Baku, Azerbaijan, Oct. 18
By Nigar Guliyeva – Trend:
Uzbek President Shavkat Mirziyoyev has ordered to organize modern domestic jewelry production.
The president signed a relevant decree, under which the property complex of the state enterprise "1-Zargarlik Korkhonasi" was transferred to the joint-stock commercial bank "Asaka", local media reported.
Asaka Bank was tasked to implement an investment project to create modern jewelry production. The Bank was entrusted to include the object to the statutory fund at the cost determined by the appraisal organization as a state contribution, for the subsequent transfer of the object to the statutory fund of the management company of Asaka Bank - Asaka Capital Invest LLC, for the implementation of an investment project for the organization of modern jewelry production.
Asaka Bank should develop in a month and approve a "road map", providing specific terms of attracting investor and realizing the investment project.
Until July 1, 2018, the bank must ensure the establishment of an organization for the production of jewelry on the basis of the facility.
The head of state granted the right to create new organizations for the production of jewelry products, including with the participation of profile investors, as well as with the stake of the bank and its management company up to 100 percent inclusive, and subsequently to sell the shares of the bank and its management company in newly created organizations to new investors.
In August, the president signed a decree on "Measures on the state support to the jewelry industry".
Under the decree, starting Oct.1, 2017, the production of jewelry and other precious metal products by legal entities and individual entrepreneurs is carried out under a license issued by the Agency for Precious Metals under the Central Bank of Uzbekistan.
Until January 1, 2020, commercial banks are exempted from paying value-added tax and mandatory contributions to state trust funds for the sale of precious metals.
Moreover, manufacturers of jewelry are exempt from excise tax and value added tax when selling jewelry, including for export in case the funds will be directed for the reconstruction and modernization of production, as well as for replenishment of working capital.