On Additional Measures for the Development and Expansion of the Mortgage Lending Market

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[ OKOZ: 1. 07.00.00.00 Legislation on finance and credit. Banking activity / 07.22.00.00 Lending / 07.22.06.00 Specific types of lending / 07.22.06.03 Housing construction lending. Mortgage] [ TSZ: 1. Finance / Banks and other credit institutions. Credits] Send suggestions for the document Listen to audio Get a link from the document element Decree Send suggestions for the document Listen to audio Get a link from the document element President of the Republic of Uzbekistan Send suggestions for the document Listen to audio Get a link from the document element On additional measures for the development and expansion of the mortgage lending market Send suggestions for the document Listen to audio Get a link from the document element Send suggestions for the document Listen to audio Get a link from the document element The expansion of mortgage lending practices in 2016–2018 made it possible to put into operation more than 82,000 housing units, as a result of which about 400,000 people in all regions of the country were able to improve their housing conditions. Send suggestions for the document Listen to audio Get a link from the document element The systematic implementation of targeted state programs for the construction of affordable housing in rural areas and apartment buildings in cities, housing for young families, military personnel, employees of budget organizations, and other categories of the population (hereinafter referred to as targeted programs) continues. Commercial banks of the republic have issued mortgage loans for the amount of more than 10 trillion sums for these purposes. Send suggestions for the document Listen to audio Get a link from the document element At the same time, the need for the development of the country's housing sector necessitates the adoption of additional measures to improve mortgage lending mechanisms and increase the availability of mortgage loans for all categories of the population based on market principles. Send suggestions for the document Listen to audio Get a link from the document element In order to systematically improve the standard of living of the population, further improve and expand the practice of using mortgage lending mechanisms, as well as to create additional opportunities and incentives for the development of the construction industry and the building materials manufacturing industry: [ OKOZ: 1. 07.00.00.00 Legislation on finance and credit. Banking activity / 07.22.00.00 Lending / 07.22.06.00 Specific types of lending / 07.22.06.03 Housing construction lending. Mortgage] Send suggestions for the document Listen to audio Get a link from the document element

1. Take note that the Ministry of Finance of the Republic of Uzbekistan, together with the Asian Development Bank (hereinafter referred to as ADB), has developed a concept for the implementation of the Program for the Development of the Mortgage Market in Uzbekistan for 2019–2021, within the framework of which the ADB is to provide a loan in the amount of 200 million US dollars for the creation of a sustainable system of long-term mortgage financing based on market principles. [ OKOZ:

