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4. A 25% profit tax shall apply to the profits of Joint Ventures with a foreign capital of above 30%.

5. Joint Ventures with a foreign capital investing into projects in priority industries included in the Investment Program of Uzbekistan shall be exempt form taxation for the first five years of operations.

6. Joint Ventures which specialize in agricultural products and the processing thereof (except for wines and strong alcoholic beverages), consumer products, and construction materials, medical equipment, machines and equipment for agriculture, light and food industries, recycling of waste materials are exempt from taxation for two years from the date of registration.

7. The profit tax base is decrease by 30% of the expenses for environmental protection.

8. Dividend on governmental bonds are exempt from taxation;

9. Joint Ventures in which the foreign investor’s share accounts for a least 50% shall be exempt of profit tax provided that whole tax amount is re-invested into the development and expansion of production of consumer goods.

10. Exporting companies are exempt of VAT for materials resources used in the production of exported goods (jobs, services)

11. Beginning July 1994 through December 31, 1997 all commercial banks including those with foreign capital, as well as the branches and subsidiaries of foreign banks operating in Uzbekistan are exempt from profits, property, land and vehicle taxes.

V. Intergovernmental Financial Relationship

The Statute of the Republic of Uzbekistan "About Taxes on Enterprises and
Entities" establishes revenue sources of the State budget of the Republic of Uzbekistan, State budget of the Republic of Karakalpakstan18 and local budgets for the following expenditures:

Social Security Payments;

Businesses regulation;

International payments;

Stabilization of the foreign currency circulation;

Stimulation of extraction of mineral resources; and

Environmental protection.

Uzbekistan has a unified statewide tax policy for all layers of government.
Local governments are entitled to levy taxes within the format of the state wide tax policy.

Tax revenue is transferred to the budget of Uzbekistan, budgets of the
Republic of Karakalpakstan, regions, Tashkent city (the capital) and local budgets according to the norms established annually during the process of budget approval for the respective fiscal year.

Local governments impose local taxes in their jurisdictions in full accordance with the Uzbek laws and based on the general tax policy of
Uzbekistan.

The authorities levying a specific type of tax establish:

the taxpayer;

the tax base;

the tax rate;

the procedure of calculation and payment;

exemptions and privileges;

life time of the tax.

IV. Social Insurance

In most transition countries proposals to reform social security have included the establishment of minimum retirement benefits, compulsory employment-related benefits, unification of treatment across occupations, increases in the retirement age, and steps to reduce access to benefits by younger working pensioners. It is important that pension and social security reforms help to insure adequate levels of protection without overburdening contributors to the system. This will require better collection of private sector contributions and improved targeting of benefits, including tying future eligibility of pension benefits to past contributions.

As a part of the transformation process, most transition countries have introduced unemployment insurance schemes. In Uzbekistan unemployment benefits were roughly 80 percent of the average wage in 1993, although the generosity of the scheme was matched by onerous administrative procedures, which ensured that few individuals qualified.19

Uzbekistan:

A Country Report and Profile

Presented By:

Alfiya G. Mirzagalamova amirz@indiana.edu

Jason C. Holman jholman@indinanaedu

Dmitri Maslitchenko dmitri@mailroom.com

-----------------------

[1]Pomfret, Richard. The Economies of Central Asia. Copyright 1995 by Princeton University Press.

[2]Uzbekistan: Master of its Destiny. BISNIS - Uzbekistan report. 10
August 1995.

3The Economist Intelligence Unit. Country Profile. 1995-1996

4Pomfret, Richard. The Economies of Central Asia. Copyright 1995 by
Princton Universtiy Press.

5The Economist Intelligence Unit. Country Profile. 1995-1996.

6The Economist Intelligence Unit. Country Profile. 1995-1996.

7The Economist Intelligence Unit. Country Profile. 1995-1996.

8The Economist Intelligence Unit. Country Profile. 1995-1996.

9The Economist Intelligence Unit. Country Profile. 1995-1996.

10The Economist Intelligence Unit. Country Profile. 1995-1996.

11The Economist Intelligence Unit. Country Profile. 1995-1996.

12"A Tax Guide to Europe. Uzbekistan", Arthur Andersen, April 1996

13 IMF, World Economic Outlook, May 1996

14The Investment Guide for Foreign Companies, National Bank for
Foreign Economic Activity of the Republic of Uzbekistan

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