ORDER OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN

of November 19, 2008 No. 4010-P

About approval of the Procedure for realization to commercial banks of economically insolvent companies

In pursuance of the Presidential decree of the Republic of Uzbekistan of November 18, 2008. No. UP-4053 "About Measures for Further Increase in Financial Stability of the Companies of Real Production Sector" and for the purpose of creation of the effective mechanism of realization to commercial banks of economically insolvent companies:

1. Approve:

Procedure for realization of the bankrupt companies to commercial banks at the competitive biddings according to appendix No. 1.

Regulations on the Republican commission on realization of economically insolvent companies to commercial banks according to appendix No. 2.

2. Establish procedure according to which:

sale, transfer into the ownership of commercial banks of the bankrupt companies or their property, its entering into authorized capitals of business entities, and also the subsequent realization of business entities by banks, newly created based on property of the bankrupt companies, are exempted from taxation on value added;

business entities, newly created commercial banks including with participation of other investors (having successful work experience in the organization and establishing production and realization of products) based on property of the bankrupt companies, are exempted from the tax discharge on profit, single tax payment, the property tax, the land tax until their realization to the strategic investor, but no more than three years from the moment of their state registration, with the target direction of the released funds for technical and technological rearmament, upgrade and development of production;

the managing companies established by commercial banks are exempted from the tax discharge on profit and single tax payment within the first two years after their state registration.

3. To the state committee of the Republic of Uzbekistan on demonopolization, support of the competition and entrepreneurship together with the Ministry of Justice of the Republic of Uzbekistan, other interested ministries and departments to make in the Cabinet of Ministers offers on the changes and amendments in the legislation following from this resolution in a month.

4. Control of execution of this order to assign to 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.

Appendix No. 1

to the Order of the President of the Republic of Uzbekistan of November 19, 2008 No. P-4010

Procedure for realization of economically insolvent companies to commercial banks at the competitive biddings

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