Large Firms Like UzAuto Motors and BYD Benefit from Tax Relief Programs, Report Finds
In the first half of 2024, major companies in Uzbekistan have reaped the benefits of substantial tax and customs exemptions. UzAuto Motors secured over $25 million in incentives, while BYD Uzbekistan Factory enjoyed more than $22 million. Enter Engineering was also granted exemptions exceeding $45 million during this period.
This information was revealed through an analysis conducted by the Anti-Corruption Agency, using data disclosed by the State Tax and Customs Committees on the utilization of tax and customs incentives in the first six months of 2024.
The total value of tax and customs incentives during this period amounted to 63.4 trillion UZS, a significant decrease from the 127.1 trillion UZS recorded in 2023. This represents the funds retained by businesses and organizations as a result of these exemptions.
Of the 63.4 trillion UZS, 39 trillion UZS were attributed to tax relief, while 24.4 trillion UZS were linked to customs exemptions.
Some of the top beneficiaries of tax and customs incentives include GasTrade, UzAirways, Railways, Asia Trans Gas, and Enter Engineering. These companies received billions of UZS in incentives to support their operations.
The report also highlighted a trend of major reductions in tax liabilities by large energy enterprises, indicating a shifting landscape in the fiscal contributions of major corporations in the sector. Overall, these tax and customs incentives play a crucial role in supporting businesses and driving economic growth in Uzbekistan.
