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GCBF ♦ Vol. 11 ♦ No. 1 ♦ 2016 ♦ ISSN 1941-9589 ONLINE & ISSN 2168-0612 USB Flash Drive 353 Global Conference on Business and Finance Proceedings ♦ Volume 11 ♦ Number 1 Thus, during the years of Independence, investments which have been involved in our economy, are more than $120 billion US dollars, and more than 50 per cent of this investments are direct foreign investments (Minister of the Foreign Economic Relations and Trade of the Republic of Uzbekistan, 2014) The main part of the assimilated foreign investments are in the oil and gas industry (58.9%), in the area of transport security (8%), in the area of communication and information (6.4%), in the area of energy (5%), in the scope of public service and drinking water consumption (3.2%), in chemical industry (2.8%), light industry (2.7%), in the scope of agriculture and water management (2.7%), in the credit lines made for the development of small businesses (2.5%) and others (Tashkent city, Republic of Uzbekistan). However, for the further implementation of the commercial activity and investments in our country, foreign legal enterprises require an appropriate and favorable guarantee system, which primarily should include a clear regulation of the tax issues and the provision of benefits on taxes and payments.

With respect for this fact, Republic of Uzbekistan is implementing and conducting a work, which is aimed both at improving the system of the legal regulations of taxation of the non-residents of the Republic of Uzbekistan and the creation of the certain privileges and preferences.According to the norms of the Tax Code of the Republic of Uzbekistan about granting privileges, laws, individual decisions of the President and the Government, foreign legal entities are provided with the different kinds of privileges and preferences, which are depending on the ongoing industrial activities, depending on products or modernization aim, technical or technological re-equipment.

Thus, the enterprises which are attracting direct and private foreign investments in the amount of not less than 300 (three hundred) thousand USD, are exempted from the corporate income tax, property tax, tax on improvement and development of the social infrastructure, single tax payments of a micro and small enterprises, as well as mandatory contributions to the Republican Road Fund (Presidential Decree № PDfrom 11.04.2005).

At the same time, in accordance with the Article 159 of the Tax Code, with the connection of directed attraction of the foreign investments for modernization, technical and technological re-equipment of the industry, the purchase of the new technological equipment, expansion of the production in the form of new constructions (buildings), reconstruction of the buildings and installations which are used for industrial purposes, the taxable profits reduces. The reduction of the taxable profits is made within 5 (five) years, starting with the tax period in which the abovementioned costs are carried out (implemented). The reduction of the taxable profits for process equipment made from the equipment operation beginning date (from the maintenance and operation date).

Foreign companies which are implementing the works of exploration and prospecting the gas and oil, as well as foreign contractors and subcontractors which are attracted by these foreign companies, for the period of exploration are fully exempted from the all taxes and mandatory contributions to the non-budget funds.

The joint-ventures on oil-and-gas recovery which are created with the participation of foreign companies engaged in prospecting and exploration of the oil and gas, are exempted from the taxes for a period of 7 (seven) years, from the beginning of oil-and-gas-recovery(Presidential Decree № PD-2598, 2000).

Also, such kind of exemptions (similar exemptions) are applied with respect to foreign contractors and subcontractors of the “DAEWOO INTERNATIONAL” (Republic of Korea), and “Petronas Corigali Overseas SDN.BHD” (Malaysia) Companies, which are implementing the exploration of hydrocarbons, as well as exploration works in Ustyurt and other regions of Uzbekistan.

During the investment implementation, through the agreement, investors, as well as their contractors and subcontractors are exempted from all kind of taxes, duties and other payments related with the implementation of the exploration works in the areas defined in the agreement, which are established in the Republic of Uzbekistan, and they (investors, contractors, subcontractors) shall pay only those taxes (income GCBF ♦ Vol. 11 ♦ No. 1 ♦ 2016 ♦ ISSN 1941-9589 ONLINE & ISSN 2168-0612 USB Flash Drive 354 Global Conference on Business and Finance Proceedings ♦ Volume 11 ♦ Number 1 tax, land tax, tax for the usage of water resources, taxes and special payments for the users of mineral resources, except tax of profit excess, unifies social tax and excise tax) and with the rates which are established in the agreement.

