Document from CIS Legislation database © 2003-2019 SojuzPravoInform LLC

RESOLUTION OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN

of February 21, 2008 No. PP-800

About creation of the company with foreign investments "General Motors Uzbekistan"

(The last edition from 26-12-2018)

For the purpose of further sustainable development of automotive industry of the republic, its integration with one of the leading global car makers, implementation of modern technologies of management of production processes, updating and extension of the product range at the expense of production organization new modern, meeting the international requirements and standards, models of cars, increases in their quality and competitiveness, ensuring growth of sales volumes in the internal and external markets:

1. Take into consideration that JSC Uzavtosanoat, by Uzdeuavto Ltd, General Motors corporation (USA) and the "General Motors of Daewoo of the Car and Technology" company (Republic of Korea) the Agreement on creation based on Uzdeuavto Ltd of the company with foreign investments in the form of General Motors Uzbekistan private company with the authorized capital on registration date in the amount of, equivalent 266, in 7 million US dollars is signed on October 8, 2007.

2. Approve the Investment agreement signed by the Ministry of Foreign Economic Relations, Investments and Trades of the Republic of Uzbekistan on behalf of the Government of the Republic of Uzbekistan with General Motors corporation, the "General Motors International of Holdings" company, regulating questions of entry of General Motors corporation into the authorized capital of Uzdeuavto Ltd, reflecting the specific obligations of foreign investors and measure for the state support provided to the created company by the Government of the Republic of Uzbekistan.

To provide to the Ministry of Foreign Economic Relations, Investments and Trades of the Republic of Uzbekistan together with JSC Uzavtosanoat control of unconditional execution by foreign investors of undertaken obligations according to the signed Investment agreement.

3. To the State Property Committee of the Republic of Uzbekistan:

make registration of additional share issue of Uzdeuavto Ltd for the total amount equivalent 66, of 7 million US dollars on registration date of additional share issue, in number of 6 666 668 pieces of the common nominal shares denominated in national currency, nominal value of one share in equivalent of 10 US dollars;

make registration of changes in the prospectus of the issue of shares of JSC Uzavtosanoat in connection with increase in the size of authorized capital of the company, according to decisions of Council of the company, without collection of the registration fee.

4-6. Confidentially.

7. Exempt JSC Uzavtosanoat from the tax discharge on profit according to the income in type of the dividends received from Uzdeuavto Ltd, added for the retained earnings account created following the results of 2005-2007.

8. Exempt for a period of 5 years:

 General Motors Uzbekistan Ltd - from the tax discharge on value added;

the companies - producers of components, materials and the industrial equipment from the tax discharge on value added regarding products sold by them for cars of production of General Motors Uzbekistan Ltd

from customs payments (except for charges for customs clearance) the goods imported by General Motors Uzbekistan Ltd, JSC Uzavtosanoat and also other manufacturing companies of the industrial equipment, materials, the components used in production of cars of General Motors Uzbekistan Ltd for the list according to appendix No. 1;

foreign personnel of General Motors Uzbekistan Ltd from the tax discharge on income gained within work at this company;

the company "General Motors Holding Al-Al-Si, the "General Motors International of Holdings" company and their legal successors from the tax discharge on profit according to the income received in the form of the dividends paid to General Motors Uzbekistan Ltd.

Determine what from the moment of development of General Motors Uzbekistan Ltd of production of new model of the car, according to the schedule according to appendix No. 2 (is not given), the privileges established by this resolution are prolonged for five-year term with completion of term of their action till December 31, 2017.

Determine that services of official dealers of General Motors Uzbekistan Ltd in repair and field service of cars, including the cost of the spare parts, nodes, aggregates and materials established when rendering these services, and also realization of spare parts, nodes, aggregates and materials through their retail chain stores are performed without the value added tax.

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