Unofficial translation Tax code of the Republic of Uzbekistan
I Buildings, structures and facilities
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30.12.2019 English
For tax purposes, depreciation deductions for each subgroup shall be calculated by applying the depreciation rate, but not higher than the limit established by this Code. For tax purposes, depreciation may be calculated at rates lower than those established by this Article, where provided for in the accounting policy for tax purposes. The tax base shall not be adjusted for the amount not assessed against the maximum depreciation rates provided for by this Article. A taxpayer who purchase fixed assets, which were used, shall have the right to determine the depreciation rate for such objects, taking into account the period of use, reduced by the number of years (months) of exploitation of these objects by the previous owners. Where the term of the actual use of the fixed asset by the previous owners turns out to be equal to or exceeds its useful life, determined on the basis of the classification of fixed assets in this Article, the taxpayer shall have the right to independently determine the useful life of this fixed asset, with taking into account safety requirements and other factors, but not less than three years. Where it is impossible to determine the period of use of fixed assets, depreciation shall be charged in the manner specified in part six of this Article. In the event of receipt of depreciable assets without consideration, the historical cost of the depreciable asset shall be deemed its value which is included in total income in accordance with Article 299 of this Code in the form of assets received without consideration, with account taken of the actual expenditures that increase the value of such assets upon initial recognition in accordance with the requirements of the accounting legislation of the Republic of Uzbekistan. For tax purposes, the value of the depreciable asset shall not include the expenses provided for by paragraph 17 of Article 317 of this Code. Article 307. Expenses for Amortization (Depreciation) of Intangible Assets The cost of intangible assets shall be charged to expenses through amortization deductions during the useful life of intangible assets. The useful life of an object of intangible assets shall be determined on the basis of the validity period of the patent, certificate and (or) other restrictions with respect to the time limits of use of intellectual property objects in accordance with the legislation of the Republic of Uzbekistan or the applicable legislation of a foreign state, or on the basis of the useful life of intangible assets, due to the relevant contracts. Amortization deductions shall be charged monthly at rates calculated by the taxpayer on the basis of their initial cost and useful life. Where it is impossible to determine the useful life of intangible assets, the depreciation rates shall be established on the basis of five years. The cost of intangible assets subject to amortization shall not include expenses for their acquisition or production, if they have already been expensed when calculating the tax base of the taxpayer. Article 308. Investment Deduction In accordance with the procedure and under the conditions established by this Article, the taxpayer shall have the right to apply investment deductions for depreciable assets. The investment deduction shall be deemed as a depreciation expense. The investment deduction shall be applied in the amount of: 1) 10 percent of the value of new technological equipment, expenses for modernization, technical and (or) technological re-equipment of production and (or) the amount of funds allocated for the purchase of domestically produced software within the framework of investment projects to create information systems; 2) 5 percent of the amount of funds allocated for the expansion of production in the form of new construction, reconstruction of buildings and structures which are used for production needs. An investment deduction shall not be provided for expenses that are not deductible in accordance with paragraph 17 of Article 317 of this Code. The investment deduction shall be applied in the reporting (tax) period in which new technological equipment was put into operation or modernization, technical and (or) technological re-equipment of own production, expansion of production in the form of new construction, reconstruction of buildings and structures used for production needs were carried out, or software of domestic production was created in the framework of investment projects for the creation of information systems. For the purposes of this Article: 1) machines, apparatus, installations and mechanisms which are used by the taxpayer for the production of goods (services), and from the date of release of which have passed no more than three years, shall be recognized as new technological equipment; 2) modernization shall be understood to mean work which is aimed at amending the technological or service purpose of fixed assets, increasing their productivity or improving other quality characteristics; 3) technical and (or) technological re-equipment shall be deemed a set of activities to improve the technical and economic indicators of fixed assets or their individual parts on the basis of the introduction of advanced equipment and (or) technologies, mechanization and automation of production, replacement of obsolete and (or) physically worn out equipment with new, more productive one. Technical and (or) technological re-equipment shall also include the creation of new and expansion of existing productions; 4) the reconstruction of buildings and structures which are used for production needs shall be deemed the reorganization of existing buildings and structures which are used for the production of goods or the provision of services, is connected with the improvement of production and an increase in its technical and economic indicators, and which is carried out under the reconstruction project with the purposes of increasing production capacity, improving quality and (or) changing the range of goods (services); 5) the expansion of production in the form of new construction shall be the construction of new buildings and structures for the purpose of exploiting in the process of producing goods or rendering services. Article 309. Expenses for the Repair of Depreciable Assets For tax purposes, the expenses incurred by the taxpayer for the repair of depreciable assets shall be expensed in the amount of actual expenditures in the reporting (tax) period in which they were incurred. The provisions of this Article shall also apply to the lessee's expenses on depreciable assets where the agreement between the lessee and the lessor does not provide for the reimbursement of these expenses by the lessor. Article 310. Expenses on Interests and Separate Expenditures Expenses of a taxpayer in the form of interest on debt obligations (loans, commodity and commercial credits, credits, bank deposits, bank accounts or other borrowings, irrespective of the method they are arranged) shall be deducted (except for costs subject to capitalization in accordance with the accounting legislation) on the basis of the actual interest rate, with account taken of the special considerations provided for in Section VI of this Code. With account taken of the provisions of part one of this Article, expenditures of a legal entity which are connected with controlled indebtedness shall be deducted in an amount that does not exceed the limit values established by this Article. This rule shall apply with respect to: 1) interest for the use of borrowed resources; 2) the amounts of penalties (fines, forfeits), amounts payable as a result of the application of other measures of liability, including as a result of compensation for damages caused by violation of contractual obligations. For the purposes of this Article, as controlled shall be deemed debt of a legal entity: 1) to a foreign legal entity or physical person who is not a tax resident of the Republic of Uzbekistan, and who owns, directly or indirectly, more than 20 percent of shares (divvies, stakes in the authorized capital (charter fund) of this taxpayer; 2 ) to other person who is an interconnected person of a foreign person specified in paragraph 1 of this part and recognized as such in accordance with Article 37 of this Code; 3) to another person with respect to whom the persons specified in clauses 1 and (or) 2 of this part act as guarantor, surety or otherwise undertake to ensure the repayment of the debt of this taxpayer specified in part four of this Article. Controlled indebtedness shall include an aggregate of the following amounts of debts in the tax period: for borrowed resources; for penalties (fines, forfeits), amounts payable as a result of the application of other measures of liability, including as a result of compensation for damages caused by violation of contractual obligations. For the purposes of part four of this Article, the debt in the tax period shall be understood to mean the sum of the value indicators of each business transaction, as a result of which debt in the current reporting (tax) period arises or increases, as well as the amount of debt which is not repaid for the commencement of the current reporting (tax) period. Where the amount of controlled indebtedness to a foreign person or other persons specified in part three of this Article exceeds the taxpayer's own internal capital more than three times, and for banks and taxpayers who are engaged exclusively in leasing activities exceeds more than thirteen times, the rules established by parts seven through nine of this Article shall be applied upon determination of the maximum amount of expenses deductible. The taxpayer shall be obliged to calculate the maximum amount for each type of controlled indebtedness as at the last day of each reporting (tax) period. The calculation shall be made by means of dividing the amount of individual expenditures (expenses) in respect of the controlled indebtedness, which is determined on an accrual basis from the beginning of the tax period, by a capitalization coefficient calculated as at the last reporting date of the relevant reporting (tax) period. The capitalization coefficient specified in part seven of this Article shall be determined by means of dividing the amount of the relevant outstanding controlled indebtedness by the amount of internal capital corresponding to the direct or indirect participating interest of this foreign organization in the authorized capital (charter fund) of the taxpayer, and dividing the result obtained by three, and for banks and taxpayers engaged exclusively in leasing activities — by thirteen. In determining the amount of internal capital, the amount of assets and the amount of liabilities (account shall not be taken of amounts of debt obligations in the form of tax and levy indebtedness, including current tax and levy indebtedness and amounts of deferrals, instalment plan payments upon the calculation) shall be determined on the basis of accounting data as at the last day of the relevant reporting (tax) period. Expenses shall include amounts for each type of controlled indebtedness, which are calculated in accordance with parts six through nine of this Article, but not more than actually accrued expenses. Article 311. Expenses for Geological Study, Prospecting and Preparatory Work for the Extraction of Natural Resources Expenses for the geological study, prospecting, the performance of work of a preparatory nature for extraction of commercial minerals, which are actually incurred by the subsoil (subsurface) user prior to the commencement of extraction, including costs for assessment, development, for the payment of a signature bonus and a bonus of commercial discovery, as well as other expenses which are subject to deduction in accordance with this Code, shall form a separate group of depreciable asset. In this respect, in the cases provided for by this Code, such expenditures shall be expensed within the established norms. The expenses specified in the first part of this Article shall be deducted from the taxpayer’s total income in the form of depreciation deductions from the moment the extraction of commercial minerals starts. The annual amount of depreciation deductions shall be calculated by means of applying the depreciation rate to be determined at the discretion of the taxpayer, but not more than 15 percent of the amount of accumulated expenses for the group of depreciable assets provided for in this Article. In the event where an unproductive well is being liquidated or a taxpayer makes a decision to terminate work on a subsoil plot due to economic inexpediency, geological futility or for other reasons with the condition completely rescind the right to use subsoil, the taxpayer shall have the right to deduct the amount of expenses incurred in that reporting (tax) period, in which such right has been terminated. Article 312. Expenses for Research and (or) Development For the purposes of this Section, expenses for research and (or) experimental-design development shall be expenses with respect to the creation of new products (goods, services) or improvement of those which under production, new technologies or improvement of those under appliance, methods of organization of production and management. The taxpayer's expenses for scientific research and (or) experimental-design development, excluding the expenses for the acquisition of depreciable assets, shall