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

of February 10, 2009 No. No. 21, 2009-10

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

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 natural gas.

2. Declare invalid the resolution of the Ministry of Finance and State" the Tax Committee of the Republic of Uzbekistan of February 21, 2008 No. 15 and 2008-11 "About approval of the Regulations on procedure for calculation and payment in the budget of the excess profit tax on natural gas" (reg. No. 1776 of March 5, 2008 - the Collection of the legislation of the Republic of Uzbekistan, 2008, Art. No. 10-11, 67).

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.

Minister of Finance

R. Azimov

Chairman State Tax Committee

B. Parpiyev

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

Regulations on procedure for calculation and payment in the budget of the excess profit tax on natural gas

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" (The collection of the legislation of the Republic of Uzbekistan, 2008, No. 52, of the Art. 515) determines procedure for calculation and payment in the budget of the excess profit tax on natural gas.

I. General provisions

1. This Provision does not extend to sales amounts of natural gas within production sharing agreements.

2. In this Provision the following concepts are used:

net revenue from realization of natural gas for export - proceeds from sales of natural gas for export minus the value added tax, the excise tax and the funds allocated in Fund of reconstruction and development of the Republic of Uzbekistan;

the funds allocated in Fund of reconstruction and development of the Republic of Uzbekistan - exceeding of proceeds from sales of natural gas for export, less the value added tax and the excise tax, over "stop-out price";

estimated price and "stop-out price" - the levels of prices for natural gas which are 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 natural gas for export and estimated price;

net excess profit - the excess profit amount for the accounting period less tax for use of natural resources 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, enabling the realization of natural gas for export which according to the legislation have subject to taxation.

III. Taxation object

5. The taxation object on excess profit is the excess profit of the taxpayer determined by each contract for the accounting period.

IV. Taxable basis

6. Taxable basis is the net excess profit under each contract for the accounting period.

V. Tax rate

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 rate.

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

12. Calculation of the excess profit tax is represented in bodies of the State Tax Service to the 25th following the accounting period in form according to appendix 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. Procedure for calculation and use of means, being at the command taxpayer

14. Means, being at the command the taxpayer, are estimated as difference between taxable basis and the excess profit tax.

15. Means, being at the command the taxpayer, are enlisted in full into specially opened investment account on natural gas in the terms established for the tax discharge on excess profit. Funds from the specified investment account are spent only in coordination with the Ministry of Economy and Industry and the Ministry of Finance of the Republic of Uzbekistan for financing of the investment projects approved to realization in accordance with the established procedure, servicing of the loans attracted for implementation of investment projects and also for upgrade and modernization of the main production.

16. In case of not transfer to the special account of the taxpayer in authorized bank or not target use of the means accumulated on the special account, these means in full are collected in the government budget using the penalties provided by the current legislation.

IX. Accounting treatment for the excess profit tax

17. 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" (reg. 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, and means being at the command the taxpayer after the tax discharge on excess profit for subsequent target use, 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;

c) on the amount of means, being at the command the taxpayer for subsequent target use:

the debit of the account of use arrived for tax payment and charges (9800) on in addition opened account 9830 "Expenses on assignments from excess profit on target financing";

credit account 8890 "Other target receipts";

d) transfer into the special account of the amount of means, being at the command the taxpayer:

the debit of the account of money on special bank accounts (5500);

credit of the account of money.

18. The basis for reflection in financial accounting of the excess profit tax and means, being at the command the taxpayer for subsequent target use, is calculation for the excess profit tax.

19. In the report on financial results (form N 2) the tax amount on excess profit, the accounting period added since the beginning considered on account 9811 "Tax expenses on excess profit" is shown on in addition opened line 251 "Excess profit tax", and the amount of means, being at the command the taxpayer for subsequent target use, added since the beginning of the accounting period, considered on account 9830 "Expenses on assignments from excess profit on target financing", is reflected on in addition opened line 252 "Assignments from excess profit on target financing".

20. The transactions connected with charge and money transfer in Fund of reconstruction and development of the Republic of Uzbekistan in financial accounting are reflected as follows:

a) when charging in Fund of reconstruction and development of the Republic of Uzbekistan of the amount formed due to exceeding of sales price on natural gas (less the value added tax and the excise tax) over "stop-out price" on natural gas:

the debit of account 4010 "Accounts to obtaining from buyers and customers";

the credit of the account of debt on insurance and on payments in the state trust funds (6500) on in addition opened account "Payments in Fund of reconstruction and development of the Republic of Uzbekistan";

b) in case of transfer in Fund of reconstruction and development of the Republic of Uzbekistan of the amount formed due to exceeding of sales price on natural gas (less the value added tax and the excise tax) over "stop-out price" on natural gas:

the debit of the account of debt on insurance and on payments in the state trust funds (6500) on in addition opened account "Payments in Fund of reconstruction and development of the Republic of Uzbekistan";

credit of the account of money".

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

21. Taxpayers bear responsibility according to the current legislation of the Republic of Uzbekistan for correctness of calculation and tax discharge on excess profit, and also for money transfer into the special account of the taxpayer in authorized bank and target use of the means accumulated on the special account.

22. 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

to Regulations on procedure for calculation and payment in the budget of the excess profit tax on natural gas

Stamp of the legal entity

in the State tax authorities _________________ area (city)

Taxpayer ___________________________________________________

(name of the company, organization)

INN

Phone ______________

Payer's address ___________________________________________________

Settlement account No. ___________________________________________________

(name of organization of bank, code)

CALCULATION

the excess profit tax on natural gas

Indicators

Code of line

Unit of measure

In total

Including the amount under each contract separately

Amount of the realized natural gas for export

010

one thousand CBM

US dollar exchange rate to bag for date of realization of natural gas for export (on the last date) - at the Central Bank rate of the Republic of Uzbekistan

020

bags

Per 1000 CBM of natural gas for export:

Net revenue from realization

030

US dollar

Estimated price

040

US dollar

The excess profit amount (positive difference (p. 030 - p. 040))

050

US dollar

Tax for use of natural resources in case of rate ___ %, in the share falling on excess profit (p. 050 x ___ %)

060

US dollar

Taxable basis (net excess profit) (p. 050 - p. 060)

070

US dollar

The established rate of the excess profit tax

080

%

The tax amount on excess profit which is subject to payment in the budget on all amount

090

(p. 070 x p. 080 x p. 010)

0901

US dollar

(p. 0901 x p. 020 / 1000)

0902

one thousand bags

The amount, being at the command the companies after the tax discharge on excess profit and accumulated on the special account, on all amount (p. 070 x p. 010 - p. 0901)

100

US dollar

Head

_________________

_______________________________

(signature)

(Surname, name, patronymic)

Chief accountant

_________________

_______________________________

(signature)

(Surname, name, patronymic)

"___" _____________ 20 ___ years

M.P.

 

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