1. DECREE OF THE PRESIDENT OF UZBEKISTAN «ON ADDITIONAL MEASURES TO STIMULATE ATTRACTING FOREIGN DIRECT INVESTMENTS» ON APRIL 10, 2012 #UP-4434 Ministry for Foreign Economic Relations, Investments and Trade of the Republic of Uzbekistan Askar Mirsaidov Head of Legal Department

2. Law “On Foreign Investments” Law "On Investment Activity” Law "On Guarantees and Measures to Protect the Rights of Foreign Investors” Over 50 normative legal documents on regulating of investment activity adopted in Uzbekistan 7 laws of the Republic of Uzbekistan, 18 Presidential decrees and resolutions, 20 decisions of the Cabinet of Ministers, more than 10 departmental regulations

3. MFN Treatment with 45 countries, including EU countries, US, Japan, Republic of Korea, China, Malaysia, Singapore and others.

4. Treaties for the Avoidance of Double Taxation of Double Taxation with 50 countries Bilateral Investment Treaties (BIT’s) Treaties (BIT’s) with 51 countries Including EU countries, Japan, Republic of Korea, China, Malaysia, Singapore, UAE, Oman, Kuwait and others.

5. conducting direct investments to development of high-technology production; strengthening encouragement of foreign direct investments and modern technologies in regions of Uzbekistan; further strengthening system of guarantees and preferences for foreign investors and enterprises with foreign investments. Creating maximum favorable investment climate for foreign investors: Liquidation of red tape in work of foreign investors and prevent illegal infringement of controlling and state bodies to activities of the enterprises with foreign investments.

6. Newly established enterprises with the investment volume for at least 5 million USD reserve the right to pay for 10 years those taxes that operated at the date of their registration This rule shall apply to : Corporate Income Tax; Value Added Tax; Property Tax for Legal Entities; Social Infrastructure Development Tax; Single Social Payment; Single Tax Payment; Mandatory Payments to the Republican Road Fund and to the Reconstruction Fund, Refurbishment and Equipping of Educational and Medical Institutions.

7. New procedure approved, according to which under investment projects worth more than 50 million USD and with a share of foreign investors no less than 50%, the construction of the necessary: -external engineering; and -communication networks is carried out at the expense of state budget funds and other domestic sources of financing.

8. The State Tender Commission entrusted with the right to sell at the request of foreign investors to low liquid objects at zero redemption cost to set up enterprise with foreign investment through signing direct contracts with the investor under concrete investment obligations Obtaining of multiply visa for a period of 12 months for the management and specialists of foreign companies Extension of incentives and privileges of the President’s Decree #UP-3594 on April 11, 2005 to enterprises with foreign investment allocated in all regions of Uzbekistan (except Tashkent region and Tashkent city) and simplification of conditions for usage of tax exemptions

9. Enterprises, located in certain regions and attracting foreign direct investments, were exempted from: - - Corporate Income Tax; - - Property Tax for Legal Entities; - - Social Infrastructure Development Tax; - - Single Tax Payment; - - Mandatory Payments to the Republican Road Fund.

10. 3 years, if amount of direct investments is 0,3 - 3 mln. USD; 5 years, if amount of direct investments is 3 - 10 mln. USD; 7 years, if amount of direct investments is more than 10 mln. USD. Period of Tax Exemptions :

11. The decree has banned and said it is illegal to set additional requirements and limitations to the activities of foreign investors and enterprises with foreign capital by ministries and departments, state bodies in regions, law enforcement and controlling bodies The prosecutors entrusted to control over adherence of the state and controlling bodies of current laws on protecting rights and guarantees of foreign enterprises, companies with foreign investors and adopt measures to prevent violations by the state bodies The Cabinet of Ministers of the Republic of Uzbekistan was entrusted to provide access to foreign investors to economic information, including on the State budget and its execution, monetary-credit policy, indexes of foreign trade and other information, which are necessary to their investment activities

12. THANK YOU FOR YOUR KIND ATTENTION ! Tel.: (+998 71) 238 50 93 Fax: (+998 71) 238 51 78 e-mail: law@mfer.uz