be deducted irrespective of the results of the relevant scientific research and (or) experimental-design development in the manner prescribed by this Article, upon completion of these research or developments (separate stages of services) and (or) signing by the parties of the acceptance acts. Where the taxpayer obtains exclusive rights to the results of intellectual activity as a result of the expenses incurred on research and (or) experimental-design development, these rights shall be deemed intangible assets. In this case, these expenses shall be deducted in the manner prescribed by Article 307 of this Code. The provisions of this Article shall not apply to the recognition of the expenses of taxpayers who carry out scientific research and (or) development work under a contract as a performer (contractor or subcontractor), for tax purposes. Article 313. Expenses for Bad Debts For the purposes of this Article, a debt which is impossible to be repaid due to the termination of an obligation by a court decision, bankruptcy, liquidation, death of the debtor, or due to the expiration of the limitation period shall be deemed bad. The taxpayer shall have the right to deduct bad debts associated with the receipt of taxable income in the previous reporting (tax) periods. Deduction of bad debts shall be allowed only where the debt has been written off and reflected in the taxpayer's financial statements. Article 314. Expenses for Value Added Tax Unless otherwise provided for in this Article, account shall be taken of the following expenditures for value added tax in the value of purchased goods (services): 1) the amount of value added tax which is not subject to crediting in the manner provided for in Article 267 of this Code; 2) the amount of value added tax, in the manner prescribed by part six of Article 268 of this Code; 3) the amount of the adjustment of value added tax in the cases specified in Article 270 of this Code. A taxpayer of a value-added tax shall have the right to expense the amount of value-added tax which is not subject to crediting, where: 1) the proportional method is applied in accordance with part five of Article 268 of this Code; 2) the adjustment of the value added tax is carried out in accordance with Articles 269 and 270 of this Code, if the amount of the tax adjustment cannot be included in the cost of the purchased goods (services) for which such an adjustment is made; 3) the adjustment of the value added tax is carried out in the manner provided for in Article 271 of this Code. Article 315. Expenses for the Formation of Reserves Banks and legal entities which carry out certain types of banking operations on the basis of a license for conducting banking operations, and insurance organizations shall create reserves funds in accordance with the requirements of the legislation. Allocations to the reserve funds, provided for in the first part of this Article, shall be expensed in the manner and within the limits provided for by legislation. The provisions of parts one and two of this Article shall not apply to the cases of creating reserve funds which are formed from net profit. Actual expenses for which the reserve fund has been formed shall be written off against the amount of the created reserve. Article 316. Expenses for the Formation of a Reserve for Future Expenses for Warranty Repair and Warranty Servicing Taxpayers which sell goods (services) shall have the right to create reserves against future expenses associated with warranty repair and warranty servicing. Allocations for the formation of such reserves shall be deducted in the manner prescribed by this Article. A taxpayer shall independently adopt a decision on the creation of such a reserve and shall specify the maximum amount of allocations to that reserve in its accounting policies for taxation purposes. In this respect, a reserve shall be created for goods (services) in relation to which servicing and repairs are provided for in accordance with the conditions of the agreement concluded with the purchaser during the guarantee period. The amount of allocations to the reserve shall be expensed as at the date on which the above-mentioned goods (services) are sold. The amount of a created reserve shall not exceed a limit determined as the proportion of expenses actually incurred by a taxpayer for warranty repair and servicing to the volume of receipts from the sale of those goods (services) over the last three years, multiplied by the amount of receipts from the sale of those goods (services) for the reporting (tax) period. Where a taxpayer has been selling goods (work) with warranty repair and servicing for less than three years, the volume of receipts from the sale of those goods (services) for the actual period of such sales shall be taken into account for the purpose of computing the maximum amount of the reserve which may be created. A taxpayer which has not previously sold goods (work) with warranty repair and servicing shall have the right to create a reserve for the warranty repair and servicing of goods (work) in an amount not exceeding estimated expenses for those expenditures. Estimated expenses shall be understood to mean expenses which are provided for in the plan for the fulfilment of guarantee obligations with account taken of the guarantee period. After a tax period has ended the taxpayer must adjust the amount of the created reserve on the basis of the proportion of expenses actually incurred for warranty repair and servicing to the volume of receipts from the sale of the above-mentioned goods (services) over the period which has ended. The amount of the reserve for the warranty repair and servicing of goods (services) which was not fully used by the taxpayer in the tax period to carry out repairs in relation to goods (services) sold under guarantee may be carried forward by the taxpayer to the following tax period. In this respect, the amount of the reserve which is newly created in the following tax period must be adjusted for the amount of the balance of the reserve for the preceding tax period. In the event that the amount of the newly created reserve is less than the amount of the balance of the reserve created in the preceding tax period, the difference between them should be included in the composition of the taxpayer’s income for the current tax period. Where a taxpayer has adopted a decision to create a reserve for the warranty repair and servicing of goods (work), expenses for warranty repairs shall be charged to the amount of the created reserve. In the event that the amount of the created reserve is less than the amount of repair expenses incurred by the taxpayer, the difference between them should be deducted. In the event that a taxpayer adopts a decision to cease selling goods (services) with warranty repair and warranty servicing, the amount of the previously created reserve which remains unused should be included in the composition of the taxpayer’s income after the expiry of the warranty repair and warranty servicing agreements. Article 317. Non-Deductible Expenses Expenses which are not subject to deduction upon determination of the tax base shall include: 1) loss of goods in excess of the norms of natural loss of material values established by the authorized body in accordance with the legislation, as well as by the taxpayer in the absence of such norms; 2) expenses for the provision of premises without consideration to catering enterprises or other third-party organizations, payment of the cost of utilities for these enterprises and organizations; 3) taxpayer’s expenses, which are the income of an physical person in the form of material benefits, provided for by Article 376 of this Code; 4) field allowance, payments for the use of an employee's personal vehicles for official purposes in excess of the norms established by legislation; 5) allowances and supplements to pensions; 6) the material assistance specified in paragraphs four and five of paragraph 10 of part one of Article 377 of this Code; 7) expenses for the implementation of charitable assistance, with the exception of funds directed to the provision of patronage support; 8) compensation payments for environmental pollution and waste disposal in excess of the norms established by legislation; 9) expenses for the elimination of defects in projects and construction and installation works, damage and deformations which are received during transportation to the on-site warehouse, expenses for revision (disassembly of equipment) caused by defects in anti-corrosion protection, and other similar expenses to the extent that these expenses cannot be reimbursed at the expense of the supplier or other business entities which are liable for deficiencies, damage or losses; 10) losses from theft and shortage, the perpetrators of which have not been identified, or in the event that it is impossible to reimburse the necessary amounts at the expense of the guilty party; 11) taxes which are paid for other persons; 12) taxes and levies which are additionally assessed on the basis of the tax audits results; 13) expenses for activities which are not connected with the implementation of the taxpayer's entrepreneurial activity (health protection, sports and cultural events, recreation and other similar events), except for cases where the obligation to carry out activities is imposed on the taxpayer by legislation; 14) rendering assistance to trade union committees; 15) expenditures for the provision of services which are not connected with the production of products (services for the improvement of towns and villages, assistance to agriculture and other types of services); 16) expenses which are related to the receipt of non-taxable income, except for the cases provided for in this Section; 17) expenses for operations which are performed without the actual provision of services, shipment of goods, in cases where such a fact was established by a court decision that entered into legal force, which indicates the name of the taxpayer who incurred such expenses; 18) expenses which are not connected with activities aimed at generating income, if the taxpayer is not obliged by legislation to incur such expenses; 19) penalties, fines and other sanctions which are subject to pay (paid) to the budgetary system; 20) expenditures for acquisition, production, construction, installation and other expenditures which are included in the cost of depreciable assets, including expenses incurred in cases of extension, further equipping, reconstruction, modernization, technical re-equipment, expensed through depreciation deductions; 21) the expenditures of the taxpayer, which are included in the initial cost of assets not subject to depreciation in accordance with the legislation on accounting; 22) the amount of excess expenses for which this Code establishes the rates, over the maximum amount calculated using the specified rates; 23) allocations to reserves, reserve funds and other funds, the formation of which is not provided for by this Section and (or) the requirements of the legislation, with the exception of expenses within the limits provided for by Articles 315, 316 and 326 of this Code; 24) the amount of dividends accrued by the taxpayer; 25) voluntary insurance contributions paid by the taxpayer in favor of other persons; 26) interest and separate expenditures accrued by the taxpayer in excess of the amounts recognized as expenses for tax purposes in accordance with Article 310 of this Code; 27) the cost of donated assets (services) and the costs associated with such a transfer (including the amount of value added tax), except for the transfer of assets by decision of the President of the Republic of Uzbekistan or the Cabinet of Ministers of the Republic of Uzbekistan, as well as the transfer of technical means of the operational-search activities system on telecommunication networks and the provision of services for their operation and maintenance; 28) the expenses of the principal of fiduciary management which is connected to the execution of the fiduciary management agreement, if the agreement does not provide for the principal to be beneficiary; 29) contributions, fees and other payments which are paid to non-commercial organizations and international organizations, except for cases where the payment of such contributions, fees and other payments is provided for by legislation (including of foreign states) and (or) is a condition for the implementation of activities by taxpayers who have paid these contributions, fees and other payments or a condition for the provision by that organizations of services necessary for the taxpayer to conduct his activities; 30) expenditures incurred at the expense of reserves created by the taxpayer, where the expenses of creating such reserves were deducted in the manner prescribed by this Code or other legislative acts; 31) the amount of the markdown (impairment) of the asset; 32) losses which are incurred by the partners (participants) within the framework of a simple partnership agreement, upon the return of a share in the common ownership of the partners (participants) of the agreement or the division of property; 33) monetary resources which are transferred by a member of a consolidated group of taxpayers to a responsible member of this group for the payment of tax (advance, current payments, penalties, fines) in the manner established by this Code for a consolidated group of taxpayers, as well as resources transferred by a responsible member of a consolidated group of taxpayers to a member this group in connection with the clarification