RESOLUTION OF THE MINISTRY OF FINANCE OF THE REPUBLIC OF UZBEKISTAN AND STATE TAX COMMITTEE OF THE REPUBLIC OF UZBEKISTAN

of February 9, 2009 No. No. 20, 2009-9

About approval of the Regulations on procedure for calculation and payment in the budget of the excess profit tax on cement and clinker

According to the Tax code of the Republic of Uzbekistan, article 7 of the Law of the Republic of Uzbekistan "About the State Tax Service", the resolution of the President of the Republic of Uzbekistan of December 29, 2008 No. PP-1024 "About the forecast of the main macroeconomic indicators and parameters of the Government budget of the Republic of Uzbekistan for 2009" (Collection of the legislation of the Republic of Uzbekistan, 2008, No. 52, the Art. 515), we decide:

1. Approve the enclosed Regulations on procedure for calculation and payment in the budget of the excess profit tax on cement and clinker.

2. Declare invalid the resolution of the Ministry of Finance and State Tax Committee of the Republic of Uzbekistan of February 8, 2008 No. 13 and 2008-10 "About approval of the Regulations on procedure for calculation and payment in the budget of the excess profit tax on cement" (per. No. 1772 of February 21, 2008 - the Collection of the legislation of the Republic of Uzbekistan, 2008, Art. No. 8-9, 48).

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

Approved by the Resolution of the Ministry of Finance and State Tax Committee of the Republic of Uzbekistan

Regulations on procedure for calculation and payment in the budget of the excess profit tax on cement and clinker

This Provision according to the Tax code of the Republic of Uzbekistan, article 7 of the Law of the Republic of Uzbekistan "About the State Tax Service", the resolution of the President of the Republic of Uzbekistan of December 29, 2008 No. PP-1024 "About the forecast of the main macroeconomic indicators and parameters of the Government budget of the Republic of Uzbekistan for 2009" (Collection of the legislation of the Republic of Uzbekistan, 2008, No. 52, the Art. 515), determines procedure for calculation and payment in the budget of the excess profit tax on cement and clinker.

I. General provisions

1. This Provision does not extend to production of white cement, and also the cement and clinker made on alternative fuel - coal.

2. In this Provision the following concepts are used:

net revenue from realization of cement (clinker) - proceeds from sales of cement less the value added tax;

estimated price - the level of the price of cement (clinker) which is annually approved by the resolution of the President of the Republic of Uzbekistan on the forecast of the main macroeconomic indicators and parameters of the Government budget of the Republic of Uzbekistan for the next year;

excess profit - positive difference between net revenue from realization of cement (clinker), less expenses on packing of cement (clinker) in sacks (including the cost of sacks), and estimated price on all amount of the realized cement (clinker);

means, being at the command the taxpayer after the tax discharge on excess profit - difference between taxable basis and the excess profit tax;

net excess profit - the excess profit amount for the accounting period less obligatory contributions to the state trust funds in the share falling on excess profit.

3. The amount of net excess profit does not join in taxable basis in case of calculation of the income tax of legal entities.

II. Taxpayers

4. Taxpayers on excess profit are legal entities, irrespective of pattern of ownership, performing production of cement (clinker) which according to the legislation have subject to taxation.

III. Taxation object

5. The taxation object the excess profit tax is the excess profit of the taxpayer for the accounting period.

IV. Taxable basis

6. Taxable basis is the net excess profit determined on all amount of the realized cement (clinker) for the accounting period.

V. Tax rates

7. The excess profit tax is paid at the rate established by the decision of the President of the Republic of Uzbekistan.

VI. Tax period. Accounting period

8. Tax period is month.

9. The accounting period is month.

VII. Procedure for calculation, representation of calculations and tax discharge

10. The tax amount on excess profit is estimated proceeding from the extent of taxable basis and the established rates.

11. The excess profit tax is transferred into the republican budget in national currency - bags.

12. Calculation of the excess profit tax is represented separately by each type of products in bodies of the State Tax Service to the 25th following the accounting period in form according to appendices 1 and 2 to this Provision.

13. Taxpayers pay the excess profit tax no later than calculation representation term, proceeding from the actual sales amounts of products for the accounting period.

VIII. Accounting treatment for the excess profit tax

14. According to the National accounting standard of the Republic of Uzbekistan ( No. NSBU 21) "The chart of accounts of financial accounting of financial and economic activities of business entities and the instruction for its application" (per. No. 1181 of 23.10.2002, the Bulletin of regulations of the ministries, state committees and departments of the Republic of Uzbekistan, 2002 No. 20; 2003, No. 21-22), transactions connected with charge of the excess profit tax in financial accounting are reflected as follows:

a) when charging the excess profit tax:

the debit of the account of use arrived for tax payment and charges (9800) on in addition opened account 9811 "Tax expenses on excess profit";

the credit account 6410 "Debt on payments in the budget (by types)";

b) in case of transfer of tax amount in the budget:

the debit of account 6410 "Debt on payments in the budget (by types)"; credit of the account of money.

15. The basis for reflection in financial accounting of the excess profit tax is calculation for lalog on excess profit.

16. In the report on financial results ( No. form 2) the tax amount on excess profit considered on account 9811 "Tax expenses on excess profit" is shown on in addition opened line 251 "Excess profit taxes".

IX. Responsibility of taxpayers and control of bodies of the State Tax Service

17. Taxpayers bear responsibility according to the legislation of the Republic of Uzbekistan for correctness of calculation and tax discharge on excess profit.

18. Control of correctness of calculation and the tax discharge on excess profit is performed by bodies of the State Tax Service of the Republic of Uzbekistan according to the legislation of the Republic of Uzbekistan.

Appendix 1

to Regulations on procedure for calculation and payment in the budget of the excess profit tax on cement and clinker

* Note: the amount, being at the command the companies reduces line 240 in Calculation of the income tax of legal entities and tax on improvement and development of social infrastructure.

Appendix 2

to Regulations on procedure for calculation and payment in the budget of the excess profit tax on cement and clinker

* Note: the amount, being at the command the companies reduces line 240 in Calculation of the income tax of legal entities and tax on improvement and development of social infrastructure.

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