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.

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 - excess 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.

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