of the amounts of tax (advance, current payments, penalties, fines) payable for this consolidated group of taxpayers; 34) losses arising where inventory items are written off due to unfitness (expiration of storage periods, physical and (or) moral obsolescence and other similar reasons), except for such losses due to emergency circumstances (natural disaster, fire, accident, road traffic accident, etc.); 35) interest on overdue and deferred loans (borrowings) in excess of the rates provided for in the loan agreement for term debt; 36) paid or recognized fines, penalties and other types of sanctions for violation of the terms of business contracts. Chapter 45. Special Considerations Relating to the Determination of Tax Base of Individual Taxpayers and Types of Operations Article 318. Special Considerations Relating to the Determination of Tax Base of Non-Commercial Organizations Subject to the observance of the conditions specified in Article 58 of this Code, the following incomes of a non-commercial organization shall not be taxed: 1) earmarked resources which are allocated for the maintenance of non-commercial organizations and conduct of foundational activities specified in Article 48 of this Code; 2) excess of the amount of positive exchange rate difference over the amount of negative exchange rate difference; 3) income from the sale of goods which are intended for use by the population for religious purposes. The income of a non-commercial organization not specified in part one of this Article shall be taxed in accordance with the generally established order. The expenditures of a non-commercial organization which are subject to be expensed in accordance with Chapter 44 of this Code shall be determined in one of the following ways: 1) on the basis of the share of income not specified in part one of this Article in the total amount of income of a non-commercial organization; 2) on the basis of tax accounting data which shall provide for separate recording of expenses incurred at the expense of the income specified in part one of this Article and expenses incurred at the expense of other incomes. In the absence of recording practice, provided for in part three of this Article, and (or) the use of income specified in part one of this Article for purpose not intended initially (except for budgetary funds), the earmarked resources which are received by the taxpayer shall be included in the composition of total income of this taxpayer and shall be taxed in generally established order. The norms of budgetary legislation shall be applied with respect to budget resources which are used for purpose not intended. The provisions of this Article shall not apply to non-commercial organizations which operate in the social sphere. Article 319. Special Considerations Relating to the Calculation and Payment of Tax When Carrying Out Operations Within The Framework of a Simple Partnership (Agreement On Joint Activities) For tax purposes, the trustee of a simple partnership (agreement on joint activities), which is determined in the manner prescribed by Article 275 of this Code, shall be deemed a taxpayer with respect to activity which is carried out under a simple partnership agreement (joint activity agreement). The provisions on the procedure for maintaining general accounting of operations, including tax accounting, and registration, provided for in Article 275 of this Code, shall be applied upon calculation and payment of tax on profit. Where a partner (participant) of a simple partnership agreement (joint activity agreement) makes a share in common property as a non-monetary contribution, upon determination of the tax base for the tax on profit at him: 1) the positive difference between the assessed value of the property and the residual value of this property shall be included in the total income ; 2) negative difference shall not reduce the tax base. The trustee shall maintain separate records of the incomes and expenses of all partners (participants) of the simple partnership agreement (joint activity agreement) with respect to the activities of that simple partnership (joint activity agreement), determine a separate tax base for that activities, and calculate and pay tax. In this respect, the specified person shall be endowed with all the rights and bear the obligations of a taxpayer provided for by this Code in relation to the specified amount of tax. The trustee shall not be entitled to apply tax exemptions for tax on profit and (or) reduced tax rates. The income which is received as a result of joint activities shall be distributed among the partners (participants) of the joint activities on the basis of the share of the contribution of each partner (participant) or in accordance with the terms of the simple partnership agreement (agreement on joint activities). The specified income for each partner (participant) shall be equated to dividends and taxed in accordance with this Code. Article 320. Special Considerations Relating To the Taxation of Exchange Rate Differences A positive (negative) exchange rate difference which result from the revaluation of foreign currency balance sheet items, as well as upon performance of transactions in foreign currency, shall be included in the total income (expenses) in accordance with the legislation on accounting. Article 321. Special Considerations Relating To the Taxation of the Result of Changing the Methods for Stocks Estimation Where the taxpayer switches to a different method of estimating stocks than the one used in the previous tax period, the total income (expense) of the taxpayer shall be increased by the amount of the positive difference and decreased by the amount of the negative difference which is formed in the result of the application of the new estimation method. The taxpayer shall switch to a different method for estimating stocks from the commencement of the tax period. Article 322. Special Considerations Relating To the Taxation of Fiduciary Management For the purposes of this Section, assets which have been transferred under an agreement on the fiduciary management shall not be deemed to be income of the fiduciary. The fee which is received by the fiduciary in accordance with the agreement on the fiduciary management of assets shall constitute the fiduciary’s income and shall be taxable in accordance with the established by this Code procedure. In this respect, expenses associated with carrying out fiduciary management shall be recognised as expenses of the fiduciary unless the agreement on the fiduciary management of assets provides for those expenses to be reimbursed by the principal of fiduciary management or another person. The fiduciary shall be obliged to determine income and expenses associated with the fiduciary management of assets monthly on a cumulative total and to present information on income received and expenses to the principal and (or) other beneficiaries of fiduciary management so that they may be taken into account by the principal (beneficiary) in determining the tax base in accordance with this Section. In the case of the fiduciary management of securities and financial instruments of forward transactions, the fiduciary shall determine income and expenses in accordance with the procedure prescribed by Articles 327 — 329 of this Code. Where, under the conditions of an agreement on the fiduciary management of assets, the principal is the beneficiary, the tax base of that principal shall be determined with account taken of the following special considerations: 1) income and expenses with respect to the implementation of the agreement on the fiduciary management of assets (including depreciation of assets and fees to the fiduciary) shall be included in income and expenses of the principal, depending on the type of income received and expenses incurred in the manner prescribed by this Section; 2) income (expenses) relating to operations with securities and operations with financial instruments of forward transactions (excluding the fiduciary’s fee) shall be included in the income (expenses) of the principal of the fiduciary management with respect to transactions relating to securities and financial instruments of forward transactions and the relevant category, in accordance with the procedure established by this Section for such operations. Where, under the conditions of an agreement on the fiduciary management of assets, the principal is not the beneficiary or more than one beneficiary is established, the tax base of the parties to the agreement shall be determined with account taken of the following special considerations: 1) income of the beneficiary under the fiduciary management agreement shall be included in its income depending on the type of income received and shall be taxable in accordance with the established procedure; 2) expenses associated with the performance of the agreement on the fiduciary management of assets (excluding the fiduciary’s fee where the agreement in question provides for the fee to be paid other than by reducing income received through performance of the agreement) shall be taken into account for tax purposes as part of the expenses of the beneficiary. In this respect, expenses for the fiduciary’s fee (excluding the fiduciary’s fee where the agreement in question provides for the fee to be paid by reducing income received through performance of the agreement) shall be taken into account separately and shall be recognised as expenses of the principal within the composition of expenses; 3) where there are multiple beneficiaries under a fiduciary management agreement, those beneficiaries shall recognise income and expenses in accordance with this clause in amounts corresponding to the proportions attributable to them. Losses made during the term of a fiduciary management agreement from the use of assets placed under fiduciary management shall not be taken into account in the determination of the tax base for tax by the principal or by the beneficiary. Such losses shall be transferred to future income from this fiduciary management in the manner prescribed by this Section. Losses, which are received upon termination of the fiduciary management agreement, shall not be taken into account upon determination of the tax base of the principal or beneficiary and shall not be carried forward. Upon the termination of a fiduciary agreement the assets placed under fiduciary management may, according to the conditions of that agreement, be returned to the principal or transferred to another person. In the event that the assets are returned, no income (loss) shall arise for the principal irrespective management of whether a positive (negative) difference arises between the value of the assets placed under fiduciary management as at the time of the entry into force and as at the time of the termination of the agreement on the fiduciary management of assets. Where asset is transferred to another person, the income by the amount of the value of the asset received shall arise for this person. The fiduciary shall be obliged to maintain separate records of income and expenses with respect to the execution of the fiduciary management agreement, and of income received in the form of fee from fiduciary management, in the context of each fiduciary management agreement. The income of the principal or beneficiary, as well as of the fiduciary under the fiduciary agreement shall be formed in each reporting (tax) period, regardless of whether such agreement provides for settlements during the term of the fiduciary management agreement or not. Where the principal or beneficiary of the fiduciary management is a legal entity, the fiduciary shall be obliged to determine the income and expenses with respect to the implementation of the fiduciary agreement (including the calculation of depreciation deductions), on the basis of the accounting policy for tax purposes of the legal entity which is the principal or beneficiary. In this event, the fiduciary shall be obliged to produce to this principal of the fiduciary management all the primary documents, which are necessary to determine the tax base. The provisions of this Article (with the exception of parts two and three), as well as part two of Article 336 of this Code, shall not apply to the management company and the participants (principals) of the fiduciary management of assets that comprise an independent asset complex in the form of a mutual investment fund. Article 323. Special Considerations Relating to the Recognition of Income and Expenses in the Case of Acquisition of an Enterprise as an Asset Complex For the purposes of this Section the difference between the acquisition price of an enterprise as an asset complex and the value of the net assets of the enterprise as an asset complex (assets minus liabilities) shall be recognised as an expense (as income) of a taxpayer in accordance with the procedure established by this Article. The specified difference in the form of a price markup (in case of a positive difference) or a price discount (in case of a negative difference) shall be determined on the basis of the transfer deed. Where an enterprise as an asset complex is acquired through privatization by auction or on the basis of a competitive tender, the amount of the mark-up which is paid (the discount which is received) by the purchaser shall be determined as the difference between the purchase price and the appraised (starting) value of the enterprise as an asset complex. The amount of the mark-up which is paid (the discount which is received) by a purchaser shall be taken into