07.00.00.00 Legislation on finance and credit. Banking activity / 07.22.00.00 Lending / 07.22.06.00 Specific types of lending / 07.22.06.03 Housing construction lending. Mortgage] Send suggestions for the document Listen to audio Get a link from the document element 2. Agree to the proposals of the Ministry of Finance, the Ministry of Economy and Industry, the Central Bank of the Republic of Uzbekistan, and commercial banks: Send suggestions for the document Listen to audio Get a link from the document element on the establishment by the Ministry of Finance of the Republic of Uzbekistan of the Mortgage Refinancing Company (hereinafter referred to as the Company) in the form of a joint-stock company with an initial authorized capital in the amount of 25 billion sums; Send suggestions for the document Listen to audio Get a link from the document element on granting commercial banks of the republic and other legal entities the right to act as founders of the Company on a voluntary basis. See previous edition. Send suggestions for the document Listen to audio Get a link from the document element Send suggestions for the document Listen to audio Get a link from the document element In this regard, the Agency for the Management of State Assets exercises the rights of a shareholder with respect to state share packages in the authorized capital of the Company. (point 2 supplemented with a fourth paragraph by the Decree of the President of the Republic of Uzbekistan of April 19, 2024 No. UP-67 — National Database of Legislation, April 27, 2024, No. 06/24/67/0307) Send suggestions for the document Listen to audio Get a link from the document element Define the main tasks of the Company: Send suggestions for the document Listen to audio Get a link from the document element attracting financial resources on the domestic and international capital markets, including funds of international financial institutions and foreign government financial organizations (hereinafter referred to as IFIs and FGFOs), with their subsequent allocation for the refinancing of mortgage loans; Send suggestions for the document Listen to audio Get a link from the document element providing financial resources to commercial banks on the basis of market principles to meet the growing population's need for affordable housing; Send suggestions for the document Listen to audio Get a link from the document element organizing the issuance of securities, including mortgage-backed securities, and their placement among investors; Send suggestions for the document Listen to audio Get a link from the document element facilitating the improvement of the mortgage lending system, introducing modern methods and tools for the development of the mortgage market, increasing liquidity and reducing risks in the mortgage lending and mortgage securities market; Send suggestions for the document Listen to audio Get a link from the document element participating in the development of the methodological and regulatory framework in the field of mortgage lending and refinancing, including by attracting foreign experts and specialists. Send suggestions for the document Listen to audio Get a link from the document element 3. The Ministry of Finance of the Republic of Uzbekistan is to work out with the ADB within three months the issue of allocating technical assistance funds (grant) for the organization of the Company's activities. [ OKOZ: 1. 07.00.00.00 Legislation on finance and credit. Banking activity / 07.22.00.00 Lending / 07.22.06.00 Specific types of lending / 07.22.06.03 Housing construction lending. Mortgage] Send suggestions for the document Listen to audio Get a link from the document element 4. Establish that the refinancing of mortgage loans is carried out by the Company in the following order: Send suggestions for the document Listen to audio Get a link from the document element a) The Company attracts shareholder funds and borrowed funds from IFIs and FGFOs, as well as long-term resources on the domestic and international capital markets, including through the issuance of securities; Send suggestions for the document Listen to audio Get a link from the document element b) The Company refinances the attracted funds by allocating credit resources to commercial banks that meet the qualification requirements established by the Company; Send suggestions for the document Listen to audio Get a link from the document element c) commercial banks provide borrowers with mortgage loans on terms determined by the Company; Send suggestions for the document Listen to audio Get a link from the document element d) commercial banks assign to the Company the rights of claim under mortgage loans, mortgage agreements, or rights under mortgage certificates; Send suggestions for the document Listen to audio Get a link from the document element e) the Company concludes with commercial banks a mortgage loan servicing agreement or a trust management agreement for mortgage certificates, the rights to which were previously transferred to the Company; Send suggestions for the document Listen to audio Get a link from the document element f) commercial banks ensure the proper performance by borrowers and mortgagors of the conditions of credit agreements and mortgage agreements in favor of the Company. Send suggestions for the document Listen to audio Get a link from the document element The Company may apply other methods and forms of refinancing mortgage loans that do not contradict legislation. Send suggestions for the document Listen to audio Get a link from the document element 5. Define the Central Bank of the Republic of Uzbekistan as the authorized state body in the field of regulation and supervision of the activities of mortgage refinancing organizations. Send suggestions for the document Listen to audio Get a link from the document element 6. Approve the "Roadmap" for the development of the mortgage lending system in the Republic of Uzbekistan for 2019–2021 according to Appendix No. 1 . [ OKOZ: 1. 