Uztransgaz sees steep decline in tax payments
Gas pipeline operator Uztransgaz paid significantly less in taxes during the first four months of this year compared to the same period last year. The company paid 351 billion UZS in taxes from January to April 2024, with a substantial decrease in tax payments in April compared to earlier months. In April alone, Uztransgaz paid only 19.2 billion UZS in value-added tax, raising questions about potential tax privileges.
The State Tax Committee provided data showing a 6.2 times decrease in tax payments by Uztransgaz in April compared to the beginning of the year. The company has not paid certain taxes since last year, including profit and excise taxes, water tax, and property tax. The total tax revenue for the first four months of 2024 was significantly lower compared to the same period in the previous year.
Recent reports suggest that Uztransgaz may have received tax exemptions or privileges. The company’s tax payments were below expectations, leading to suspicions of preferential treatment. These concerns have prompted inquiries from Kun.uz to the Tax Committee for clarification on the matter.
Furthermore, there have been reports of Uztransgaz shares being transferred to trust management, raising further questions about the company’s financial operations. Uzbekneftegaz’s acquisition of a major stake in Uztransgaz and subsequent changes to share valuation agreements have also raised eyebrows in the economic community.
Economist Otabek Bakirov highlighted a potential deal involving debt transfer and securities exchange between Uztransgaz, Uzbekneftegaz, and Uz-Kor Gas Chemical, indicating a complex financial arrangement. However, the Minister of Energy, Jurabek Mirzamakhmudov, denied knowledge of any transfer of Uztransgaz into trust management, stating that the company remains a joint-stock entity.
Overall, the financial transactions and tax payments of Uztransgaz have raised concerns about potential tax privileges, undisclosed agreements, and the overall transparency of the company’s operations. Further investigations and clarifications are needed to shed light on these complex financial matters.