account for taxation purposes according to the following procedure: 1) a mark-up which is paid by the purchaser of an enterprise as an asset complex shall be recognised as an expense evenly over a period of five years commencing from the month following the month in which the State registration of the purchaser’s ownership of the enterprise as an asset complex takes place; 2) a discount which is received by the purchaser of an enterprise as an asset complex shall be recognised as income in the month in which the State registration of the transfer of ownership of the enterprise as an asset complex took place. A loss resulting for the seller from the sale of an enterprise as an asset complex shall be recognised as an expense which shall be taken into account for taxation purposes in accordance with the procedure established by Chapter 46 of this Code. Article 324. Special Considerations Relating to Taxation of REPO Transactions with Securities The participants of REPO transactions with securities which are carried out in the manner prescribed by Article 52 of this Code, shall be taxed with account taken of the special considerations established by this Article. The rules laid down in this Article shall apply to REPO transactions of a taxpayer which are carried out at his expense by commission agents, agents or fiduciaries on the basis of appropriate civil contracts. Where securities are sold under the first leg of the REPO and the second leg of the REPO, the financial result shall not determined for tax purposes. The taxpayer shall independently, in accordance with the accounting policy adopted by him for tax purposes, determine the procedure for accounting securities which are withdrawn (returned) under REPO transactions. For the purposes of this Code, for the seller in the first leg of a REPO the difference between the acquisition price of securities in the second leg of the REPO and the sale price of securities in the first leg of the REPO shall be deemed to be: 1) loan interest payment expenses paid in respect of REPO transactions — if the difference is positive. 2) loan interest income received in respect of REPO transactions — if the difference is negative; For the purposes of this Article, for the purchaser in the first leg of a REPO the difference between the sale price of securities in the second leg of the REPO and the acquisition price of securities in the first leg of the REPO shall be deemed to be: 1) loan interest income received in respect of REPO transactions — if the difference is positive; 2) loan interest payment expenses paid in respect of REPO transactions — if the difference is negative. Where the income provided for in parts five and (or) sixth of this Article is paid to a non-resident of the Republic of Uzbekistan, and such income is not associated with the permanent establishment of this non-resident, then such income shall be attributed to the income of this non-resident from sources in the Republic of Uzbekistan and shall be taxed at the source of payment of income, on the date of execution of the second leg of the REPO. For the purposes of this Article the date of the receipt of income (incurring of expenses) in respect of a REPO transaction shall be the date of the actual fulfilment (termination) of the obligations of the participants in the second leg of the REPO with account taken of the special considerations set out in parts five and six of this Article. Expenses with respect to the conclusion and execution of REPO transactions shall be accounted for according to the general procedure. Where a REPO agreement provides for settlements (the remittance of monetary resources and (or) the transfer of securities) to be made in the period between the dates of execution of the first and second legs of the REPO between the participants in the REPO transaction in the event of a change in the price of the securities which are the object of the REPO transaction or in other cases specified in the agreement, such settlements shall, unless otherwise provided by the agreement, alter the sale (acquisition) price in the second leg of the REPO which is used in calculating income (expenses) in accordance with clauses 4 and 5 of this Article. Where in the period between the dates of execution of the first and second leg of the REPO, the buyer in the first leg of the REPO becomes obliged to transfer to the seller of the first leg of the REPO the income on the securities which are the object of the REPO transaction (coupon payment, partial redemption of the par value of the securities), the amounts of such payments shall be included to the selling (acquisition) price in the second leg of the REPO upon calculation of income (expenses) in the manner determined in accordance with parts five and six of this Article. This rule shall apply where the REPO agreement provides for a decrease in the seller's obligations under the first leg of the REPO to pay money during the subsequent purchase of securities under the second leg of the REPO (selling (purchase) price for the second leg of the REPO) by the amount of the corresponding payments instead of making such payments. Where in accordance with the REPO agreement such payments are not taken into account when determining the obligations under the second leg of the REPO, the amounts of such payments shall not be included in the selling (acquisition) price for the second leg of the REPO upon calculation of income (expenses) determined in accordance with parts five and six of this Article. Where a REPO agreement provides for settlements (the remittance of monetary resources and (or) the transfer of securities) to be made in the period between the dates of execution of the first and second legs of the REPO between the participants in the REPO transaction in the event of a change in the price of the securities which are the object of the REPO transaction or in other cases specified in the agreement, such settlements shall, unless otherwise provided by the agreement, alter the sale (acquisition) price in the second leg of the REPO which is used in calculating income (expenses) in accordance with parts five and six of this Article. This rule shall apply where the REPO agreement provides for a decrease in the seller's obligations under the first leg of the REPO to pay monetary resources by the amount of transfers in the course of settlements during the subsequent purchase of securities under the second leg of the REPO. Where such receipt (transfer) of resources and (or) securities is not taken into account upon determination of the obligations under the second leg of the REPO in accordance with the REPO agreement, the amounts of such transfers shall not be included in the selling (acquisition) price for the second leg of the REPO upon calculation of income (expenses) determined in accordance with parts five and six of this Article. Where a REPO transaction is made between a non-resident (seller in the first leg of a REPO) and a legal entity that is a tax resident of the Republic of Uzbekistan (a buyer in the first leg of a REPO), and between the dates of execution of the first and second legs of a REPO dividends are paid for shares (depositary receipts giving the right to receive dividends), which is the object of the REPO transaction (a list of persons entitled to receive dividends shall be prepared), the buyer in the first leg shall be deemed to be a tax agent in respect of dividend income for which tax was not withheld by the tax agent at the source of dividend payment or tax was withheld in an amount less than the amount of tax calculated from the income in the form of dividends for the specified non-resident. Where the REPO agreement provides for the possibility of replacing securities, which are transferred under the first leg of a REPO transaction, with other securities in accordance with part four of Article 52 of this Code, then the taxation procedure shall not change with such replacement. For tax purposes, where properly executed, the actual selling prices of securities for both the first and second legs of the REPO shall be applied, irrespective of the market value of these securities. In the event of improper execution of the second leg of the REPO, the tax base for such a REPO transaction shall be determined by the participants in this transaction in the following order: 1) the seller in the first leg of the REPO shall recognize the execution of the second leg of the REPO for tax purposes. At the same time, it shall recognize the sale of securities which are not redeemed under the second leg of the REPO proceeding from the price determined for the purpose of termination of obligations under the REPO transaction by a REPO agreement or other agreement of the parties to the REPO transaction, with taking into account the requirements for determining the market price of these securities for tax purposes established by this Code. Such recognition of the sale of securities shall be carried out at the date of execution of the second leg of the REPO in accordance with the terms of the agreement or at the date of purchase and sale of the security within the framework of mutual settlements; 2) the buyer in the first part of the REPO shall recognize for tax purposes the execution of the second leg of the REPO. At the same time, it shall recognize the purchase of securities not sold under the second leg of the REPO proceeding from the price determined for the purpose of termination of obligations under the REPO transaction by a REPO agreement or other agreement of the parties to the REPO transaction, with taking into account the requirements for determining the market price of these securities for tax purposes established by this Code. Such recognition of the purchase of securities shall be carried out at the date of execution of the second leg of the REPO in accordance with the terms of the agreement or at the date of purchase and sale of the security within the framework of mutual settlements. The special considerations with respect to the procedure for determination of the tax base, where short positions in securities are opened, shall be established by the Ministry of Finance of the Republic of Uzbekistan in agreement with the authorized body for the development of the securities market of the Republic of Uzbekistan. Article 325. Special Considerations Relating to Taxation in the Context of Securities Lending Operations Taxation of participants in securities loan operations which have been carried out in the manner prescribed by Article 53 of this Code shall take into account the special considerations established by this Article. When securities are loaned and when loaned securities are returned, the lender shall not determine a financial result for taxation purposes, except in cases established by this Article. In this respect, expenses associated with the acquisition of securities transferred under a loan agreement shall be taken into account by the lender when the securities in question are subsequently (after the return of the loan) sold (disposed of), with account taken of the provisions of this Code. Taxpayers shall be obliged to maintain separate tax recording of securities transferred (received) in the framework of loans with securities. Analytical recording on loans with securities shall be maintained with respect to each granted (received) loan. In the context of a loan agreement, payments on securities the right to receive which arises during the effective period of the loan agreement shall not be deemed to be income of the borrower and shall be included in the lender’s income. Where a loan agreement has been concluded between a non-resident (the lender) and a legal entity which is a tax resident of the Republic of Uzbekistan (the borrower), and during the effective period of the loan agreement interest (discount) income is paid on the securities or dividends are paid on the shares (depositary receipts conferring the right to receive dividends) which are the object of the loan, such a borrower shall be deemed to be a tax agent in relation to the dividend income or interest (discount) income. Interest receivable by the lender under a loan agreement shall be recognised as income of the lender which is taken into account in accordance with this Section. Interest payable by the borrower under a loan agreement shall be recognised as an expense of the borrower which is taken into account in accordance with this Section. Article 326. Expenses for the Formation of Reserves Against the Devaluation of Securities for Professional Participants in the Securities Market Professional participants in the securities market shall be recognised as carrying out professional activities provided they have a corresponding license issued to a participant in the securities market. Professional participants in the securities market shall have the right to include allocations to reserves against the devaluation of securities in expenses for taxation purposes. In such case, amounts of restored reserves against the devaluation of securities allocations for the creation (adjustment) of which were previously taken into account for the purpose of determining the tax base shall be recognised as income of those taxpayers. The reserves against the devaluation of securities shall be created (adjusted) as at the end of an reporting (tax) period in an amount equal to the amount by which the acquisition prices of issued securities which are circulated on the organized securities market exceed their market quotation (the calculated value of the reserve). In this respect, for the purposes of this