Tashkent, Uzbekistan (UzDaily.com) -- The Government of Uzbekistan adopted decision to keep the state share in some enterprises of the country, which enter to the structure of UzPakhtaSanoat Association, UzDonMahsulot JSC and UzAgroMashServis Association.

Prime Minister of Uzbekistan Shavkat Mirziyayev signed a resolution of Cabinet Ministers “On additional measures on ensuring further improving of financial sustainability of joint stock companies of real sector of economy” on 17 December 2009.

The resolution was adopted in order to ensure financial sustainability of joint stock companies of real sector of economy, attraction of investments to develop production and execute decree of the President of Uzbekistan “On measures for further improving financial sustainability of enterprises of real sector of economy” from 18 November 2008.

The government agreed to keep state share in charter capitals of the joint stock companies due to restructure of:

• Corresponding sums of debts on tax of joint stock companies, entering to the structure of the Association of UzPakhtaSanoat Association and UzDonMahsulot JSC as of 1 January 2009;
• Debt of enterprises of the UzAgroMashServis Association on allocated loans for 24.9 billion soums of the Ministry of Finances with simultaneous write-off of fine on debt.

The document said the government agreed with the proposal of the State Property Committee, Economy Ministry, Finance Ministry, State Tax Committee, UzPakhtaSanoat Association, UzDonMahsulot JSC and UzAgroMashServis Association.

Cabinet of Ministers provided indulgence on tax debts as of 1 January 2010 to joint stock companies of UzAgroMashServis Association till 1 January 2012.

The document allowed, as an exception, to the joint stock companies with the state share and joint stock companies, state share in which handed over to charter capitals of the business entities, to raise part of authorized capital due to reserve fund, formed due to re-assessment of main fund. In line with the decision of the government, all joint stock companies should raise their authorized capital to US$400,000 equivalent.

The sum of funds of reserve funds, formed due to re-assessment of main funds and directed to form part of charter capital, will not be included to tax base, the document said.

Statу Property Committee, State Tax Committee, UzPakhtaSanoat Association, UzDonMahsulot JSC and UzAgroMashServis Association will raise charter capital through increasing the state share in joint stock companies if they fail to increase it by 1 January 2010. The document said the state share will be increased due to tax debts of enterprises and the authorized capital should be raised by 15 February 2010.

The list of enterprises, in which the state will keep its stake, entered 72 enterprises of UzPakhtaSanoat Association, 22 – UzDonMahsulot JSC and 174 - UzAgroMashServis Association.