Energy giants slash tax bills
Tax revenues from several key companies in Uzbekistan have seen a significant decrease over the past seven months, according to recent reports from the State Tax Committee. Among the companies with reduced tax payments are “Uzbekneftegaz,” the Bukhara Oil Refinery, “Issiqlik Elektr Stansiyalari,” and “Uz-Kor Gas Chemical.” The exact reduction in tax payments at “Uzbekistan GTL” is unknown, but it has decreased by at least 1.5 times.
Despite this overall trend, the manufacturing sector as a whole saw a 6.4% increase in tax payments compared to the same period last year. The highest tax payments among manufacturers were made by “Uzbekneftegaz,” although it was 24.1% less than the previous year. Similarly, other state enterprises such as Bukhara Oil Refinery, Issiklik Elektr Stansiyari, Uzbekistan Metallurgical Plant, and Uz-Kor Gas Chemical also saw significant decreases in their tax payments.
Companies like “Uzbekistan GTL,” “Qizilqumcement,” and “Uzbekkumir” are no longer in the top 20 list of highest tax-paying companies for the first seven months of 2024. The extension of trust management for Uzbekkumir and the decrease in tax revenues from Uzbekistan GTL raise questions about the justification of their expenditures.
Most of the enterprises that have reduced their tax payments are in the fuel and energy sector, with subsidies allocated from the state budget largely used for the energy sector. Infographics provided by the State Tax Committee offer a detailed summary of tax revenues for the first seven months of both 2023 and 2024, highlighting the significant changes in payments from key companies.