07.00.00.00 Legislation on finance and credit. Banking activity / 07.22.00.00 Lending / 07.22.06.00 Specific types of lending / 07.22.06.03 Housing construction lending. Mortgage] Send suggestions for the document Listen to audio Get a link from the document element 7. Agree to the proposals of the Ministry of Finance and the Ministry of Economy and Industry of the Republic of Uzbekistan on: Send suggestions for the document Listen to audio Get a link from the document element See previous edition. Send suggestions for the document Listen to audio Get a link from the document element Send suggestions for the document Listen to audio Get a link from the document element a) providing within the framework of the implementation of targeted programs for 2020 mortgage loans on new terms, providing for: (first paragraph of sub-paragraph "a" of point 7 in the edition of the Decree of the President of the Republic of Uzbekistan of November 28, 2019 No. UP-5886 — National Database of Legislation, November 29, 2019, No. 06/19/5886/4133) Send suggestions for the document Listen to audio Get a link from the document element reducing the preferential period for credit resources provided by the Ministry of Finance of the Republic of Uzbekistan to participating banks, as well as for mortgage loans issued to the population, to one year; See previous edition. Send suggestions for the document Listen to audio Get a link from the document element Send suggestions for the document Listen to audio Get a link from the document element establishing during the first 5 years of using the loan an annually uniformly increasing interest rate from a fixed 7 percent to the level of the refinancing rate of the Central Bank of the Republic of Uzbekistan, and in the subsequent period at the level of the refinancing rate of the Central Bank; (third paragraph of sub-paragraph "a" of point 7 in the edition of the Decree of the President of the Republic of Uzbekistan of November 28, 2019 No. UP-5886 — National Database of Legislation, November 29, 2019, No. 06/19/5886/4133) Send suggestions for the document Listen to audio Get a link from the document element introducing the procedure for accruing interest on mortgage loans according to the annuity payment formula (monthly payment includes the full payment of interest accrued on the remaining principal balance, as well as a portion of the loan itself, calculated in such a way that all monthly payments are equal for the entire loan period); Send suggestions for the document Listen to audio Get a link from the document element b) granting legal entities that meet the qualification requirements established by legislation the right to participate in the implementation of targeted programs as a customer or general contractor; Send suggestions for the document Listen to audio Get a link from the document element c) expanding the number of commercial banks participating in the implementation of targeted programs; Send suggestions for the document Listen to audio Get a link from the document element d) providing within the framework of the implementation of targeted programs loans for the repair and reconstruction of residential houses and apartments. Send suggestions for the document Listen to audio Get a link from the document element 8. The Ministry of Finance, together with the Ministry of Economy and Industry and other interested ministries and departments, is to submit to the Cabinet of Ministers of the Republic of Uzbekistan by November 1, 2019, draft regulatory legal acts on approving the updated procedure and criteria for selecting individuals applying to acquire residential houses and apartments within the framework of the implementation of targeted programs, taking into account the level of household income, construction area, real estate prices, and other conditions. See previous edition. Send suggestions for the document Listen to audio Get a link from the document element [ OKOZ: 1. 07.00.00.00 Legislation on finance and credit. Banking activity / 07.22.00.00 Lending / 07.22.06.00 Specific types of lending / 07.22.06.03 Housing construction lending. Mortgage] Send suggestions for the document Listen to audio Get a link from the document element 9. Cancel with effect from January 1, 2020, the action of value-added tax (VAT) exemptions (including upon import) provided within the framework of the implementation of targeted programs for 2020 and subsequent years. (point 9 in the edition of the Decree of the President of the Republic of Uzbekistan of November 28, 2019 No. UP-5886 — National Database of Legislation, November 29, 2019, No. 06/19/5886/4133) Send suggestions for the document Listen to audio Get a link from the document element 10. The Cabinet of Ministers of the Republic of Uzbekistan is to submit proposals by December 1, 2019, based on the results of a comprehensive assessment of the effectiveness of the implementation of targeted programs and wide public discussion, on: Send suggestions for the document Listen to audio Get a link from the document element a) cancellation of the action of: Send suggestions for the document Listen to audio Get a link from the document element tax exemptions (except for value-added tax) provided to general contracting, contracting, and subcontracting organizations, building materials, equipment, construction machinery, and motor vehicle manufacturing organizations, as well as organizations for their transportation, organizations performing works (services), including non-residents of the Republic of Uzbekistan, transport organizations, LLC "IK "Kishloq Qurilish Invest"", IC "Uzshahar Qurilish Invest", LLC "Kishloq Qurilish Loyiha", JSC "Uzsanoateksport", LLC "Toshkent Kishloq Qurilish Service"; Send suggestions for the document Listen to audio Get a link from the document element exemptions from the property tax of individuals; Send suggestions for the document Listen to audio Get a link from the document element b) establishing a procedure according to which the amount of salary and other income of individuals and members of their families (co-borrowers) subject to taxation and directed to repay mortgage loans and accrued interest on them, in total, up to 15 million sums during the tax period, is not subject to individual income tax, provided that the cost of an individual residential house or an apartment in an apartment building does not exceed 300 million sums; Send suggestions for the document Listen to audio Get a link from the document element c) providing, in place of the canceled tax exemptions, to persons in need of improving their housing conditions and other categories of citizens determined by legislation, subsidies for the payment of the initial contribution and (or) interest on a mortgage loan. Send suggestions for the document Listen to audio Get a link from the document element 11. The Deputy Prime Minister of the Republic of Uzbekistan D.A. Kuchkarov and the Deputy Advisor to the President of the Republic of Uzbekistan G.K. Saidova are to approve the media plan and organize wide explanatory work among the population, including cycles of thematic studio and on-location TV and radio broadcasts on covering the new conditions for issuing mortgage loans and other issues provided for in this Decree. Send suggestions for the document Listen to audio Get a link from the document element See previous edition. Send suggestions for the document Listen to audio Get a link from the document element Send suggestions for the document Listen to audio Get a link from the document element [ OKOZ: 1. 