In order to create a favorable conditions for the attracting foreign and domestic investments to create a modern high technology industries, which will provide a competitive products production with high added value (premium prices), as well as for integrated and effective use of production and resource potential, for the creation on this basis new job places and increasing the incomes of the population of the Republic of Uzbekistan, Free Industrial Economic Zone (FIEZ) “Navoi” in Navoi region, special industrial zone “Angren” in Tashkent region and special industrial zone “Jizzakh” in Jizzakh regiod (with the branch in Syrdarya) are operating in the Republic of Uzbekistan.

Their terms of operation – is 30 (thirty) years, with the extension possibilities.

The special custom regime, currency regime and tax regimes are set within the “Navoi”, “Jizzakh” and ”Angren” industrial zones. Moreover, the procedure of entry, stay and departure, as well as permits for nonresident citizens of the Uzbekistan employment if simplified.

According to the established special tax regime, the participants of the “Navoi”, ”Angren” and ”Jizzakh” industrial zones, are exempted from the some taxes for a certain period, based on the introduced amount of investments in accordance with the law. Particularly, the members of the “Navoi” free economic industrial zone are exempted from the land taxes, property taxes, profit tax, tax on development of the social infrastructure, from the mandatory contributions to the Republican Road Fund and Reconstruction Fund, from the contributions for refurbishment and equipping secondary schools, vocational colleges, academic lyceums and medical institutions, as well as from single tax payments (for small businesses) (MFERIT).

The members of the “Jizzakh” and “Angren” free industrial economic zones – are exempt from property taxes, profit taxes, tax on development of the social infrastructure, from the mandatory contributions to the Republican Road Fund and from the single tax payments (for small businesses).

The introduction of the special tax regimes for the members of the “Angren”, ”Navoi” and ”Jizzakh”, is aimed on creating of all necessary conditions for effective activity, providing protection of the investment interests.

For applying tax incentives for the foreign companies, who are planning to invest direct and private

investments to Uzbekistan, should:

Invest the direct private investments on the amount which is not less than 300 (three hundred) thousand USD in certain sectors of the economy;

Implementation of the foreign private and direct investments by foreign investors without a guarantee of the Republic of Uzbekistan;

The share of the foreign member should not be less than 33 (thirty three) per cent in the Authorized Capital;

Foreign investment in the form of freely convertible currency or new equipment;

Direct not less than 50 (fifty) per cent of the income, which is earned as a result of tax privileges during the term of this privileges application, to reinvest for the further development of the enterprise.

Not less than 3 million euro of direct investments is required to invest into the “Navoi” free industrialeconomic zone, and not less than 300 (three hundred) thousand USD is required to invest into the “Angren” and “Jizzakh” free special industrial zones.

GCBF ♦ Vol. 11 ♦ No. 1 ♦ 2016 ♦ ISSN 1941-9589 ONLINE & ISSN 2168-0612 USB Flash Drive 355 Global Conference on Business and Finance Proceedings ♦ Volume 11 ♦ Number 1 Also, there are some benefits (privileges) for exporter-enterprises in the Republic of Uzbekistan. These privileges are lowering the income tax rates, property tax rates and single tax payment rate for the small businesses. So, if the export share will be from 15 (fifteen) to 30 (thirty) percent of the total sales – the rates will reduce on 30 percent, if the export share exceeds 30(thirty) percent the rates will reduce on 50(fifty) percent.

For instance, the tax rate on the corporate income for 2015 is 7.5%, if the shares of export will be from 15% to 30 % of the total sales, the rate of the tax will be 5.25%, while if shares of the export will exceeds 30% of the total sales, the rate of the tax will be equal to 3.75%.

For the operating small businesses the single tax rate is 5 (five) percent – respectively it will be 3.5 percent and 2.5 percent.

