On April 21, 2006, the President of the Republie of Uzbekistan issued Resolution "On Measures to Intensify Combat against Crimes in Financial-and-Economic and Tax Spheres, and against Legalization of Criminal Proceeds" (#PP-331); the Resolution introduces important changes in activity of the Department for Combat against Tax and Currency-related Crimes (the General Prosecutor's Office of the Republic of Uzbekistan). In order to detect and stop legalization of the criminal proceeds and financing of terrorism, its functions are supplemented by financial intelligence that implicates monitoring of and control over financial flows at physical persons and legal entities. To implement this function, the Department is empowered to request and obtain from the banks and other crediting and-financing organizations information on transactions (deals) involving monetary funds or any other property of the physical persons and legal entities suspected of money-laundering and financing of terrorism. In the context of financial intelligence, the powers of the Department are also supplemented by a right to carry out unscheduled inspections of financial-and-cconomic activity of the economic entities, to suspend transactions involving their monetary funds or any other property, to execute a control over currency transactions being effected by the residents and non­residents. By the Resolution, the above Department has been transformed into Department for Combat against Tax and Currency-related Crimes and Legalization of Criminal Proceeds (the General Prosecutor's Office of the Republic of Uzbekistan). Within the Department, a special Bureau of Control over Legalization of Criminal Proceeds is being created.

On May 1, 2006, the Cabinet of Ministers of the Republic of Uzbekistan adopted Resolution "On Additional Measures to Enhance Stimulative Role of Benefits Granted to Enterprises with Foreign Investments" (#74). The Resolution targets to regularize application of tax immunities and other compulsory payments benefits to the registered enterprises with foreign investments. In particular:
- A mechanism of equal taxation of the mentioned category of entities has been introduced (according to the general procedure, tax immunities, customs and other payments benefits shall be applicable not to individual enterprises but to the business sectors where they are operating);
- Compulsory payments benefits may be granted to the enterprises with foreign investments only by the legislative acts;
- The principle of setting of additional payment benefits without time limitation has been abolished. From now on, they will be granted only for a specified period of time;
- All the benefits, unforeseen by the legislation acts and having been granted to the enterprises with foreign investments by the decisions of the government, i.e. unlimited tax immunities and other compulsory payments benefits, shall cease to be effective from June I, 2006.

The other issues are also regularized.
By the Decree of the President of the Republic of Uzbekistan as ofMay 10, 2006, Mr Dilshod Musacv, formerly the First Deputy to the State Adviser of the President of Uzbekistan on Social-and-Economic Issues is appointed as the Chairman of the State Property Committee of the Republic. The former Chairman of the State Property Committee of Uzbekistan, Mr A. Askarov, who has been holding the rank since December 30, 2002 is appointed as the Deputy Chief of the Summary Analysis Department of the Cabinet of Ministers of the Republic of Uzbekistan. As it has been reported before, the Resolution of the President of the Republic of Uzbekistan "On Measures to Improve Activity of the State Property Committee of the Republic of Uzbekistan" (#PP-335, April 26, 2006) considers as unsatisfactory implementation of the tasks allotted to the Committee administration.

For purposes of extended provision of funds aimed al development of small business, entrepreneurship and fanning, at opening new jobs via intensification of self-employment, family business and outwork, at accessibility of microfinancc to the people at large, especially in the rural areas, Decree of the President of the Republic of Uzbekistan as of May 5, 2006, #UP-3750 abolishes the "Tadbirkor" Bank and, based on the latter, establishes the "Microcrcditbank". The main sphere of its activity will be crediting of the small business entities in order to develop their business, strengthen and extend their operating activities, replenish their working capital, etc., and to lease equipment and labour objects to such entities. Special attention is paid to financial support to be rendered to emergent entrepreneurs. The Decree envisages granting of preference-based micro credits to them. The newly-established banking organization will enjoy tax immunities and customs payments benefits.

In pursuance of Decree of the President of the Republic of Uzbekistan as of the May 5, 2006, #UP-3750, the Cabinet of Ministers adopted its Resolution "On Measures for Activity Arrangement and Strengthening of Matcrial-and-Technical Basis of "Microcrcditbank" Bank (May 6, 2006, #78). The Resolution approves the Temporary Provision specifying a procedure of micro credits granting and macro leasing services rendering. The Resolution envisages granting of micro credits to the small business entities in order to form their initial (start-up) capital, amounting to 100 minimum wages, and to develop (extend) their business and replenish their working capital (up to 500 minimum wages). In the first ease, the interest rate makes 5% per annum, and in the second case it should not exceed a refinancing rate of the Central Bank Apart from the credits, the small business entities are in power to use preferential micro leasing services (up to 3 years, amounting up to 2000-fold minimum wages, at the rate not exceeding 50% of the Central Bank refinancing ratc).Thc procedure of preparation and submission of the entrepreneurs' documents is simplified to the maximum.

On May 26, 2006, the President of the Republic of Uzbekistan issued the Resolution "On Introduction of Notifying Procedure for State Registration and Filing of Entrepreneurship Entities" (#PP-357). In compliance with the Resolution, a new procedure for registration will be introduced tor the majority of the entrepreneurship entities from September 1, 2006. The current procedure will be substituted by an accelerated one, i.e. notifying procedure. The state registration of any entrepreneur shall be accomplished within the 2 working days.

The Provision to regulate the newly-introduced registration procedure is adopted (the text of the paper is published in the "Collection of Legislation of the Republic of Uzbekistan", 2006, #20-21, p. 174).

(Material from published articles compiled by Uzbek A. Rustamov, General Representative, Interconcepts Inc. Translation to English: Lyubov Belokon)