07.00.00.00 Legislation on finance and credit. Banking activity / 07.22.00.00 Lending / 07.22.06.00 Specific types of lending / 07.22.06.03 Housing construction lending. Mortgage] Send suggestions for the document Listen to audio Get a link from the document element 12. Establish within the structure of the Ministry of Finance of the Republic of Uzbekistan the Department for the Development and Financing of the Mortgage Lending Market with the allocation of additional managerial staff in the amount of 12 full-time positions. (first paragraph of point 12 in the edition of the Decree of the President of the Republic of Uzbekistan of March 11, 2021 No. UP-6186 — National Database of Legislation, March 11, 2021, No. 06/21/6186/0200) Send suggestions for the document Listen to audio Get a link from the document element See previous edition. Send suggestions for the document Listen to audio Get a link from the document element Send suggestions for the document Listen to audio Get a link from the document element Define the main tasks of the Department: (second paragraph of point 12 in the edition of the Decree of the President of the Republic of Uzbekistan of March 11, 2021 No. UP-6186 — National Database of Legislation, March 11, 2021, No. 06/21/6186/0200) Send suggestions for the document Listen to audio Get a link from the document element participating in conducting monitoring and analysis of the effectiveness of the implementation of targeted programs, forming and maintaining a unified database for them; Send suggestions for the document Listen to audio Get a link from the document element ensuring the financing of measures for the implementation of targeted programs, participating in attracting funds from IFIs and FGFOs for the development of the mortgage lending market; See previous edition. Send suggestions for the document Listen to audio Get a link from the document element Send suggestions for the document Listen to audio Get a link from the document element preparing, in interaction with financial institutions, proposals for improving the regulatory framework in the field of regulation of the mortgage securities market and financial instruments, including taking into account advanced world practice and modern methods of corporate governance; (fifth paragraph of point 12 in the edition of the Decree of the President of the Republic of Uzbekistan of March 11, 2021 No. UP-6186 — National Database of Legislation, March 11, 2021, No. 06/21/6186/0200) Send suggestions for the document Listen to audio Get a link from the document element organizing wide public information about the measures being carried out, established procedures, and applied mechanisms within the framework of the implementation of targeted programs. See previous edition. Send suggestions for the document Listen to audio Get a link from the document element [ OKOZ: 1. 21.00.00.00 Comprehensive documents on amendments and additions / 21.02.00.00 Decrees and Resolutions of the President of the Republic of Uzbekistan] Send suggestions for the document Listen to audio Get a link from the document element 13. Exempt from value-added tax with effect from January 1, 2019, to January 1, 2020, the turnover on the sale on the primary housing market of housing stock objects (except for objects included in the Program for the Construction of Affordable Residential Houses according to Updated Standard Projects in Rural Areas for 2017–2021 and the Program for the Construction and Reconstruction of Affordable Apartment Buildings in Cities for 2017–2020), for which construction permits were issued before January 1, 2019. (point 13 in the edition of the Decree of the President of the Republic of Uzbekistan of September 26, 2019 No. UP-5837 — National Database of Legislation, September 26, 2019, No. 06/19/5837/3812 — Enters into force from October 1, 2019) [ OKOZ: 1. 21.00.00.00 Comprehensive documents on amendments and additions / 21.02.00.00 Decrees and Resolutions of the President of the Republic of Uzbekistan] Send suggestions for the document Listen to audio Get a link from the document element 14. Make amendments and additions to some acts of the President of the Republic of Uzbekistan according to Appendix No. 2 . Send suggestions for the document Listen to audio Get a link from the document element 15. Establish that the change provided for in sub-paragraph "b" of point 3 of Appendix No. 2 to this Decree enters into force from October 1, 2019. Send suggestions for the document Listen to audio Get a link from the document element 16. The Ministry of Finance, the Central Bank, together with interested ministries and departments, are to submit to the Cabinet of Ministers of the Republic of Uzbekistan within two months proposals on amendments and additions to legislation arising from this Decree. Send suggestions for the document Listen to audio Get a link from the document element 17. Entrust control over the implementation of this Decree to the Deputy Prime Minister of the Republic of Uzbekistan D.A. Kuchkarov and the Deputy Advisor to the President of the Republic of Uzbekistan G.K. Saidova. Send suggestions for the document Listen to audio Get a link from the document element President of the Republic of Uzbekistan Sh. MIRZIYOYEV Send suggestions for the document Listen to audio Get a link from the document element c. Tashkent, Send suggestions for the document Listen to audio Get a link from the document element May 13, 2019, Send suggestions for the document Listen to audio Get a link from the document element No. UP-5715 Send suggestions for the document Listen to audio Get a link from the document element Send suggestions for the document Listen to audio Get a link from the document element APPENDIX No. 1 to the Decree of the President of the Republic of Uzbekistan of May 13, 2019 No. UP-5715 Send suggestions for the document Listen to audio Get a link from the document element "Roadmap" Send suggestions for the document Listen to audio Get a link from the document element for the development of the mortgage lending system in the Republic of Uzbekistan for 2019–2021 See previous edition. Send suggestions for the document Listen to audio Get a link from the document element Send suggestions for the document Listen to audio Get a link from the document element

