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Ministry of Justice

Republic of Uzbekistan

On September 29, 2015 No. 2716

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

of September 14, 2015 No. No. 79, No. 336-B, 2015-29

About approval of the Regulations on procedure for application of privileges on the income tax of legal entities commercial banks depending on share of long-term investment financing in structure of credit portfolio

(as amended on 28-02-2018)

According to resolutions of the President of the Republic of Uzbekistan of July 28, 2009 No. PP-1166 "About additional measures for stimulation of increase in share of long-term loans of the commercial banks directed to financing of investment projects" and of May 6, 2015 to No. PP-2344 "About measures for further increase in financial stability of commercial banks and development of their resource base" the Ministry of Finance, the Board of the Central bank and the State Tax Committee of the Republic of Uzbekistan decide:

1. Approve Regulations on procedure for application of privilege on the income tax of legal entities by commercial banks depending on share of long-term investment financing in structure of credit portfolio according to appendix.

2. This resolution becomes effective from the date of its official publication.

Minister of Finance

R. Azimov

Chairman of the Central bank

F.Mullazhanov

Chairman of the State Tax Committee

B. Parpiyev

Appendix

to the Resolution of the Ministry of Finance, Board of the Central bank, State Tax Committee of the Republic of Uzbekistan of September 14, 2015 No. No. 79, 336-B, 2015-29

Regulations on procedure for application of privileges on the income tax of legal entities commercial banks depending on share of long-term investment financing in structure of credit portfolio

This Provision according to resolutions of the President of the Republic of Uzbekistan of July 28, 2009 No. PP-1166 "About additional measures for stimulation of increase in share of long-term loans of the commercial banks directed to financing of investment projects" and of May 6, 2015 No. PP-2344 "About measures for further increase in financial stability of commercial banks and development of their resource base" determines procedure for application of privileges by the income tax of legal entities the commercial banks performing long-term investment financing.

Chapter 1. General provisions

1. According to resolutions of the President of the Republic of Uzbekistan of July 28, 2009 "About additional measures for stimulation of increase in share of long-term loans of the commercial banks directed to financing of investment projects" and of May 6, 2015 No. PP-2344 "About measures for further increase in financial stability of commercial banks and development of their resource base" till January 1, 2020 commercial banks pay to No. PP-1166 the income tax of legal entities on tiered rates depending on share of long-term investment financing in structure of credit portfolio.

2. In this Provision the following basic concepts are used:

long-term investment financing – investment loans and the services in leasing provided for the term of at least three years, including the funds allocated by banks in company assets, created based on the production enterprises acquired by banks;

investment loan (leasing) – the loans (leasing) granted on the purposes, the stipulated in Article 4 Laws of the Republic of Uzbekistan "About investing activities";

credit portfolio – the amount of balance sheet accounts (gross) on all credits, the funds allocated by banks in the company assets created based on the production enterprises acquired by banks and also the amount of the services in leasing provided for the term of at least three years.

Chapter 2. Procedure for application of privilege

3. Branches, being independent taxpayers, determine share of long-term investment financing independently.

4. The profit tax rate of legal entities is differentiated depending on share of long-term investment financing in structure of credit portfolio.

In case of share of long-term investment financing in structure of credit portfolio:

from 35 to 40 percent - the rate constitutes 80 percent from established;

from 40 to 50 percent - the rate constitutes 75 percent from established;

over 50 percent - the rate constitutes 70 percent from established.

5. The share of long-term investment financing is calculated by the following formula:

Ddif = Dif / KP * 100, where:

Ddif - share of long-term investment financing;

Diff - long-term investment financing;

KP - credit portfolio.

At the same time the amount of long-term investment financing and the amount of credit portfolio are accepted on the last date of the accounting period, irrespective of date of provision of investment loan (leasing).

In case of the early repayment of investment loan or service in leasing provided initially for three years at least before the expiration of the three-year period, for the purpose of this provision this credit or service in leasing are considered as long-term.

6. The preferential profit tax rate of legal entities determined according to Item 5 of this provision is applied to the taxable basis on the income tax of legal entities estimated according to article 128 of the Tax Code of the Republic of Uzbekistan.

7. For application of privilege commercial banks along with representation of Calculation of the income tax of legal entities following the results of accounting year represent to bodies of the State Tax Service the Reference calculation of share of long-term investment financing in structure of credit portfolio according to appendix 1 to this Provision. The reference calculation of share of long-term investment financing in structure of credit portfolio is not submitted the commercial banks which are not applying the privilege specified in Item of 1 this provision.

8. The conditional example of calculation of tiered rate of the income tax of legal entities depending on share of long-term investment financing in structure of credit portfolio is given in appendix 2 to this Provision.

Chapter 3. Final provision

9. Control of correctness of application of tax benefits is exercised by bodies of the State Tax Service.

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