BAKU, Azerbaijan, Oct. 31
By Fakhri Vakilov-Trend:
Steel Structure & Solutions LLC with foreign direct investment (FDI) is being founded by Singapore-based Enter Engineering Pte Ltd company, Trend reports citing the Uzbek media.
As reported, Steel Structure & Solutions LLC FDI was proposed to be identified as the customer and Enter Engineering Pte Ltd. as the general contractor for the construction a new steel plant in the Yangiyul district of Tashkent region of Uzbekistan on a turnkey basis..
The resolution of the Cabinet of Ministers “On measures to organize the construction of a steel plant in of Tashkent region’s Yangiyul district” notes that the enterprise is being created as part of a project to build the first nuclear power plant (NPP) in Uzbekistan, localize domestic production of metal structures that meet the requirements of international standards, and effectively use the production capacities of the industrial zone in the Tashkent region.
It is assumed that the construction of the plant will be carried out at the expense of the investor's own funds through the use of energy-efficient and energy-saving advanced equipment, with the introduction of modern technologies for recovering excess heat from the flue gases of a galvanizing furnace.
Within the framework of the project, the resolution proposed to free the customer from paying corporate income tax, corporate property tax, taxes and special payments for the use of subsoil, value added tax, motor vehicle taxes, land tax, water tax from the moment of formation, during the construction period and after the start of production for a period of seven years.
By Sept. 1, 2020, the customer will also be exempted from customs payments (excluding customs duties) for imported equipment and spare parts, raw materials, machinery and equipment, fuels and lubricants, special equipment and spare parts for them, and vehicles and spare parts for them, technological equipment, spare parts and components, devices and tools.
In the customs regime, the customer is exempted from paying value added tax to the customer for work and services performed and provided by non-residents, as well as goods, work and services sold by residents of the contractor; from payment of fees, state duties and payments for licensing and certification in authorized bodies of the provided services, imported goods, materials, equipment, machinery and mechanisms, components, technological equipment, devices, vehicles, spare parts, tools, fuels and lubricants materials.
The resolution also provides for exemption from the mandatory certification of imported materials, equipment, machines and mechanisms, components and assemblies, technological equipment, devices, spare parts, tools, vehicles in the absence of the relevant accredited testing laboratories in the country.
Income of foreign non-resident companies providing work and services to the customer during the project implementation period, as well as income of foreign banks and financial institutions within the framework of the project, are exempt from corporate income tax received in the framework of the project, both through a permanent establishment and from sources of payment.
Attracted foreign personnel by the customer and the contracting organization is also exempt from income tax, the document says.
---
Follow author on Twitter:@vakilovfaxri