No.

Name of measures

Implementation mechanism

Deadline

Responsible performers

I. Creation and organization of the activities of the Mortgage Refinancing Company

Taking measures to organize the activities of the Mortgage Refinancing Company (hereinafter referred to as the Company) in the form of a joint-stock company.

Resolution of the Cabinet of Ministers

By August 1, 2019

MinFin (Ashrafkhanov) , Central Bank (Nurmuratov)

Providing assistance in the development and approval of internal documents and policies of the Company, including criteria for selecting commercial banks for refinancing.

Internal documents of the Company

By December 1, 2019

MinFin (Ashrafkhanov) , Central Bank (Nurmuratov)

Development and submission to the Cabinet of Ministers of the Republic of Uzbekistan of the draft Law "On Amendments and Additions to the Law of the Republic of Uzbekistan "On the Central Bank of the Republic of Uzbekistan", providing for mechanisms for regulation and supervision of the activities of mortgage refinancing organizations.

Law of the Republic of Uzbekistan

By August 1, 2019

Central Bank (Nurmuratov) , MinFin (Ashrafkhanov) , MinYust (Davletov)

Ensuring the implementation of the Program for the Development of the Mortgage Market in Uzbekistan with the participation of Asian Development Bank funds.

Complex organizational measures

By November 1, 2019

MinFin (Ashrafkhanov) , MinInvestvneshtorg (Umurzakov) , MinEkonomProm (Khodzaev) , Central Bank (Nurmuratov)

Development and adoption of regulatory legal acts regulating the activities of mortgage refinancing organizations, including establishing for them economic standards and other mandatory norms (capital adequacy, liquidity, and other requirements).

Regulatory legal acts

By December 1, 2019

Central Bank (Nurmuratov) , Agency for the Development of the Capital Market (Nazirov) , MinYust (Davletov)

II. Development of the mortgage lending market and financial instruments in this area

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Development and submission to the Cabinet of Ministers of the Republic of Uzbekistan of the draft Law "On Mortgage Securities," regulating relations arising from the issuance, emission, issuance, and circulation of mortgage securities, as well as the procedure for fulfilling obligations under the specified mortgage securities.

Law of the Republic of Uzbekistan

By January 1, 2020

Agency for the Development of the Capital Market (Nazirov) , Central Bank (Nurmuratov) , Ministry of Finance (Ashrafkhanov) , Ministry of Economy and Industry (Khodjaev)

Development and submission to the Cabinet of Ministers of the Republic of Uzbekistan of the draft Law "On Amendments and Additions to Certain Legislative Acts of the Republic of Uzbekistan," providing for the improvement of procedures for the design, registration, and transfer of rights under a pledge agreement and promissory note, as well as the procedure for recovering pledged property taking into account positive world practices.

Law of the Republic of Uzbekistan

By January 1, 2020

Agency for the Development of the Capital Market (Nazirov) , Ministry of Justice (Davletov) , Agency for the Management of State Assets (Khaydarov) , Ministry of Finance (Ashrafkhanov) , Central Bank (Nurmuratov) , State Committee for Land Management, Geodesy, and Cartography (Abdullaev)

Improvement of the procedure for the issuance of securities by joint-stock companies, including the cancellation of restrictions on the issuance of mortgage bonds within the size of the issuer's own capital.

Regulatory legal acts

By August 1, 2019

Agency for the Development of the Capital Market (Nazirov) , Ministry of Investment and Foreign Trade (Umurzakov) , Ministry of Finance (Ashrafkhanov) , Central Bank (Nurmuratov) , Ministry of Economy and Industry (Khodjaev)

Organization of training and retraining of specialists in the field of mortgage lending, including by attracting leading foreign experts and specialists.

Organizational measures

During 2019 — 2021

Ministry of Finance (Ashrafkhanov) , Central Bank (Nurmuratov)

Improvement of the procedure for maintaining the State Register of Rights to Real Estate Objects and the Pledge Register taking into account the advanced experience of foreign countries.

Regulatory legal acts

By September 1, 2019

State Committee for Land Management, Geodesy, and Cartography (Abdullaev) , Central Bank (Nurmuratov)

Amendments and additions to regulatory legal acts aimed at regulating the procedure for investment by institutional investors (pension funds, insurance companies, and others) of funds in debt securities, including those issued by organizations refinancing mortgages.

Regulatory legal acts

By June 1, 2020

Ministry of Finance (Ashrafkhanov) , Agency for the Development of the Capital Market (Nazirov)

Implementation of the procedure for advance registration of the issuance of series of bonds.

Regulatory legal act

By June 1, 2020

Agency for the Development of the Capital Market (Nazirov) , Ministry of Finance (Ashrafkhanov)

III. Improvement of the procedure for implementing targeted state programs for the construction of affordable housing

Organization of the activities of the Department for the Development and Financing of the Mortgage Lending Market of the Ministry of Finance of the Republic of Uzbekistan, including its staffing with qualified personnel.

Organizational measures

By July 1, 2019

Ministry of Finance (Ashrafkhanov)

Formation of a unified database on the mortgage market, containing consolidated information about borrowers, the number, type, and size of mortgage loans, the cost of pledged property, the cost of loans, data on non-payment of loan debt with the preservation of banking and other state secrets protected by law.

Organizational measures

By December 1, 2020

Ministry of Finance (Ashrafkhanov) , Ministry of Economy and Industry (Khodjaev) , Central Bank (Nurmuratov) , interested ministries and agencies

Development of a mortgage market web portal providing the population with the following information in a simplified format:

procedure for providing mortgage loans and paying subsidies;

entrepreneurs engaged in housing construction, multi-apartment buildings, the number of apartments in them, their area and location;

commercial banks where it is possible to obtain a mortgage loan, and the terms of loans issued by them.

Organizational measures

By January 1, 2021

Ministry of Finance (Ashrafkhanov) , Ministry of Information Technologies and Communications (Sadikov) , Central Bank (Nurmuratov)

Development and implementation of new forms of reporting providing complete information on the state of the mortgage market in accordance with generally accepted standards and international practice.