Chapter the acquisition price of a security shall also include expenses associated with the acquisition of that security. Reserves shall be created (adjusted) for each security within one issue (an additional issue) of securities which meets the above-mentioned requirements, irrespective of any change in the value of securities of other issues (additional issues). Upon the sale or other disposal of securities in relation to which a reserve has previously been created where allocations for the creation (adjustment) of that reserve were previously taken into account in determining the tax base, the amount of such reserve shall be included in the taxpayer’s income as at the date of sale or other disposal of the security. Where, after an reporting (tax) period has ended, the amount of a reserve with account taken of the market quotations of securities as at the end of that period is found to be insufficient, the taxpayer shall increase the amount of the reserve in accordance with the procedure which is established by part three of this Article. If, at the end of the accounting (tax) period, the amount of the previously created reserve with account taken of amounts restored exceeds the calculated value, the reserve shall be reduced by the taxpayer (shall be restored) to the calculated value with the amount so restored being included in income. Reserves against the devaluation of securities shall be created in the national currency irrespective of the currency of the nominal value of the security. In the case of securities denominated in foreign currency, the acquisition price shall be translated into national currency on the basis of the official exchange rate of the Central Bank of the Republic of Uzbekistan prevailing on the date of acquisition of a security, and the market quotation shall be translated on the basis of the official exchange rate of the Central Bank of the Republic of Uzbekistan prevailing on the date on which the reserve is created (adjusted). In the case of securities for which the conditions of issue provide for partial redemption of their nominal value, for the purpose of determining (adjusting) the reserve as at the end of an reporting (tax) period the acquisition price shall be adjusted to take account of the portion of the partial redemption of the nominal value of the security. A taxpayer which is the seller in the first leg of a REPO or the lender in a securities lending transaction shall not have the right to form reserves against the devaluation of securities for securities transferred in the REPO transaction (under the loan agreement). A taxpayer which is the purchaser in the first leg of a REPO or the borrower in a securities lending transaction shall have the right to form reserves against the devaluation of securities for securities received in the REPO transaction (under the loan agreement). Article 327. Special Considerations Relating to Determination of the Tax Base Arising from Securities Transactions Income of a taxpayer from operations involving the sale or other disposal of securities (including from the redemption or partial redemption of their nominal value) shall be determined on the basis of the price of sale or other disposal of the security and the amount of accumulated interest (coupon) income paid by the purchaser to the taxpayer and the amount of interest (coupon) income paid to the taxpayer by the issuer (drawer of the bill). In this respect, amounts of interest (coupon) income previously taken into account for taxation purposes shall not be included in a taxpayer’s income from the sale or other disposal of securities. Expenses incurred by a taxpayer in connection with the sale or other disposal (including redemption or partial redemption of the nominal value) of securities, including investment units in a mutual investment fund, shall be determined on the basis of the acquisition price of a security (including acquisition expenses), expenditures on selling it, the amount of discounts on the reference value of investment units and the amount of accumulated interest (coupon) income paid by the taxpayer to the seller of the security. In this respect, amounts of accumulated interest (coupon) income which were previously taken into account for taxation purposes shall not be included in expenses. For the purposes of this Chapter, securities shall also be considered to have been sold (acquired) in the following cases: 1) where the taxpayer’s obligations to transfer (accept) the securities in question are terminated by the offsetting of homogenous counter-claims, including where such obligations are terminated through clearing in accordance with the legislation; 2) in the case of the offsetting of counter-claims arising from contracts concluded on the basis of organized trading rules or clearing rules, where such offsetting took place for the purpose of determining the amount of a net obligation. Where a transaction involving circulated securities is concluded, the date of conclusion of the transaction shall be understood to mean the date of the trading in which the transaction involving the security was concluded. Where a transaction involving circulated securities is concluded outside the organized securities market, the date of conclusion of the transaction shall be understood to mean the date of the contract which sets out all the significant conditions of the transfer of the security. A taxpayer-shareholder which sells shares which it received in connection with the increasing of the charter capital of a joint stock company shall determine income as the difference between the sale price and the originally paid-in value of the shares, adjusted to allow for the change in the quantity of shares as result of the charter capital increase. Upon the sale or other disposal of securities the taxpayer shall independently, in accordance with the accounting policies adopted for taxation purposes, select one of the following methods of charging the value of the disposed-of securities to expenses: 1) based on the value of those first acquired (FIFO); 2) based on unit value. For the purposes of this Article, accumulated interest (coupon) income shall be understood to mean a portion of the interest (coupon) income the payment of which is provided for by the conditions of issue of a security, calculated in proportion to the number of calendar days that have elapsed from the date of issue of the security or the date of payment of the last coupon income up to the date on which the security is transferred. The tax base for transactions with securities shall be determined by the taxpayer separately. In this respect, taxpayers shall determine the tax base for operations with circulated securities circulating separately from the tax base for operations with securities that circulate outside of the organized securities market. Taxpayers who have made loss (losses) from transactions with securities in preceding tax periods shall have the right to reduce the relevant tax base which is received with respect to operations with securities in the reporting (tax) period (carry the specified losses forward), in the manner and on the conditions which are established by Article 336 of this Code. Losses made in the preceding tax periods on transactions involving non-circulated securities may be deducted from the tax base determined in the reporting (tax) period for transactions involving such securities. Losses made in the preceding tax periods on transactions involving circulated securities may be deducted from the tax base determined in the reporting (tax) period on transactions associated with the sale of the specified category of securities. During the tax period, the carrying forward of losses incurred in the corresponding reporting period from transactions involving circulated and involving non-circulated securities shall be carried out separately for the specified categories of securities, respectively, within the profit received from transactions with such securities. Income received from transactions with circulated securities cannot be reduced for expenses or losses from transactions with non-circulated securities. Income received from transactions with non-circulated securities cannot be reduced for expenses or losses from transactions with circulated securities. For the purposes of this Article, the market quotation of a security shall be understood to mean: 1) in the case of securities admitted for trading through a trade organizer in the Republic of Uzbekistan (including an exchange) — the weighted-average price of the security in transactions concluded in the course of a day of trading through that trade organizer; 2) in the case of securities admitted for trading through a foreign trade organizer (including an exchange) — the closing price of a security which is calculated by the trade organizer on the basis of transactions concluded through that exchange during a day of trading. Where transactions involving one and the same security have been concluded through two or more trade organizers, the taxpayer shall have the right independently to select the market quotation of one of the trade organizers. In the event a trade organizer does not calculate the weighted-average price, for the purposes of this Article the weighted-average price shall be taken to be one half of the sum of the highest and lowest prices of transactions concluded during a day of trading through that trade organizer. Where a transaction involving circulated securities is concluded through a trade organizer: 1) the date of conclusion of the transaction shall be understood to mean the date of the trading in which the transaction involving the security was concluded; 2) the actual price of sale (acquisition) or other disposal of securities shall be recognised for taxation purposes. Where a transaction involving circulated securities is concluded outside the organized securities market (without the participation of a trade organizer): 1) the date of conclusion of the transaction shall be understood to mean the date of the contract which sets out all the significant conditions of the transfer of the security; 2) except as otherwise established by this Article, the actual price of sale (acquisition) or other disposal of a circulated security shall be recognised as the market price of the security for taxation purposes provided that one of the following conditions is met: if, as at the date of conclusion of the transaction, more than one transaction involving the security has been registered, the actual price of the transaction concluded shall be recognised as the market price of the security provided that, at the date on which the transaction is concluded, that price is in the interval between the highest and lowest prices (the price interval) of transactions involving the security in question which was registered by the trade organizer (trade organizers) on that date; if, as at the date of conclusion of the transaction, one transaction involving the security has been registered, the actual price of the transaction concluded shall be recognised as the market price of the security if it is consistent with the price of one other transaction involving that security as at the date of conclusion of the transaction in relation to which the market price is determined; 3) for the purposes of the application of clause 2 of this part: the highest and lowest prices of transactions (price of one transaction) registered by a trade organizer shall be determined with reference to transactions concluded on the basis of open bids (non-addressed orders); where trade organizers do not have information on the price interval (the price of one transaction) as at the date of conclusion of a transaction, the price interval (price of one transaction) for sales of those securities according to data of trade organizers as at the date of the most recent trading prior to the date of conclusion of the transaction in question shall be taken for the purposes of this clause if the securities have been traded at least once through a trade organizer during the three consecutive months preceding the date of conclusion of the transaction; where transactions involving one and the same security were concluded on the specified date through two or more trade organizers, the taxpayer shall have the right independently to select the trade organizer whose price interval values (price of one transaction) will be used to determine the price of the security for taxation purposes, except as otherwise established by this clause. In this respect, where some of the trade organizers referred to in this paragraph have registered more than one transaction involving the security, while other trade organizers have registered only one transaction involving the security, the taxpayer shall have the right independently to select the trade organizer whose price interval values will be used in determining the price of the security for taxation purposes from among the trade organizers which have registered more than one transaction involving the security. Where circulated issuance securities are acquired upon their placement and when such securities are offered to the public for the first time after their placement, including through a broker who renders services involving such offering of securities, the actual acquisition price of the securities shall be recognised as the market price and shall be taken for taxation purposes. Where circulated securities are sold at a price which is below the lowest price of transactions on the organized securities market, the lowest price of a transaction