RESOLUTION OF THE MINISTRY OF FINANCE OF THE REPUBLIC OF UZBEKISTAN, MINISTRY OF ECONOMICS OF THE REPUBLIC OF UZBEKISTAN, STATE TAX COMMITTEE OF THE REPUBLIC OF UZBEKISTAN, BOARD OF CENTRAL BANK OF THE REPUBLIC OF UZBEKISTAN

of May 31, 2010 No. 47, No. 97, No. 2010-21, No. 20/1

About approval of Provisional regulations for procedure for charge is lower than the established depreciation charge rates on fixed assets and intangible assets of the companies formed by commercial banks including with participation of other investors, based on the bankrupt companies

Based on the resolution of the President of the Republic of Uzbekistan of April 6, 2010 No. PP-1317 "About measures for further increase in financial stability and strengthening of investment activity of bank system" (2010, Art. No. 14-15, 104) the Ministry of Finance, the Ministry of Economics, the State Tax Committee and the Central bank of the Republic of Uzbekistan decide collection of the legislation of the Republic of Uzbekistan:

1. Approve Provisional regulations for procedure for charge is lower than the established depreciation charge rates on fixed assets and intangible assets of the companies formed by commercial banks including with participation of other investors, based on the bankrupt companies according to appendix.

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

Appendix

to the Resolution of the Ministry of Finance, Ministry of Economics, State Tax Committee and Central bank of the Republic of Uzbekistan of May 31, 2010 No. No. 47, 97, 2010-21, 20/1

The provisional regulations for procedure for charge are lower than the established depreciation charge rates on fixed assets and intangible assets of the companies formed by commercial banks including with participation of other investors, based on the bankrupt companies

These Provisional regulations according to the resolution of the President of the Republic of Uzbekistan of April 6, 2010 No. PP-1317 "About measures for further increase in financial stability and strengthening of investment activity of bank system" (The collection of the legislation of the Republic of Uzbekistan, 2010, Art. No. 14-15, 104) determines procedure for charge below the established depreciation charge rates by fixed assets and intangible assets of the companies formed by commercial banks including with participation of other investors, based on the bankrupt companies.

Paragraph 1. General provisions

1. These Provisional regulations extend to the companies formed by commercial banks including with participation of other investors based on the bankrupt companies (further - the companies), and are effective during the period before their realization to new investors, but no more than three years from the moment of their state registration.

2. In these Provisional regulations the following basic concepts are used:

depreciation - value term of depreciation of fixed assets, and also systematic distribution and inclusion of depreciable cost of fixed assets and intangible assets in product cost (works, services) or expenses of the period of the company, proceeding from purpose of fixed assets and intangible assets during the term of their useful service;

the owner of property - the commercial bank which acquired (including with participation of other investors) in property the bankrupt company according to Procedure for realization of economically insolvent companies to the commercial banks at the competitive biddings approved by the order of the President of the Republic of Uzbekistan of November 19, 2008 No. R-4010 (Collection of the legislation of the Republic of Uzbekistan, 2008, No. 49, the Art. 479);

the established depreciation rate - the depreciation rate on fixed assets and intangible assets provided according to article 144 of the Tax Code of the Republic of Uzbekistan (Collection of the legislation of the Republic of Uzbekistan, 2007, No. 52 (II));

the decreasing coefficient - the settlement size used for determination of depreciation amount is lower than the established regulations on fixed assets and intangible assets and important less 1,00 or 100%, but not below 0,50 or 50%.

Paragraph 2. The depreciation is lower than the established regulations

3. Depreciation is charged by application of various methods according to National accounting standards of the Republic of Uzbekistan (NSBU No. 5) "Fixed assets" (reg. No. 1299 of January 20, 2004) (Collection of the legislation of the Republic of Uzbekistan, 2004, No. 3, the Art. 35) and (NSBU No. 7) "Intangible assets" (reg. No. 1485 of June 27, 2005) (Collection of the legislation of the Republic of Uzbekistan, 2005, Art. No. 25-26, 188).

4. The companies which charge depreciation on fixed assets and intangible assets according to the established depreciation rates can during the period before their realization to new investors, but no more than three years from the moment of state registration of these companies, charge depreciation below the established regulations (further - the lowered regulation).

5. Irrespective of the used depreciation method provided in accounting policy, the companies can pass to depreciation on the lowered regulations.

6. The lowered regulation is determined by multiplication of decreasing coefficient by the established depreciation rate by the specific name of fixed assets and intangible assets.

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