Regulatory legal act

By August 1, 2019

State Committee of Statistics (Begalov) , Ministry of Finance (Ashrafkhanov) , Ministry of Economy and Industry (Khodjaev)

Development and implementation in practice of a new approach to:

collection and dissemination of up-to-date data and information on household incomes and the housing sector;

distribution of household incomes by corresponding subcategories, as well as by current housing conditions and other aspects of the population's standard of living;

collection and dissemination of data on prices for new and existing individual residential houses and apartments in multi-apartment buildings, as well as the development of a housing price index according to advanced international practice.

Departmental act

By January 1, 2020

State Committee of Statistics (Begalov) , Ministry of Finance (Ashrafkhanov)

Development of qualification requirements that legal entities must meet to participate in the implementation of targeted state programs for the construction of affordable housing as a customer or general contractor.

Regulatory legal act

By October 1, 2020

Ministry of Construction (Tukhtaev) , Ministry of Finance (Ashrafkhanov) , Ministry of Economy and Industry (Khodjaev)

Inventory and analysis of the efficiency of the implementation of targeted state programs for the construction of affordable housing, as well as the development of proposals for their unification and consolidation, providing for:

revision of lending terms to ensure the availability of residential houses and apartments for broad segments of the population;

phased completion of the implementation of existing mortgage lending programs for standard projects with optimization of construction volumes;

strengthening the targeting of support for socially vulnerable segments of the population.

Analytical note

By August 1, 2019

Ministry of Finance (Ashrafkhanov) , Ministry of Economy and Industry (Khodjaev) , State Committee of Statistics (Begalov) , Ministry of Construction (Tukhtaev)

Development of the procedure for issuing loans to individuals for the repair and reconstruction of residential houses and apartments within the framework of the implementation of targeted state programs for the construction of affordable housing.

Regulatory legal act

By August 1, 2019

Central Bank (Nurmuratov) , Ministry of Finance (Ashrafkhanov) , Antimonopoly Committee (Sharipov)

Conducting an inventory of individual residential houses and apartments in multi-apartment buildings built with the involvement of commercial bank loans and not sold to the population, and submitting proposals to the Cabinet of Ministers of the Republic of Uzbekistan on their further effective use based on the results of the inventory.

Analytical note

By September 1, 2019

Ministry of Finance (Ashrafkhanov) , Central Bank (Nurmuratov) , Council of Ministers of the Republic of Karakalpakstan, hokimiyats of regions and the city of Tashkent

Study of the efficiency of the activities of IP "Kishloq Qurilish Invest" and LLC "Uzshahar Qurilish Invest" and submission of proposals for the further development of competition in the housing construction sector.

Analytical note

By December 1, 2019

Ministry of Finance (Ashrafkhanov) , Ministry of Economy and Industry (Khodjaev) , Antimonopoly Committee (Sharipov)

Send comments on the document Listen to audio Get link from document element Notes: Send comments on the document Listen to audio Get link from document element

1. The form of implementation of measures may be changed, and the developed regulatory legal acts and other documents may be combined based on the subject and sphere of regulation of legal relations. Send comments on the document Listen to audio Get link from document element
2. When combining two or more points, the latest deadline established for the combined points is set as the execution deadline. (appendix No. 1 in the edition Decree of the President of the Republic of Uzbekistan dated April 30, 2024 No. UP-70 — National Database of Legislation, 02.05.2024, No. 06/24/70/0317) Send comments on the document Listen to audio Get link from document element Send comments on the document Listen to audio Get link from document element APPENDIX No. 2 to Decree of the President of the Republic of Uzbekistan dated May 13, 2019 No. UP-5715 Send comments on the document Listen to audio Get link from document element Changes and additions made to certain acts of the President of the Republic of Uzbekistan Send comments on the document Listen to audio Get link from document element Send comments on the document Listen to audio Get link from document element

