PRESIDENTIAL DECREE OF THE REPUBLIC OF UZBEKISTAN

of December 19, 2006 No. UP-3831

About measures for stimulation of increase in level of capitalization of commercial banks

For the purpose of ensuring sustainable development of bank system, increase in level of capitalization of commercial banks, their active participation in investment processes and structural transformations of economy:

1. Determine that from January 1, 2007 to January 1, 2010:

income of legal entities gained in the form of share dividends of commercial banks is exempted from the taxation;

the taxable basis on the income tax and single tax payment decreases by the amount of the funds allocated for share purchase of commercial banks in case of their primary and additional releases.

The privileges provided in this Item are applied on the shares of commercial banks acquired since January 1, 2007, and also on share dividends, paid till December 31, 2009.

2. To the Ministry of Finance together with the Central bank of the Republic of Uzbekistan till January 1, 2007 to develop and approve Regulations on procedure for application of tax benefits in case of share purchase of commercial banks and receipt of dividends on them.

3. Recommend to commercial banks to stir up activities for attraction of available funds of the population, subjects of entrepreneurship, institutional investors, including foreign, in share capital of commercial banks.

4. To the Ministry of Justice of the Republic of Uzbekistan together with the interested ministries and departments:

in a month to make in the Cabinet of Ministers offers on the changes and amendments in the legislation following from this Decree;

provide reduction of departmental regulations of the ministries and departments in compliance with requirements of this Decree.

5. To impose control of execution of this Decree on the Prime Minister of the Republic of Uzbekistan Mirziyoyev Sh. M. and the Chairman of the Central bank of the Republic of Uzbekistan Mullazhanov F. M.

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