on the organized securities market shall be taken for the purpose of determining the financial result. Where circulated securities are acquired at a price which is above the highest price of transactions on the organized securities market, the highest price of a transaction on the organized securities market shall be taken for the purpose of determining the financial result. Where only one transaction has been concluded on the organized securities market the price of that transaction shall be taken as the highest (lowest) price. In the case of transactions involving circulated investment units in an open mutual investment fund, including where they are acquired from (redeemed through) a management company which carries out the fiduciary management of assets comprising that open mutual investment fund, the actual transaction price shall be recognised as the market price and shall be taken for taxation purposes if it is equal to the reference value of an investment unit determined in accordance with the procedure established by the legislation concerning investment funds. In the case of non-circulated securities, the actual price of a transaction shall be recognised as the market price and shall be taken for taxation purposes if that price is in the range between the highest and lowest prices determined on the basis of the reference price of the security and the maximum price deviation, except as otherwise established by this Article. For the purposes of this Article, the maximum price deviation for non-circulated securities shall be established at 20 per cent above or below the reference price of a security. Where non-circulated securities are sold at a price which is below the lowest price determined on the basis of the reference price of a security and the maximum price deviation, the lowest price determined on the basis of the reference price of the security and the maximum price deviation shall be taken in determining the financial result for taxation purposes. Where non-circulated securities are acquired at a price which is above the highest price determined on the basis of the reference price of the security and the maximum price deviation, the highest price determined on the basis of the reference price of the security and the maximum price deviation shall be taken in determining the financial result for taxation purposes. The procedure for determining the reference price of non-circulated securities shall be established for the purposes of this Article by the authorized body for the securities market in agreement with the Ministry of Finance of the Republic of Uzbekistan. In the case of transactions involving non-circulated investment units in open mutual investment funds, including where they are acquired from (redeemed through) a management company which carries out the fiduciary management of assets comprising that open mutual investment fund, the actual transaction price shall be taken for taxation purposes if it is equal to the reference value of an investment unit determined in accordance with the procedure established by the legislation concerning investment funds. In the case of transactions involving non-circulated investment units in closed and interval mutual investment funds, including where they are acquired from a management company which carries out the fiduciary management of assets comprising the relevant mutual investment fund, the actual transaction price shall be taken for taxation purposes if it is equal to the reference value of an investment unit determined in accordance with the procedure established by the legislation of concerning investment funds. Where, in accordance with the legislation concerning investment funds, the issue, redemption or exchange of investment units in mutual investment funds which are restricted for circulation takes place other than on the basis of the reference value of the investment unit, the actual transaction price shall be taken for taxation purposes if it is equal to the amount of monetary resources for which one investment unit is issued and which is determined in accordance with the rules for the fiduciary management of the mutual investment fund without taking into account the fluctuation limit. The reference price of non-circulated securities for taxation purposes shall be determined as at the date of the contract establishing all the significant conditions of the transfer of a security. The reference price of non-circulated investment units for taxation purposes shall be determined as at the date of the determination of the reference value of an investment unit which most closely precedes the date on which a transaction is concluded. Article 328. Special Considerations Relating to Determination of the Tax Base Arising from Transactions Involving Financial Instruments of Forward Transactions (Derivatives) For the purposes of this Article, income of a taxpayer which is received in a tax (reporting) period from operations involving financial instruments of forward transactions which are circulated on the organized market shall be understood to mean: 1) the amount of the variation margin which is receivable by the taxpayer during the accounting (tax) period; 2) other amounts which are receivable during the accounting (tax) period in respect of operations involving financial instruments of forward transactions which are circulated on the organized market, including by way of settlements in respect of operations involving financial instruments of forward transactions which provide for the delivery of an underlying asset. For the purposes of this Article, expenses of a taxpayer which are incurred in a tax (reporting) period in respect of financial instruments of forward transactions which are circulated on the organized market shall be understood to mean: 1) the amount of the variation margin which is payable by the taxpayer during the tax (reporting) period; 2) other amounts which are payable during the tax (accounting) period in respect of operations involving financial instruments of forward transactions which are circulated on the organized market, and the value of the underlying asset which is transferable in the case of transactions which provide for the delivery of an underlying asset; 3) other expenses associated with carrying out operations involving financial instruments of forward transactions which are circulated on the organized market. For the purposes of this Article, income of a taxpayer which is received in a tax (reporting) period from operations involving financial instruments of forward transactions which are not circulated on the organized market shall be understood to mean: 1) amounts of monetary resources which are receivable in an accounting (tax) period by one of the parties to a transaction involving a derivative financial instrument when it is executed (completed); 2) other amounts which are receivable during the tax (accounting) period in respect of operations involving financial instruments of forward transactions which are not circulated on the organized market, including by way of settlements in respect of operations involving financial instruments of forward transactions which provide for the delivery of an underlying asset. Expenses which are incurred in a tax (reporting) period in respect of operations involving financial instruments of forward transactions which are not circulated on the organized market shall be understood to mean: 1) amounts of monetary resources which are payable in a reporting (tax) period by one of the parties to a transaction involving a financial instrument of the forward transaction when it is executed (completed); 2) other amounts which are payable during the tax (reporting) period in respect of operations involving financial instruments of forward transactions which are not circulated on the organized market, and the value of the underlying asset which is transferable in the case of transactions which provide for the delivery of an underlying asset; 3) other expenses associated with carrying out operations involving financial instruments of forward transactions. The tax base for operations involving financial instruments of forward transactions which are circulated on the organized market and the tax base for operations involving financial instruments of forward transactions which are not circulated on the organized market shall be calculated separately. The tax base for operations involving financial instruments of forward transactions which are circulated on the organized market shall be determined as the difference between the amounts of income from the specified transactions with all the underlying assets receivable for the reporting (tax) period, and the amounts of expenses under the specified transactions with all the underlying assets for reporting (tax) period. The negative difference shall accordingly be recognized as a loss from such transactions. Loss incurred in operations involving financial instruments of forward transactions which are circulated on the organized market shall not decrease the tax base determined in accordance with part eight of this Article. The tax base for operations involving financial instruments of forward transactions which are not circulated on the organized market shall be determined as the difference between income from those transactions with all underlying assets receivable and expenses from specified transactions with all underlying assets for the reporting (tax) period. The negative difference shall accordingly be recognized as a loss from such transactions. Loss on operations involving financial instruments of forward transactions which are not circulated on the organized market shall not decrease the tax base determined in accordance with part six of this Article. Losses on operations involving financial instruments of forward transactions which are not circulated on the organized market may be attributed to the decrease of the tax base which arises from transactions with financial instruments of forward transactions that are not circulated on the organized market in subsequent tax periods in accordance with the procedure established by this Section. For financial instruments of forward transactions which are circulated on an organized market, the actual transaction price for tax purposes shall be recognized as market price, where the actual transaction price is in the range between the highest and lowest transaction prices (price range) with the specified instrument registered by the trade organizer on the date of the transaction. Where transactions involving the same financial instrument of forward transactions were concluded on the specified date through two or more trade organizers, the participant of forward transactions shall have the right independently to select the trade organizer whose price interval values will be used to determine the actual transaction price as the market price for tax purposes. Where the trade organizer does not have information about the price interval values as at the date of the conclusion of the corresponding transaction, for the indicated purposes, the data of the trade organizer on the price interval as at the date of the latest auction held within the last three months shall be used. The actual selling (acquisition) price of a financial instrument of a forward transaction which is not circulated on an organized market shall be recognised as the market price for taxation purposes and shall be applied for taxation purposes if it deviates by no more than 20 per cent above (below) the reference value of the financial instrument of forward transactions as at the date of conclusion of the transaction. The procedure for determining the reference value of particular types of financial instruments for futures transactions shall be established by the authorized body for the development of the securities market in consultation with the Ministry of Finance of the Republic of Uzbekistan. Where the actual selling (acquisition) price of a non-circulated financial instrument of forward transaction deviates by more than 20 per cent above (below) the reference value of that financial instrument, income (expenses) of the taxpayer shall be determined on the basis of the reference value increased (reduced) by 20 per cent. Income, which are received and expenses incurred on obligations (claims) under the swap contract shall be taken into account upon the determination of the appropriate tax base for operations involving financial instruments of forward transactions. Article 329. Special Considerations Relating to Determination of the Tax Base Arising from Hedging Transactions Where a hedging operation is carried out with account taken of the requirements of part one of Article 51 of this Code, income (expenses) shall be taken into account in determining the tax base, which shall be calculated with account taken of income and expenses associated with the hedged item. Banks shall have the right to reduce the tax base by the amount of a loss made on transactions involving delivery forward transactions which are not circulated on the organized market and for which the underlying asset is foreign currency. Where transactions are concluded involving financial instruments of forward transactions for which the underlying assets are interest rates, no assessment of income (expenses) on the basis of the interest rates specified in the terms of those instruments shall take place at the end of an reporting (tax) period. In this respect, income (an expense) which is recognised in respect of a transaction involving a financial instrument