Point 12 of the Decree of the President of the Republic of Uzbekistan dated October 21, 2016 No. PP-2639 "On the Program for the Construction of Affordable Residential Houses According to Updated Standard Projects in Rural Areas for 2017 — 2021" is to be worded as follows: Send comments on the document Listen to audio Get link from document element "12. Exempt within the framework of the Program for the Construction of Affordable Residential Houses According to Standard Projects in Rural Areas for 2017 — 2021: Send comments on the document Listen to audio Get link from document element a) until January 1, 2020 from payment of value-added tax: Send comments on the document Listen to audio Get link from document element contracting organizations — in the part of the volume of work on the construction of residential houses, water supply facilities, and automobile roads of arrays on a turnkey basis under contracts concluded with LLC "IK "Kishloq Qurilish Invest""; Send comments on the document Listen to audio Get link from document element organizations for the production of building materials and equipment, as well as organizations for their transportation — in the part of the volume of sales and transportation (including imports) of building materials and equipment of LLC "IK "Kishloq Qurilish Invest"" and general contracting organizations that have concluded contracts with LLC "IK "Kishloq Qurilish Invest"" for the construction of residential houses on a turnkey basis; Send comments on the document Listen to audio Get link from document element LLC "IK "Kishloq Qurilish Invest""; Send comments on the document Listen to audio Get link from document element LLC "Kishloq Qurilish Loyiha" — in the part of the volume of design and survey work performed for the construction of residential houses, engineering and transport communications, and infrastructure facilities under contracts concluded with LLC "IK "Kishloq Qurilish Invest""; Send comments on the document Listen to audio Get link from document element JSC "Uzsanoateksport" — for imported lumber and roofing metal sheets not produced in the republic, according to Appendix No. 7, as well as other building materials according to the list approved by the Cabinet of Ministers of the Republic of Uzbekistan, including when sold to LLC "IK "Kishloq Qurilish Invest""; Send comments on the document Listen to audio Get link from document element LLC "Toshkent Kishloq Qurilish Service" and transport organizations — in the part of the volume of work on the processing of roofing metal sheets and their delivery to LLC "IK "Kishloq Qurilish Invest""; Send comments on the document Listen to audio Get link from document element b) until January 1, 2022: Send comments on the document Listen to audio Get link from document element contracting organizations from payment of taxes (except for value-added tax) — in the part of the volume of work on the construction of residential houses, water supply facilities, and automobile roads of arrays on a turnkey basis under contracts concluded with LLC "IK "Kishloq Qurilish Invest""; Send comments on the document Listen to audio Get link from document element subcontracting organizations from payment of the unified tax payment — in the part of the volume of work performed by them under contracts with general contracting organizations that have concluded contracts with LLC "IK "Kishloq Qurilish Invest"" for the construction of residential houses, water supply facilities, and automobile roads of arrays; Send comments on the document Listen to audio Get link from document element organizations for the production of building materials and equipment, as well as organizations for their transportation from payment of the unified tax payment — in the part of the volume of sales and transportation (including imports) of building materials and equipment of LLC "IK "Kishloq Qurilish Invest"" and general contracting organizations that have concluded contracts with LLC "IK "Kishloq Qurilish Invest"" for the construction of residential houses on a turnkey basis; Send comments on the document Listen to audio Get link from document element LLC "IK "Kishloq Qurilish Invest"" — from payment of taxes (except for value-added tax); Send comments on the document Listen to audio Get link from document element JSC "Uzsanoateksport" — from payment of customs duties (except for value-added tax and customs fees) for imported lumber and roofing metal sheets not produced in the republic, according to Appendix No. 7, as well as other building materials according to the list approved by the Cabinet of Ministers of the Republic of Uzbekistan; Send comments on the document Listen to audio Get link from document element LLC "Toshkent Kishloq Qurilish Service" and transport organizations — from payment of the unified tax payment — in the part of the volume of work on the processing of roofing metal sheets and their delivery to LLC "IK "Kishloq Qurilish Invest"". Send comments on the document Listen to audio Get link from document element The State Tax Committee of the Republic of Uzbekistan is to establish strict control over the correct provision of tax and customs benefits provided by this decree.". Send comments on the document Listen to audio Get link from document element 2. Point 17 of the Decree of the President of the Republic of Uzbekistan dated November 22, 2016 No. PP-2660 "On Measures for the Implementation of the Program for the Construction and Reconstruction of Affordable Multi-Apartment Houses in Cities for 2017 — 2020" is to be worded as follows: Send comments on the document Listen to audio Get link from document element "17. Exempt within the framework of the implementation of the Program: Send comments on the document Listen to audio Get link from document element a) individuals (borrowers) from payment of property tax on purchased apartments until they repay the mortgage loan provided by AKIB "Ipoteqa Bank", AKB "Uzpromstroybank", and AKB "Asaka Bank"; Send comments on the document Listen to audio Get link from document element b) until January 1, 2020 from payment of value-added tax: Send comments on the document Listen to audio Get link from document element general contracting and subcontracting organizations — in the part of the volume of work carried out by them on the construction and reconstruction of multi-apartment house facilities on a turnkey basis; Send comments on the document Listen to audio Get link from document element organizations-manufacturers of building materials, equipment, construction machinery, and motor vehicles (within the republic) — in the part of the volume of building materials, equipment, construction machinery, and motor vehicles realized by IK "Uzshahar Qurilish Invest" and contracting organizations for the construction and