PRESIDENTIAL DECREE OF THE REPUBLIC OF UZBEKISTAN

of November 30, 1996 No. UP-1652

About the additional incentives and privileges provided to the companies with foreign investments

According to the Law of the Republic of Uzbekistan "About foreign investments and guarantees of activities of foreign investors" and for the purpose of the stimulation of creation and effective activities of the production enterprises with foreign investments making export-oriented and import-substituting products, and also performing investment into republic economy:

1. Determine that since April 1, 1998 to the companies with foreign investments, again created companies answering to the following conditions belong:

the size of authorized capital of the company cannot be less than 400 million bags;

the share of foreign investments constitutes at least 15 percent of authorized capital of the company.

Again created companies which are not corresponding to the specified conditions do not treat the companies with foreign investments.

2. Determine that the overseas, affiliated and joint businesses corresponding to the specified conditions and in which authorized activities more than 60 percent from the total amount of revenue from economic activity are the share of self-produced share and (or) field service of products treat production enterprises with foreign investments.

3. Keep before the expiration of fixed term the tax benefits operating now for the companies with foreign investments registered before adoption of this Decree.

4. ceased to be valid

5. Determine that since January 1, 1997 do not extend to again created companies with foreign investments which are not relating to production enterprises with foreign investments operating and in addition entered tax benefits.

6. Determine that the deadline of forming of authorized capitals of the companies with foreign investments in the sizes provided by constituent documents shall not exceed one year from the moment of state registration of the company if other is not provided by separate government decisions.

7. To the Cabinet of Ministers of the Republic of Uzbekistan in two weeks to prepare offers on modification and amendments in acting legislative and the regulations of the Republic of Uzbekistan following from this Decree.

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