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Ministry of Justice

Republic of Uzbekistan

 On June 22, 2017 No. 2892

RESOLUTION OF THE MINISTRY OF FINANCE OF THE REPUBLIC OF UZBEKISTAN,
STATE TAX COMMITTEE OF THE REPUBLIC OF UZBEKISTAN

of June 5, 2017 No. 69, No. 2017-24

About approval of the Regulations on procedure for return of excessively paid amount of the income tax of legal entities according to the income of nonresidents of the Republic of Uzbekistan

According to the Tax code of the Republic of Uzbekistan and article 7 of the Law of the Republic of Uzbekistan "About the State Tax Service" the Ministry of Finance and the State Tax Committee of the Republic of Uzbekistan decide:

1. Approve Regulations on procedure for return of excessively paid amount of the income tax of legal entities according to the income of nonresidents of the Republic of Uzbekistan according to appendix.

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

Minister of Finance

B. Hodzhayev

Chairman of the State Tax Committee

B. Parpiyev

Appendix

to the Resolution of the Ministry of Finance and State Tax Committee of the Republic of Uzbekistan of June 5, 2017 No. No. 69 and 2017-24

Regulations on procedure for return of excessively paid amount of the income tax of legal entities according to the income of nonresidents of the Republic of Uzbekistan

This Provision according to articles 155-1 of the Tax Code of the Republic of Uzbekistan determines procedure for return of excessively paid amount of the income tax of legal entities (further - tax) by the income of nonresidents of the Republic of Uzbekistan in case of implementation of shares on exchange (except for implementation of shares on the stock exchange) and the organized over-the-counter market of the Republic of Uzbekistan (further - the security market).

Chapter 1. General provisions

1. This Provision extends to the relations arising in case of implementation of shares by one legal entity - the nonresident of the Republic of Uzbekistan (further - the seller of shares) to other legal entity - the nonresident of the Republic of Uzbekistan, the physical person - the nonresident or the resident of the Republic of Uzbekistan in the security market.

2. In case of implementation of shares in the security market by the tax agent the clearing house in the security market of the Republic of Uzbekistan is recognized.

Chapter 2. Calculation, deduction and budget contribution of tax by the tax agent

3. Calculation, deduction and budget contribution of tax by the tax agent is made in payment currency.

4. The tax agent estimates tax amount proceeding from the cost of the realized shares and the rate established in item 4 of article 160 of the Tax Code of the Republic of Uzbekistan.

5. The tax amount keeps and transferred into the budget along with money transfer in payment for share value into the account of the seller of shares.

6. The tax amount withheld in foreign currency is transferred into the currency account 20204, opened in the commercial bank serving the State Tax Committee of the Republic of Uzbekistan (further - the currency account) with indication of the nonresident of the Republic of Uzbekistan and tax amount.

If the seller of shares does not represent to body of the State Tax Service for the place of tax accounting of the tax agent the statement for return of excessively paid amount of tax within 30 days from the date of transfer to the currency account, this amount is converted into national currency in accordance with the established procedure and this amount is transferred into the budget.

7. The tax agent shall issue upon the demand of the seller of shares the certificate of the amount of transaction and the retained tax.

Chapter 3. The documents submitted by the seller of shares for return of excessively paid amount of tax

8. For return of excessively paid amount of tax the seller of shares represents to body of the State Tax Service for the place of tax accounting of the tax agent Zayavleniye about return of excessively paid amount of tax (further - the statement) in form according to appendix No. 1 to this Provision.

Copies of the documents confirming realization value and share acquisitions and the copy of the certificate of the amount of transaction and the retained tax on profit of legal entities issued by the tax agent are enclosed to the application.

The document confirming realization value of shares is the transaction leading to change of the owner (owner) with these shares.

The document confirming acquisition value of shares is the agreement (contract) of purchase and sale, concession of right to claim, exchange, pledge or innovation, and also the judgment based on which shares took over (in property) to the seller.

9. The documents specified in Item 8 of this provision are represented by the seller of shares independently or through its authorized person. In case of filing of application by the authorized person in addition to the documents specified in Item 8 of this provision also the power of attorney based on which the specified authorized person submits the application is submitted.

10. The employee of body of the State Tax Service accepts the documents specified in Items 8 and 9 of this provision according to the inventory and hands to the applicant the receipt with indication of date of acceptance and the list of the received documents. The receipt shall be issued in day of receipt of documents.

11. The employee of body of the State Tax Service refuses reception of an application if, the documents specified in Items 8 and 9 of this provision are not attached to it, and also the application form is not filled in properly.

Chapter 4. Determination of the income from implementation of shares and excessively paid amount of tax by bodies of the State Tax Service

12. The income from implementation of shares is determined as positive difference between realization value and acquisition value of shares.

13. The income from implementation of shares is determined proceeding from the cost of the realized shares if shares took over (in property) according to the procedure of donation.

14. If shares took over (in property) within the contract of assignment of right to claim, exchange, pledge or innovation, and also the judgments acquisition value of shares is determined on the basis of the cost specified in these documents.

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