Uzbekistan Railways explains its encashment contracts with suspicious firms

Uzbekistan Railways stated that the vast majority of contracts with suspicious parties were processed through trading platforms of the commodity exchange.

Previously, it was reported that the State Tax Committee had compiled a list of enterprises that had carried out suspicious transactions aimed at illegally reducing the amount of taxes. It has become known that there are 120 state enterprises (47.3 billion soums) and 86 other enterprises with state share (48.1 billion soums), including Uzbekistan Railways, in the list.

“In the course of a deep and critical study of each case separately, it was found that out of the contracts indicated in the claim for a total of 18.8 billion soums, organizations-suppliers of products had not paid value-added tax under contracts worth 530 million soums (2.8% of the total amount of claim),” Uzbekistan Railways reported.

It is noted that the amount of value-added tax not paid by unscrupulous entrepreneurs, amounting to 69 million soums, was recovered from the perpetrators and transferred to the budget in accordance with the established procedure.

“Unfortunately, the vast majority of contracts with suspicious parties were processed through the trading platforms of the commodity exchange. We have submitted a proposal to the State Tax Committee on the admission of business entities to tenders on trading platforms only after the examination of counterparties for their reliability as taxpayers,” the company added.