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The Decree by the President of Uzbekistan "On measures to further increase banks' capitalization and their share in investment processes to modernize the economy" defined key directions for deepening further reforms and liberalizing the country's banking and financial system.
One such direction determines an increase of commercial banks' capitalization, including the way of attracting the population's non-comitted capital, units of entrepreneurship and other potential investors into bank funds, by means of some mechanisms of placing additionally emitted stocks on a stock exchange.
One of the practical steps to raise the level of commercial banks' capitalization and their share in realizing some investment processes is a delivery of CBU's incomes portion in 2006, which could be budgeted, into expanding launched capitals and resource base of some banks such as 'Microcredit bank', 'Pakhtabank' and 'Ipotekabank' and the general cost of 92 billion soums with financing investment projects of 30 billion soums.
Besides, commercial banks of the Republic are granted the right to decrease the tax rate in profit tax until January 2012 by the sum they received from issuing credits with a period of over three years for the implementation of investment projects in modernization, technical revamp, and upgrade of production in priority directions of economy in accordance with the approved target programs.
While passing commodities and raw materials to their branches, incomes and other resources, commercial banks are exempted from VAT, profit tax as well as discharge of tax at the source of income - in percent and other payments carried out by commercial banks within credit lines of foreign financial institutions attracted for the purpose of financing investment projects.
The presidential decree also envisions introducing a procedure by which a primary public placement of shares of commercial banks (except for private ones) in stock exchange is carried out in the amount of at least 25% of the volume of the sequential issuance as well as the obligatory inclusion of commercial banks in the listing of a stock exchange with a publication of regular stock exchange quotations. At the same time, the commercial banks of the Republic are recommended to channel at least 30% of the yearly incomes into an increase of joint stock after paying all taxes and payments..
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Date: Jul 25, 2007
Source: Uzbekistan Today |
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