of forward transactions shall include income (expenses) calculated on the basis of interest rates and receivable (payable) in respect of the transaction in accordance with the agreement. The dates of recognition of income (expenses) associated with such a transaction shall be the payment dates stipulated in the relevant agreement. Article 330. Special Considerations Relating to Determination of the Tax Base for Income Received by Members of a Consolidated Group of Taxpayers The tax base for income received by all members of a consolidated group of taxpayers (hereinafter referred to as “consolidated tax base”) shall be determined as the sum of all income and the sum of all expenses of the members of the consolidated group of taxpayers, accounted for tax purposes, with account taken of the special considerations established by this Article. In this respect, each member of a consolidated group shall provide the responsible member of the consolidated group of taxpayers with all the information necessary for calculating the consolidated tax base, within the time limits established by the agreement on the creation of the consolidated group of taxpayers. The procedure for the determination of the tax base and provision to the responsible member of the consolidated group of taxpayers of the necessary information shall be established in the accounting policy for taxation purposes of the consolidated group of taxpayers. The calculation of the consolidated tax base for the reporting (tax) period shall be compiled by the responsible member of the consolidated group of taxpayers independently in accordance with this Article on the basis of the data of all members of this group on an cumulative basis from the beginning of the tax period. The consolidated tax base shall be defined as the arithmetic sum of the income of all members of the consolidated group, reduced by the arithmetic sum of the expenses of all its members, with account taken of the provisions of this Section. The negative difference shall be deemed a loss of the consolidated group of taxpayers. The consolidated tax base shall not include income of members of the consolidated group of taxpayers which is taxable at the source of income payment, as well as income of members of the consolidated group of taxpayers who are controlling persons of controlled foreign companies, in the form of profits of foreign companies controlled by them. Members of a consolidated group of taxpayers shall not form warranty repair and warranty servicing reserves in accordance with Article 316 of this Code in relation to sales of goods (work) to other members of that group. When a taxpayer joins a consolidated group of taxpayers the warranty repair and warranty servicing reserve shall be restored to the extent of amounts of reserves relating to goods (work) sold to other members of that group. In this respect, the maximum amount of the reserve which is determined in accordance with part three of Article 316 of this Code shall be adjusted so as to exclude operations between members of one consolidated group of taxpayers in determining the amounts of warranty repair and servicing expenses actually incurred by the taxpayer as a proportion of receipts from sales of the goods (work) concerned for the last three years and receipts from sales of the goods (work) concerned for the reporting (tax) period. No adjustment shall be made to the amount of receipts from sales of goods (work) for the last three years up to the beginning of the tax period in which the taxpayer became a member of the consolidated group of taxpayers. In tax periods in which the taxpayer is a member of a consolidated group of taxpayers, that amount shall not include receipts from sales of the above-mentioned goods (work) to other members of that group. Amounts of restored warranty repair and warranty servicing reserves, including amounts arising as a result of the reduction of the maximum amount of the reserve, shall be included in non-sale income in the tax period preceding the tax period in which the taxpayer became a member of the consolidated group of taxpayers. Banks which are members of a consolidated group of taxpayers shall not form reserves in accordance with Article 315 of this Code with respect to indebtedness of members of the consolidated group of taxpayers to other members of that group. Banks shall restore the reserve to the amount of indebtedness relating to other members of that group. The amounts in question shall be included in aggregate income in the tax period preceding the tax period in which the bank became a member of the consolidated group of taxpayers. Members of a consolidated group of taxpayers which incurred losses calculated in accordance with this Section in tax periods preceding the tax period in which they joined the group shall not have the right to reduce the consolidated tax base by the entire amount of the loss sustained by them or by a portion of that amount, or to carry the loss forward, in the manner prescribed by Article 333 of this Code, commencing from the tax period in which they joined that group. It shall not be permitted for losses of members of a consolidated group of taxpayers (including losses arising from the use of service plants and holdings in accordance with Article 302 of this Code) which they incurred before joining the group to be aggregated with the consolidated tax base. This provision shall also apply to losses incurred by legal entities which became members of a consolidated group of taxpayers by means of acquisition by or merger with a member of that group. The norms of expenses allowable for taxation purposes which are provided for by this Section of the Code shall be applied by each member of a consolidated group of taxpayers. The special considerations relating to the determination of the tax base for transactions involving securities and financial instruments of forward transactions which are established by this Code for taxpayers which are not professional participants in the securities market in regard to the separate determination of the tax base and in regard to the reduction of the tax base by the amount of losses incurred and the carry-forward of losses shall apply for the purpose of calculating a consolidated tax base. The rules established by this Article shall apply solely to the determination of the tax base which is subject to the tax rate established by paragraph 12 of Article 337, and for banks — the tax rate established by paragraph 1 of Article 337 of this Code. Article 331. Special Considerations Relating to the Taxation of Profit of Controlled Foreign Companies Profit (loss) of a controlled foreign company shall be understood to mean the amount of that company’s profit (loss) which has been determined by one of the following ways in accordance with the procedure established by this Article: 1) according to data in its financial statements prepared in accordance with the laws of the country in which such a company is registered. In this case, profit (loss) of a controlled foreign company shall be understood to mean the amount of that company’s profit (loss) before taxation; 2) according to the rules established by this Section for taxpaying legal entities. Profit (loss) of a controlled foreign company shall be determined in accordance with paragraph 1 of part one of this Article where one of the following conditions is met: 1) the controlled foreign company is a resident of a foreign state with which there is an international taxation agreement of the Republic of Uzbekistan, with the exception of states (territories) which do not provide for the exchange of information for taxation purposes with the Republic of Uzbekistan; 2) an auditor’s opinion which does not contain an adverse opinion or a disclaimer of opinion has been submitted in relation to the financial statements. Profit (loss) of a controlled foreign company shall be determined in accordance with paragraph 1 of part one of this Article subject to the following requirements: 1) for the purposes of determining the profit (loss) of a controlled foreign company, non- consolidated financial statements of the company concerned shall be used, prepared in accordance with the legislation of the state where that company is registered. 2) where the financial statements of a controlled foreign company are not subject to compulsory audit in accordance with the legislation of the state of registration of the controlled foreign company, profit (loss) of that controlled foreign company shall be determined for the purposes of this Code on the basis of financial statements audited in accordance with international standards on auditing. The conditions established by this subsection need not be met for the purposes of the application of paragraph 1 of part two of this Article. Where there is no such legislation in the country of registration of the controlled foreign company, profit (loss) of that controlled foreign company shall be determined on the basis of data in financial statements prepared in accordance with International Financial Reporting Standards or other internationally recognised standards for the preparation of financial statements which are accepted by foreign stock exchanges and foreign depositary and clearing organizations included in the list of foreign financial intermediaries for the purpose of adopting decisions on the admission of securities for trading; Where a taxpayer opts to apply the procedure for determining profit (loss) of a controlled foreign company which is provided for in paragraph 2 of part one of this Article, that procedure must be applied in relation to the controlled foreign company in question for at least five tax periods from the date on which it begins to be applied, as must be stated in the accounting policies of the taxpayer-controlling person. Profit (loss) of a controlled foreign company which has been determined on the basis of data in that company’s financial statements and is expressed in foreign currency, less dividends (distributed profit) taken into account in accordance with the procedure laid down in Article 208 of this Code, must be translated into national currency using the average exchange rate of foreign currency to national currency set by the Central Bank of the Republic of Uzbekistan, determined for the period for which financial statements for a financial year are prepared. The amount of profit (loss) of each controlled foreign company must be documentarily confirmed by its financial statements prepared for the period (periods) in question, accompanied by its financial and tax statements. Where the amount of profit (loss) of a controlled foreign company is determined in accordance with paragraph 2 of part one of this Article, the amount of profit (loss) of the controlled foreign company shall be determined in the official currency of the state (territory) of which the foreign organization is a resident and must be translated into the national currency using the average exchange rate of the foreign currency to the national currency set by the Central Bank of the Republic of Uzbekistan, determined for the calendar year for which the amount of profit (loss) of the controlled foreign company is determined. The amount of profit (loss) of the controlled foreign company must be confirmed by documents which enable the amount of profit to be determined. Such documents include, in particular, statements of settlement accounts of the foreign controlled organization and primary documents supporting operations carried out. In determining the profit (loss) of a controlled foreign company, account shall not be taken of income (expenses) of that company for the period for which financial statements for a financial year are prepared: 1) in the form of amounts from the revaluation of interests in the charter (authorised) capital (fund) of the company, units in mutual funds of co-operatives and in mutual investment funds, securities and derivative financial instruments to fair value, carried out in accordance with applicable financial reporting standards; 2) in the form of amounts of profit (loss) of subsidiary (associated) organizations (excluding dividends) which are recognised in the financial statements of the controlled foreign company in accordance with the legislation of the country of registration of the company (the accounting policies of the company for the purposes of preparing its financial statements); 3) in the form of amounts of expenses for the creation of reserves and income from the restoration of reserves. In this respect, profit of a controlled foreign company shall be reduced by amounts of expenses which reduce the amount of a previously created reserve. Where data in financial statements of a controlled foreign company, prepared in accordance with the laws of the country of registration of the company, indicate a loss, expenses which reduce the amount of a previously created reserve shall increase the amount of that loss. The procedure established by paragraph 3 of part nine of this Article for the treatment of expenses which reduce the amount of a previously created reserve in determining the profit (loss) of a controlled foreign company shall be applicable on condition that amounts of expenses which reduce previously created reserves are disclosed in the financial statements of the controlled foreign company and provided that the expenses in question are supported by documents. In the case of the sale or other disposal of interests in the charter (authorized) capital (fund) of companies, units in mutual funds of co-operatives and in