Uzbek Offers Tax Incentives For Bankrupt Companies.

2010/12/3 17:05:00 76

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According to November 26th

Uzbekistan

The president's presidential decree on "2011-2015 years of further reform of the financial and banking system, improving stability and obtaining the priority direction of advanced international rating indicators" will provide a series of preferential tax policies to the entities established on the basis of the property of bankrupt enterprises pferred to commercial banks.

Mainly include: since January 1, 2011, the above enterprises

Imported

The government approves the export of raw materials and fittings which are not produced by uwu and used for modernizing and expanding production within 2 years.

Investment

Within 3 years from the date of sale, the second preferential tax policies stipulated in the Presidential Decree No. -4010 of November 19, 2008 shall be enjoyed.

According to the above documents, the business entities established by commercial banks on the basis of the assets of bankrupt enterprises shall be exempt from profits tax, unified tax, property tax and land tax before they are sold to strategic investors, but the time limit shall not exceed 3 years after their national registration.

In addition, the profit tax and consolidated tax shall be exempted within 2 years after the registration of a management company established by a commercial bank.

In 1-9 months of 2010, 132 of the 144 bankrupt enterprises received by Uzbekistan commercial bank resumed production, 61 of which were sold to strategic investors.

Over the same period, Uzbekistan invested 181 billion 700 million Sam (about 110 million US dollars) to the above enterprises, expanding the output value of enterprises to 344 billion 700 million Sam (about 210 million US dollars), expanding exports to 158 million US dollars, and creating 22 thousand jobs.