RESOLUTION OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN

of December 21, 2015 No. PP-2454

About additional measures for involvement of foreign investors in joint-stock companies

For the purpose of broad attraction in joint-stock companies of foreign investors and managers, creating favorable conditions for their active participation in corporate management, upgrade, technical and technology rearmament of production, the organization of release of high-quality, competitive products and its promotion on the foreign markets, and also cardinal reduction of presence of the state at economy due to reducing the state assets and shares in the authorized capital of joint-stock companies:

1. Ceased to be valid according to the Presidential decree of the Republic of Uzbekistan of 18.03.2020 No. UP-5968

2. Ceased to be valid according to the Presidential decree of the Republic of Uzbekistan of 18.03.2020 No. UP-5968

3. Assign to the Commission on increase in efficiency of activities of joint-stock companies and enhancement of corporate management system (R. S. Azimov) and complexes of the Cabinet of Ministers:

providing is strict control of reduction at the scheduled time of the operating joint-stock companies according to requirements of this resolution;

development and approval in a month schedules of evaluating and exposure to trading in shares of the joint-stock companies which are subject to realization to foreign investors;

implementation of permanent monitoring of the organization of work on attraction in joint-stock companies of foreign investors;

development and introduction on system basis of offers on further realization of share of the state and bodies of economic board in the authorized capital of joint-stock companies.

4. Extend to joint-stock companies in which the share of the foreign investor constitutes from 15 to 33 percent from the authorized capital, privilege on the income taxes of legal entities, to property, single tax payment, and also obligatory contributions to Republican road fund No. UP-3594 provided to the companies with foreign investments the Presidential decree of the Republic of Uzbekistan of April 11, 2005 it is differentiated, depending on amount of the investments brought by the foreign investor.

5. Exempt:

for up to January 1, 2020 from the taxation the income of foreign investors in the form of the share dividends belonging to them in joint-stock companies;

joint-stock companies with foreign investments from payment of the state fees in case of appeals to courts with the claim for violation of their rights and legitimate interests, with subsequent their collection from the party found guilty by the relevant decision of court.

6. To the Ministry of Foreign Affairs together with the Ministry of Internal Affairs, the Ministry of investments and foreign trade of the Republic of Uzbekistan to render to the foreign specialists involved to studying of financial and economic condition of joint-stock companies with departure on places, assistance in execution of allowing documents for entrance and stay in the Republic of Uzbekistan.

7. Make changes and additions to some decisions of the President of the Republic of Uzbekistan according to appendix.

8. To the state committee on privatization, demonopolization and development of the competition, the Ministry of Economics and the Ministry of Finance of the Republic of Uzbekistan together with the Ministry of Justice and other interested ministries and departments in two-month time to make in the Cabinet of Ministers offers on the changes and amendments in the legislation following from this resolution.

9. To impose control of execution of this resolution on the Prime Minister of the Republic of Uzbekistan Sh. M. Mirziyoev

Appendix

to the Resolution of the President of the Republic of Uzbekistan of December 21, 2015 No. PP-2454

Changes and additions made to some decisions of the President of the Republic of Uzbekistan

1. No. PP-2340 "About measures for increase in share and value of private property in economy" to add Item 6 of the resolution of the President of April 28, 2015 with paragraphs of the following content:

"blocks of shares of joint-stock companies with participation of the foreign capital less than 15 percent included in appendix No. 2, are implemented to exclusively foreign investors;

the commercial organizations from shares of the state and bodies of economic board are created only in the form of joint-stock company or limited liability company".

2. Ceased to be valid according to the Presidential decree of the Republic of Uzbekistan of 30.04.2021 No. UP-6218

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