In order of Tax legislation change, the newly established enterprises with the foreign investments, in which the contribution of the foreign investor in the form of money is not less than 5 million US dollars, have rights to apply the rules and regulations on payment of 7 (seven) main taxes and contributions from existing 15 (fifteen) in the Republic.

In addition, foreign companies can also take advantages of the incentives and preferences, which are established for local businesses by the Tax Code and the decisions of the Government of the Republic of Uzbekistan.

The practice of the certain tax incentives with respect for business entities with the foreign investors requires an application which will be based on the legal structure that excludes conflicting positions and conflicts with the tax authorities. One example of a fuzzy legal regulation is a usage of the incentives concerning with the guarantees against adverse changes in the Tax Laws.

Thus, through the law N320-II of “On amendments and additions to some legislative act of the Republic of Uzbekistan” which was dated with December 7, 2001, (entered into the force on 19.01.2002) some amendments was added into the Tax Code. According to these amendments, the tax payment incentives for enterprises and for disabled workers of this enterprises (total number of which is at least fifty people) was ordered: income tax, value added tax, property tax, land and environmental taxes and the taxes for the water usage. Not all the companies were exempted from this kind of taxes. With the entrance the law N320 – II from 07.12.2001 into force, only companies which are owned by the public associations of disabled persons, “Nuroniy” fund and “Chernobylci Uzbekistana” are exempted from these taxes.

In accordance with the fourth part of the Article 3 of the Law “On guarantees and measures to protect the rights of the foreign investors”, if the subsequent legislation of Uzbekistan worse the investment conditions, the legislation which was applied for this investment within 10 (ten) years from the registration date, will be applied, i.e. a foreign investor has the rights to choose and to apply the provisions of a new legislation which improves the conditions of his investments.

On this basis, all enterprises with foreign investments, which are already passed the State Registration before the Law N320 – II of 07.12.2001 entered into the force, and with the a total employing no less than 50 (fifty) percent of persons with disabilities, have the rights to use the incentives that have been provided by the previous legislation, as the residents of the Republic of Uzbekistan. Accordingly, pursuant to the provisions of the Articles 31, 71, 92, 102, 113, 119 of the Tax Code (before the amendments and additions which are made from the Law N320 – II dated 07.12.2001) this category of companies was exempted from the payments to the budget of tax on income, VAT, property taxes, land and environmental taxes and the tax for the water resources usage.

GCBF ♦ Vol. 11 ♦ No. 1 ♦ 2016 ♦ ISSN 1941-9589 ONLINE & ISSN 2168-0612 USB Flash Drive 356 Global Conference on Business and Finance Proceedings ♦ Volume 11 ♦ Number 1 At the same time, there were several cases when tax authorities canceled the usage of such kind of tax incentives for manufacturing enterprises with foreign investments, citing the fact that they were not owned by the public associations of disabled persons, “Nuroniy” fund and “Chernobylci Uzbekistana” Fund.

According to the statements of claim, such disputes of enterprises with the foreign investments, have been considered in court(Financial-Economic Newspaper, 2003, 2003).

During the trial, the court first of all was guided by the provisions of the Law N609 - I “On foreign investments” dated on April 30 in 1998. Thus, under the Article 3 of the Law of Foreign investments, all tangible and intangible benefits and the rights to their investing, which are invested by foreign investors to the entrepreneurial activity, which is not prohibited by the legislation, are recognized within the territory of Uzbekistan. According to the second and third paragraph of the Article 5, the law among the forms of foreign investment in Uzbekistan is the participation of foreign investors in the authorized funds and other property of business entities, established jointly with the legal and (or) natural persons of the Republic of Uzbekistan, as well as the creation and development business entities, fully owned by foreign investors.

During recognizing the cancellation of privileges for enterprises with the foreign investments are worsening investment conditions of foreign investors, the judgment is based on the primarily properties of the latter.

Since, during the cancellation of the incentives, the net profit of the enterprise is reducing, the profit of the foreign investor from the participation is also reduced. This fact should be identified as deterioration of investment conditions for the foreign founders.

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