1. I would like to get a loan from a commercial bank. What types of security can I provide to the bank when getting a loan?

The borrower may provide the bank with one or more of the following types of collateral:

pledge of property or securities;

bank or insurance organization guarantee;

third party surety;

Borrower's Insured Risk Insurance Policy.

Property purchased on credit may be the subject of a mortgage loan at 80% of its value.

  1. Can you provide information on microfinance services provided by banks?

Currently, banks provide microcredit, microdebt and micro-leasing services.

Microcredit is money provided to the borrower on terms of payment, urgency and repayment in the amount not exceeding 1000 minimum wages for entrepreneurial activity.

Microdebt is money provided by microcredit organizations to the individual borrower on terms of urgency and repayment in the amount not exceeding 100 minimum wages, and on the terms of repayment in cases provided by the agreement.

Micro-leasing is a service provided by microfinance organization on behalf of a lessee on receiving property from a third party and transferring it to a lessee for ownership and use on a contractual basis.

Micro-leasing are provided for business activity in the amount not exceeding 2000 minimum wages in accordance with the leasing legislation.

  1. Whom should I contact if plastic cards are not traded?

These cases are considered to be a breach of trade rules, and you need to contact the State Tax Authority by hotline.

For reference: Article 119 of the Tax Code of the Republic of Uzbekistan provides for the sale and rendering of services, as well as receipts to the buyer, without the use of cash-settlement machines and / or payment terminals on the basis of plastic cards sale of goods and services without issuance of such documents, with the obligatory provision of writing, coupons, checks or other equivalent documents each shall result in a fine ranging from thirty to fifty minimum monthly wages.

Actions envisaged by the first part of the present Article entail a fine of seventy-five to one hundred minimum monthly wages, when committed within a year after the imposition of a fine.

  1. How are commercial banks provided mortgage loans?

Bank loans to purchase individual housing or apartments in apartments are provided by opening a separate loan account to the borrower.

From this account, cash is transferred to the savings account of the individual - seller, who owns an individual apartment or apartment in the manner prescribed by law, by the borrower, in cashless form.

  1. What are the sizes of unemployment benefits in the Republic of Uzbekistan?

In accordance with Article 29 of the Law on Employment of the Republic of Uzbekistan, the size of the unemployment benefit for persons who have lost their jobs and earnings who are entitled to receive unemployment benefits is guaranteed to be paid in the amount of fifty percent of the average salary at the previous place of work, but not lower than the minimum the amount of wages established by law and not higher than the average wage in the Republic of Uzbekistan at the time of payment of benefits.

  1. I am working on a PhD thesis on the ethics of law. Is a single application addressed to the rector enough for me to be given creative leave?

No, not enough. To arrange creative leave for applicants for academic degrees, a department, sector, laboratory, etc. sends a motivated petition to the academic council.

Creative leave for completing dissertations is provided:

  • to employees of state higher educational and research institutions - by the director / rector / on the recommendation of the academic council of these institutions;
  • to employees of other state enterprises, organizations and institutions - by the ministry / department / as advised by the academic council of a higher educational, research institution to which the applicant is attached.

Recommendations on the provision of creative leave by academic councils are given taking into account the relevance of scientific work, the volume of research and the possibility of completing a dissertation during a vacation.

The recommendation of the academic council shall indicate the time and terms for granting the leave necessary to complete the dissertation.

At the end of your creative vacation you will need to provide a report on the work done.

  1. What is the difference between a single tax payment and tax payment in the generally established order?

The procedure for applying the simplified system of taxation, accounting and reporting is regulated by the Tax Code. For organizations that use the simplified tax system, in particular, the payment of a single tax payment, replacement of payment of the aggregate of generally established taxes established by law is provided. At the same time, the current procedure for the payment of customs payments, state duties, license fees and deductions to state social extra-budgetary funds is maintained. In addition, organizations paying a single tax payment are required to calculate, withhold, and transfer to the budget taxes for which they are charged with the duty of tax agents.

Thus, organizations applying a single tax payment do not pay: 1) corporate income tax; 2) value added tax; 3) excise tax; 4) taxes and special payments for subsoil users; 5) tax for the use of water resources; 6) property tax; 7) land tax; 8) a tax on the improvement and development of social infrastructure Instead of the listed taxes, organizations pay a single tax payment.

