Ministry of Investment and Foreign Trade to finance national carriers in acquisition of heavy vehicles

The state will support national carriers in the acquisition of heavy vehicles, trailers and semi-trailers of domestic and foreign production used for international road transport.

The corresponding decree on development of international carriage of goods by road was signed by the president of the country.

According to the document, in 2019-2021, the State Foundation for Supporting the Development of Business Activities will provide entrepreneurs engaged in the international transport of goods by road with the followings:

•  compensation to cover interest expenses on attracted loans from commercial banks in the amount of 25% of the rate they set, but not more than 5% for loans in national currency and in the amount of 40% of the rate established by a commercial bank, but not more than 3% for loans in foreign currency;

•  sponsorship for loans from commercial banks in the amount of up to 50% of the loan, inclusive, but not more than 2 billion soums.

In addition, trucks since the production of which no more than 4 years have passed, as well as trailers and semi-trailers since the release of which no more than 6 years have passed, can be accepted by commercial banks as collateral when they are purchased on credit by mutual consent of the parties.

Annual maximum depreciation of tax rate for trucks (except for dump trucks) with a maximum weight of over 12 tons, truck trailers, as well as trailers and semi-trailers with a maximum weight of over 10 tons, is 10%.

Also, according to the document, the import of heavy vehicles, trailers and semi-trailers for procurement of national carriers is carried out without mandatory examination and registration of technical tasks at the SUE “Center for comprehensive examination of projects and import contracts”.

National carriers are allowed to receive foreign currency in cash from non-residents outside Uzbekistan as payment under transport expedition agreements with crediting the amounts received to their demand deposit accounts in foreign currency opened at commercial banks of Uzbekistan.

In this case, the document confirming the implementation of overseas shipment is an international waybill.

The President instructed the Ministry of Investment and Foreign Trade to take measures to attract in 2019-2021 long-term credit resources of foreign financial institutions in the amount of not less than $100 million annually to finance the purchase of heavy vehicles, trailers and semi-trailers, since the release of which no more than 4 years have passed, including on a leasing basis.