTION OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN

of January 17, 2022 No. PP-90

About additional measures for implementation of effective mechanisms of support of the capital market

For the purpose of further market development of the capital, expansion of practice of privatization of packets of the state shares by means of the capital market, stimulation of investment of the population into securities and creations of healthy competitive environment in the financial market:

1. Determine that from April 1, 2022 to December 31, 2024:

the income added in the form of share dividends of physical persons - residents and nonresidents of the Republic of Uzbekistan is exempted from tax on the income;

on the income added in the form of share dividends of legal entities - nonresidents of the Republic of Uzbekistan, the 5 percent rate of the income tax by analogy with legal entities - residents of the Republic of Uzbekistan is applied;

income in type of the added percent on bonds of economic societies of physical persons and legal entities - residents and nonresidents of the Republic of Uzbekistan is exempted from income tax and the income tax of legal entities.

2. Establish procedure according to which since July 1, 2022:

in case of transactions with securities at the organized off-exchange biddings securities by the seller (except for the issuer) pay collection in the amount of percent 0,3 from the amount of transaction instead of the income tax and tax on the income;

in case of adoption by general shareholder meeting of the decision on exception of shares of society of exchange quoted leaf of stock exchange shareholders - owners of voting shares of this society are granted redemption right to claim by society of the stocks owned by them.

3. Approve the offer of the Agency on management of the state assets and the Ministries of Finance about carrying out in republican stock exchange "Toshkent" of primary (IPO) and (or) secondary (SPO) of public offer of shares of joint-stock companies according to the list according to appendix No. 1.

Provide to State commission on holding tenders in case of sale of state-owned property of power to establish amount and terms of release for sale of the block of shares of primary (IPO) and (or) secondary (SPO) of public offer, to make changes and additions to their list according to reasonable offers of the Agency on management of the state assets and the Ministry of Finance, including taking into account market situation and the conclusions of underwriters, based on decisions of the President of the Republic of Uzbekistan.

In two-month time to provide to the Cabinet of Ministers approval of separate "road maps" on each company to whom the public offer of shares based on appendix No. 1 to this resolution will be carried out.

4. Approve the offer of the Ministry of Finance and Agency on management of the state assets on permission as experiment till December 31, 2023 to foreign banks and investment intermediaries to perform underwriting activities, having signed the agreement with the local legal entities having the right to perform underwriting activities in the security market, and at least 500 million sum of own means, without receipt of the separate license in the Republic of Uzbekistan.

To the Ministry of Finance:

in three-months time to approve single and transparent criteria for the foreign banks and investment intermediaries having the right to perform underwriting activities in the security market without receipt of the separate license in the Republic of Uzbekistan;

together with Agency on management of the state assets till February 1, 2024 to make the offer on feasibility of application of experiment to all participants having the right of implementation of underwriting activities in the security market with carrying out the deep analysis of its results.

5. Provide since April 1, 2022 to local issuers the right according to the recommendation of the underwriter to place the shares on the foreign stock markets after preliminary placement on the RBF "Toshkent" or to place at the same time in local and foreign stock exchanges.

6. Take into consideration that based on the resolution of the President of the Republic of Uzbekistan of November 7, 2007 No. PP-726 "About measures for further development of bank system and involvement of free money in bank turnover" the commercial banks having the license for implementation of the banking activity having the right to perform activities of the investment intermediary in the security market.

To the Ministry of Finance in two-month time at meetings of governing bodies of commercial banks with the state share to consider question of establishing activities of the investment intermediary in the security market.

7. To the Ministry of Finance:

together with the interested departments in three-months time to introduce to the Cabinet of Ministers the bill providing modification and amendments in the Tax code of the Republic of Uzbekistan and the laws of the Republic of Uzbekistan "About joint-stock companies and protection of shareholder rights", "About the security market", following from this resolution;

together with Agency on management of the state assets in two-month time to create the system providing the securities trading on the Republican stock exchange "Toshkent", not included in exchange listing.

8. Make changes and addition to the resolution of the Cabinet of Ministers of May 10, 2017 No. 268 "About the organization of carrying out public offer of shares on the stock exchange" according to appendix No. 2.

9. To impose control of execution of this resolution on the deputy prime minister of the Republic of Uzbekistan D. A. Kuchkarov.

President of the Republic of Uzbekistan

Sh. Mirziyoev

 

Appendix № 1

to the Resolution of the President of the Republic of Uzbekistan of January 17, 2022 No. PP-90

The list of joint-stock companies, primary (IPO) and (or) secondary (SPO) public offers of shares of which will be carried out on the RBF Tashkent

Name of joint-stock company

Region of arrangement

Share of the state

Realization form

1.

JSC UzAuto Motors (1)

Andijan region

100,0

IPO

2.

JSC UzAuto Motors Powertrain (1)

Tashkent region

100,0

IPO

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