mutual investment funds, securities and derivative financial instruments, profit (loss) of that controlled foreign company, where it is determined in accordance with paragraph 1 of part one of this Article, shall be adjusted for the amount of their revaluation (if such a revaluation has been made), including the amount of devaluation loss. Where data in the financial statements of a controlled foreign company indicate a loss, that loss may be carried over to future periods without limitation and taken into account in determining the tax base of this company, unless otherwise established by part fourteen of this Article. A loss of a controlled foreign company which has been determined by one of the methods established by the first part of this Article may not be carried over to future periods unless the taxpayer-controlling person has submitted a notification of the controlled foreign company for the period for which that loss was made. The tax base of a controlled foreign company shall be determined separately in relation to each controlled foreign company. Where income of a controlled foreign company which is taken into account in determining the tax base was received as a result of the conclusion of a controlled transaction with a taxpayer in relation to which an audit was carried out to check the full calculation and payment of taxes in connection with the conclusion of transactions between interconnected parties, and in accordance with the decision which was adopted on the basis of that audit and has entered into force the transaction price was adjusted with a view to charging additional tax, for the purposes of determining the tax base that income of the controlled foreign company shall be determined with that adjustment applied. Income received by a controlled foreign company from the sale of securities and (or) property rights (including participating interests and equity units) in favour of a legal entity which is deemed to be a controlling person of that controlled foreign company or of its interconnected party thereof, and expenses of a controlled foreign company in the form of the acquisition price of securities and (or) property rights (including participating interests and equity units) shall be deducted from the profit (loss) of the controlled foreign company provided that the sale price of the securities and (or) property rights (including participating interests and equity units) was determined on the basis of the documented value thereof according to the accounting data of the controlled foreign company as at the date of transfer of ownership of those securities and (or) property rights (including participating interests and equity units), but not higher than the market value of those securities and (or) property rights (including participating interests and equity units) as at the date of transfer of ownership. The amount of tax calculated on profit of a controlled foreign company for a particular period shall be reduced in proportion to the participating interest of the controlling person by the amount of tax calculated on that profit in accordance with the legislation of foreign states and (or) the legislation of the Republic of Uzbekistan (including tax on income which is withheld at the source of payment of the income) and by the amount of tax on profit of a permanent establishment of the controlled foreign company in the Republic of Uzbekistan. The amount of tax calculated in accordance with the legislation of a foreign state must be confirmed by documents or, where the Republic of Uzbekistan does not have a currently effective international taxation agreement with a state (territory), must be certified by the competent authority of the foreign state which is in charge of control and supervision in the area of taxes. Chapter 46. Adjustment of the Tax Base Article 332. Adjustment of Income and Expenses Adjustment shall be understood to mean increasing or decreasing the amount of income (expense) in the reporting (tax) period within the amount of previously recognized income (expense) in the course of determination of the tax base. Income and expenses shall be adjusted in the following cases: 1) full or partial return of goods, as well as insurance premiums to the policyholder; 2) changes in the terms of the transaction; 3) price changes, use of discounts by the buyer; 4) refusal from services which are provided. In the cases stipulated by part two of this Article, adjustment of income and expenses shall be carried out with respect to: goods (services), for which the warranty period is established, within the warranty period; insurance premiums — at the time of termination of the contract; in other cases, — within one year. Adjustment of income and expenses shall be carried out on the basis of documents which confirm the occurrence of the cases specified in part two of this Article. In this respect, the seller of the goods (services) shall make adjustments of the income from the sale of goods (services) in the manner prescribed by Article 257 of this Code. Adjustment of income and expenses in the cases provided for by part two of this Article shall be made in the tax period in which the above-mentioned cases occurred. Adjustment of income and expenses shall also be carried out where a taxpayer switches from paying tax on turnover to the generally established taxation procedure, with exception of cases where tax incentives for adjusted income are applied. Article 333. Carry-Forward of Losses Loss of a taxpayer shall be understood to mean the excess of deductible expenses over total income, with account taken of the adjustments of income and expenses provided for in this Section. Losses with respect to transactions involving circulated securities and circulated financial instruments of forward transactions shall be deemed losses from entrepreneurial activities. A taxpayer which made a loss (losses) calculated in accordance with part one of this Article in the preceding tax period (periods) shall have the right to reduce the profit for the current reporting (tax) period by the entire amount of the loss made by him or by a part of that amount (to carry the loss forward). The taxpayer shall have the right to carry the loss forward within ten years following the tax period in which this loss was made. The aggregate amount of the carried-forward loss, which is taken into account in each subsequent tax period, may not exceed 60 percent of the tax base in the current tax period, calculated in accordance with this Section. The tax base can be decreased by the amount of the loss, which is incurred in the previous tax period (periods), only on the basis of the results of the current tax period. Losses incurred in more than one calendar year shall be carried forward in the order in which they were made. Losses incurred by a subsidiary of a bank which acquires bad debts from the parent bank shall not be carried forward. Special considerations of carrying losses forward in individual cases shall be provided for by Articles 334 — 336 of this Code. Article 334. Carry-Forward of Losses In the Event of Reorganization Losses, which are subject to carrying forward in connection with the reorganization, shall be distributed among taxpaying successors in proportion to the share of the value of assets, which are transferred on the basis of the separation balance sheet, in the value of assets of the reorganized legal entity as at the date preceding the date on which the separation balance sheet has been prepared, and shall be transferred in accordance to the procedure provided for in Article 333 of this Code. In the event where a taxpaying legal successor is being reorganized, the losses, which are received by him from a taxpayer which had previously ceased its activity, shall not be carried forward further. Article 335. Carry-Forward of Losses With Respect to the Consolidated Group of Taxpayers The provisions of Article 333 of this Code with respect to a consolidated group of taxpayers shall be applied with account taken of the special considerations established by this Article. Where a consolidated group of taxpayers made a loss (losses) in a preceding tax period (periods), the responsible member of that group shall have the right to reduce the consolidated tax base for the current tax period by all or part of the amount of the loss. After a member of a consolidated group of taxpayers has withdrawn from that group (or after the group has ceased to operate), that member: 1) shall not have the right to reduce the tax base for the current period by the amount (a part of the amount) of a loss which was made by that group while it was in operation; 2) shall have the right to reduce the tax base for the current tax period by the amount (a part of the amount) of a loss which that member made for tax periods in which it was not a member of the consolidated group of taxpayers in accordance with the procedure and subject to the conditions which are laid down in this Article. In this respect, the time limit provided for in part four of Article 333 of this Code, during which the taxpayer is entitled to carry forward the loss, shall be increased by the number of years during which that taxpayer was a member of the consolidated group of taxpayers. Where a member of a consolidated group of taxpayers underwent re-organization in the form of a merger or acquisition during the period in which it was a member of that group, after withdrawing from the group (or after the group has ceased to operate) this member shall also have the right to reduce the tax base for the current tax period by the amount (a part of the amount) of losses made by taxpayers of which the member which has withdrawn from the group is a legal successor for tax periods in which the re-organized taxpayers were not members of the consolidated group of taxpayers in accordance with the procedure and subject to the conditions which are laid down in this Article. Where a member of a consolidated group of taxpayers was newly established during the period of its membership of that group by means of the demerger of a legal entity, after withdrawing from the group (or after the group has ceased to operate) the member shall also have the right to reduce the tax base for the current tax period by the amount (a part of the amount) of losses made by the legal entity of which the member which has withdrawn from the group is a legal successor for tax periods in which the re-organized legal entity was not a member of the consolidated group of taxpayers in accordance with the procedure and subject to the conditions which are laid down in this Article, with account taken of Article 92 of this Code. Article 336. Special Considerations With Relation to Carrying-Forward of Losses With Respect to Certain Types of Operations Loss, which are made on the sale or other disposal of a participating interest in the authorized capital (charter fund) of a legal entity, in an enterprise as an asset complex, shall be compensated by income which is received from the sale (disposal) of assets which are similar to those sold (disposed). Losses, which are made under the fiduciary management agreement, shall not be taken into account upon determination of the tax base of the principal or beneficiary of the fiduciary management. Such losses shall be carried forward to future income from this fiduciary. Losses which are made by partners (participants) under the participation in a simple partnership agreement (joint activity agreement) shall be carried forward at the trustee to future income from this simple partnership. Losses which are made from service holdings shall be determined cumulatively and shall not be taken into account upon determination of the tax base with respect to business activities. Such losses shall be carried forward to future income from these service holdings. Losses which are made on transactions with non-circulated securities and non-circulated financial instruments of forward transactions shall be determined separately and compensated by income to be received from similar transactions within each tax base. The taxpayer shall have the right to carry forward the losses provided for by this Article to the future during ten years following the tax period in which they were made. In this respect, the restriction provided for by part five of Article 333 of this Code shall not apply to such losses. Chapter 47. Tax Rates. Procedure for Calculation and Payment of Tax Article 337. Tax Rates Tax rates shall be established in the following amounts:
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юртда тантана
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Эшитганлар жилманглар
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Yangiariq tumani
qitish marakazi
Raqamli texnologiyalar
ilishida muhokamadan
tasdiqqa tavsiya
tavsiya etilgan
iqtisodiyot kafedrasi
steiermarkischen landesregierung
asarlaringizni yuboring
o'zingizning asarlaringizni
Iltimos faqat
faqat o'zingizning
steierm rkischen
landesregierung fachabteilung
rkischen landesregierung
hamshira loyihasi
loyihasi mavsum
faolyatining oqibatlari
asosiy adabiyotlar
fakulteti ahborot
ahborot havfsizligi
havfsizligi kafedrasi
fanidan bo’yicha
fakulteti iqtisodiyot
boshqaruv fakulteti
chiqarishda boshqaruv
ishlab chiqarishda
iqtisodiyot fakultet
multiservis tarmoqlari
fanidan asosiy
Uzbek fanidan
mavzulari potok
asosidagi multiservis
'aliyyil a'ziym
billahil 'aliyyil
illaa billahil
quvvata illaa
falah' deganida
Kompyuter savodxonligi
bo’yicha mustaqil
'alal falah'
Hayya 'alal
'alas soloh
Hayya 'alas
mavsum boyicha
yuklab olish