reconstruction of multi-apartment house facilities on a turnkey basis; Send comments on the document Listen to audio Get link from document element general contracting organizations — for imported raw materials, products, components, structures, building materials, construction machinery, and equipment, as well as spare parts to them, motor vehicles, including road construction machinery, according to lists approved in the established order; Send comments on the document Listen to audio Get link from document element importing organizations — for imported building materials, raw materials, products, components, and structures, including lumber and roofing metal sheets, passenger elevators, individual boilers, equipment, and spare parts to them, including component parts and materials for their production (or assembly), as well as in the part of supplies of imported goods to IK "Uzshahar Qurilish Invest" and general contracting organizations; Send comments on the document Listen to audio Get link from document element organizations performing work (services), including non-residents of the Republic of Uzbekistan — in the part related to the implementation of the Program; Send comments on the document Listen to audio Get link from document element IK "Uzshahar Qurilish Invest"; Send comments on the document Listen to audio Get link from document element c) until April 1, 2021: Send comments on the document Listen to audio Get link from document element general contracting and subcontracting organizations — from payment of taxes (except for value-added tax) in the part of the volume of work carried out by them on the construction and reconstruction of multi-apartment house facilities on a turnkey basis; Send comments on the document Listen to audio Get link from document element organizations-manufacturers of building materials, equipment, construction machinery, and motor vehicles (within the republic) — from payment of the unified tax payment in the part of the volume of building materials, equipment, construction machinery, and motor vehicles realized by IK "Uzshahar Qurilish Invest" and contracting organizations for the construction and reconstruction of multi-apartment house facilities on a turnkey basis; Send comments on the document Listen to audio Get link from document element IK "Uzshahar Qurilish Invest" and general contracting organizations — from payment of customs duties (except for value-added tax and customs fees) for imported raw materials, products, components, structures, building materials, construction machinery, and equipment, as well as spare parts to them, motor vehicles, including road construction machinery, according to lists approved in the established order; Send comments on the document Listen to audio Get link from document element importing organizations — from payment of customs duties (except for value-added tax and customs fees) for imported building materials, raw materials, products, components, and structures, including lumber and roofing metal sheets, passenger elevators, individual boilers, equipment, and spare parts to them, including component parts and materials for their production (or assembly), as well as the unified tax payment in the part of supplies of imported goods to IK "Uzshahar Qurilish Invest" and general contracting organizations; Send comments on the document Listen to audio Get link from document element organizations performing work (services), including non-residents of the Republic of Uzbekistan — from payment of the unified tax payment in the part related to the implementation of the Program; Send comments on the document Listen to audio Get link from document element IK "Uzshahar Qurilish Invest" — from payment of taxes (except for value-added tax)". Send comments on the document Listen to audio Get link from document element 3. In the Decree of the President of the Republic of Uzbekistan dated January 17, 2018 No. PP-3479 "On Measures for the Stable Provision of the Country's Industries with Required Types of Products and Raw Materials": Send comments on the document Listen to audio Get link from document element a) point 10 is to be worded as follows: Send comments on the document Listen to audio Get link from document element "10. Grant LLC "IK "Kishloq Qurilish Invest"" the right to independently purchase from manufacturers lumber, roofing metal sheets, and flat iron rolling without conducting tender auctions based on the results of the selection of the best offers with the implementation of expertise of import contracts at the GU "Center for Comprehensive Expertise of Projects and Import Contracts" under the Ministry of Economy and Industry of the Republic of Uzbekistan". Send comments on the document Listen to audio Get link from document element Exempt LLC "IK "Kishloq Qurilish Invest"": Send comments on the document Listen to audio Get link from document element a) from payment of customs duties (except for value-added tax and fees for customs clearance) upon import of lumber, roofing metal sheets, and flat iron rolling; Send comments on the document Listen to audio Get link from document element b) until January 1, 2020 from payment of value-added tax upon realization: Send comments on the document Listen to audio Get link from document element to general contracting organizations of lumber and roofing metal sheets within the construction of affordable residential houses according to updated standard projects; Send comments on the document Listen to audio Get link from document element enterprises producing beehives, upon applications of the Association "Uzbekiston Asalarichilari" of lumber and flat iron rolling. Send comments on the document Listen to audio Get link from document element Establish that the realization by LLC "IK "Kishloq Qurilish Invest"" of lumber, roofing metal sheets, and flat iron rolling to general contracting organizations under direct contracts, as well as to enterprises producing beehives upon applications of the Association "Uzbekiston Asalarichilari", is carried out at a price with a profitability of no more than 5 percent. Send comments on the document Listen to audio Get link from document element The Ministry of Finance of the Republic of Uzbekistan jointly with AKB "Kishloq Qurilish Bank" is to submit proposals on sources and mechanisms for financing the import of lumber and roofing metal sheets within ten days"; Send comments on the document Listen to audio Get link from document element b) in point 1 of Appendix No. 3 replace the words "Cement, including cement clinker" with the words "Cement clinker". (National Database of Legislation, 15.05.2019, No. 06/19/5715/3133, 26.09.2019, No. 06/19/5837/3812, 29.11.2019, No. 06/19/5886/4133; 11.03.2021, No. 06/21/6186/0200; 27.04.2024, No. 06/24/67/0307; 02.05.2024, No. 06/24/70/0317)