  1. Is the transition to EPP mandatory?

It should be noted that the right to transfer to the EPP is exclusively owned by microfirms and small enterprises, with the exception of those producing alcoholic beverages, and others established by law. At the same time, trade and public catering enterprises, legal entities within the framework of organizing lotteries, sweepstakes and other risk-based games, notaries engaged in private practice pay a single tax payment and are not entitled to switch to paying taxes and other obligatory payments in the generally established okay.

  1. The company received a notification on the transition to the payment of VAT through the personal account of the taxpayer. To register as a VAT payer, in what order should I send an application?

In the notification received, for the purpose of registration as a VAT payer, there is a link “Application form for registration as a VAT payer”, by filling out and sending it automatically, you will be issued a Certificate of state registration as a VAT payer. Registration can also be done in the “Consulting Services Windows” opened for this purpose at state tax inspections.

  1. Is a legal entity obliged to draw up a waybill when purchasing goods on a corporate card?

According to the Decree of the President of the Republic of Uzbekistan dated October 30, 2018 No. UP-5564, from November 1, 2018, a procedure is introduced that provides for cashless payments between legal entities using corporate bank cards without concluding purchase and sale agreements and issuing an invoice (invoice). In this regard, when a legal entity sells goods through a corporate card, a waybill is required.

  1. At what age do citizens have the right to retirement?

According to the Article 7 of the Law of the Republic of Uzbekistan "On the state pension provision of citizens" the right to retire is appropriated for following citizens:

If men are 60 years and they have at least 25 years of working experience;

If women are 55 years and they have at least 20 years of working experience.

  1. What documents are submitted to assign age related pension?

Application form for a age related pension by citizens must be accompanied by a copy of the employment record, including a document confirming the period of service, service ID, a copy of the applicant's accumulative pension book. If necessary, other documents are provided.

  1. How the pension amount is calculated? Why there is a low amount of pension at high salaries?

According to the Law “On the State Pension Provision of citizens” the amount of pension is calculated on the basis of average monthly wage but no more than the tenfold amount of base value for pension estimation (Current amount of base value for pension estimation– 223 000 UZS х 10 = 2 230 000 UZS).

If the amount of average monthly wage exceeds the tenfold amount of base value for pension estimation during the recomputation process, the pension is estimated on the basis of tenfold amount of base value for pension estimation.

For example: At 1st October, 2019, 1 248 800 UZS is assigned to the citizen on the basis of 40 years of experience and average monthly wage for 2014-2018. However, the actual value of average monthly wage equals to 3 560 142 UZS which is more than the tenfold amount of base value for pension estimation. The pension amount is calculated by:

Pension base value – (Current amount of base value for pension estimation – 223 000 UZS х 10) 2 230 000 х 55% = 1 226 500 UZS;

Pension amount rise for beyond the required years of working experience – 2 230 000 х 15% (total years of working experience 40 years – 25 years, required years of working experience= 15 years) = 334 500 UZS.

Pension amount = 1 226 500 + 334 500 = 1 561 000 UZS.

  1. What kinds of additional benefits and privileges are currently being generated during the pension payments?

On electronic delivery of payment receipts and submission of payment information and in the purpose of an automated accounting of pensions and benefits the electronic information exchange was generated between the Pension Fund and Joint-stock commercial People’s bank of the Republic of Uzbekistan. Pension Fund implemented new information service “SMS MESSAGE”. When pension Fund received information about payment of pension by exchanging electronic information, message about current situation of pension payment wil be sent to mobil phone of pensioner. This service is absolutely free. Today, more than a thousand pensioners are involved in this interactive service.

  1. Which government agency is responsible for pension and benefit payments?

According to President of the Republic of Uzbekistan Decree №2753 of February 2, 2017 "On additional measures to improve the mechanism of payment of salaries, pensions, allowances and stipends," starting from February 2017, all types of pensions will be given fully without any restrictions in the country.

According to the Decree of the President of the Republic of Uzbekistan from March 13, 2017 №2826 "On further improvement of the pensions and pension payment mechanism", from April 1, 2017, pension payments are being made through the branches of the People's Bank of the Republic of Uzbekistan.

  1. Is it possible for other people with certificate of trust to get a pension?

According to paragraph 160 of the Situation "About the procedure for appointment and payment of the state pensions", approved by the resolution of Cabinet of Ministry of the Republic of Uzbekistan from September 8, 2011 of №252, according to the certificate of trust (The certificate of trust must be issued according to the legislation), pension payment may carried out.

At the same time, the person who has given the certificate of trust must confirm his / her right to the assigned pension at least once a year going to Pension Fund.

The trusted representative shall be obliged to notify the Pension Fund Department of any circumstances that may affect the payment of pensions.