Ministry of Finance and the State Tax Committee of Uzbekistan adopted a regulation on order of calculation and payment of excise tax for automobiles produced at General Motors Uzbekistan, realized in internal market. The regulation will enter into force on 6 August 2010.

The regulation said legal entities, realizing new automobiles produced at General Motors Uzbekistan in internal market based on trade-dealer agreement with the plant, are payers of the excise duty.

The object for excise tax is realized automobiles, produced at GM Uzbekistan, which should taxed in line with the Tax Code of Uzbekistan. The document said the sum of excise duty will be transferred to special banking account of GM Uzbekistan along with revenue from realized automobile.

In case of realization of automobile with use of international banking payment cards in hard currency, the money will be transferred to transit account of GM Uzbekistan at the sum, equal to current retail price in internal market at the exchange rate of the Central Bank of Uzbekistan on the payment date.

At the same time, GM Uzbekistan will transfer excise tax to special banking account of the plant due to own resources in national currency and the commission fee of dealer to special deposit account of the dealer.