18:20 / 29.05.2024

Uztransgaz tax payments plummet

The main operator of gas pipelines paid 43 percent less in taxes in January-April compared to the same period last year and 6.2 times less in April compared to January. The company may have been granted tax privileges. Previously, there were reports of a portion of Uztransgaz shares being transferred to trust management, which the Minister of Energy claimed to be unaware of.

Photo: Uztransgaz

Uztransgaz paid 351 billion UZS in taxes during January-April 2024, with payments of 117.9 billion UZS in January, 86.6 billion UZS in February, 127 billion UZS in March, and only 19.2 billion UZS in April.

The State Tax Committee's figures provided to Kun.uz show that Uztransgaz paid 6.2 times less tax in April compared to the beginning of the year.

In April, the company paid only 19.2 billion UZS in value-added tax. Payments for other taxes, including land tax, property tax, water tax, and profit and excise taxes, were not made. A debt of 146 million UZS for personal income tax was registered.

Since the beginning of the year, Uztransgaz has not paid profit and excise taxes, nor the tax for the use of mineral resources, and since February, it has not paid the water tax. In February and March, only 8.8 million UZS were paid for property tax.

Compared to the same period last year, Uztransgaz has paid nearly 43 percent less in taxes. In the first four months of last year, tax revenues reached 614 billion UZS.

Overall, the company has not paid profit and excise taxes since March of last year. Until then, taxes of 3.88 billion UZS for profit and 51.29 billion UZS for excise had been recorded. Notably, last year, the company did pay tax for the use of mineral resources during the same period.

The numbers suggest that Uztransgaz may have received tax privileges. Kun.uz has sent additional questions to the Tax Committee on this matter.

Previously, it was reported that the company had paid 418.6 billion UZS in taxes for January-March. The State Tax Committee later stated that the expected tax revenue from Uztransgaz for January-March 2024 was 418.6 billion UZS, but in reality, only 331.9 billion UZS were paid. According to the committee's explanation, due to the negligence of responsible employees, the amount of tax expected, not the actual amount paid by the company, was presented. Based on the committee's statement, tax revenues in the first quarter of 2024 were 87 billion UZS less than the forecast.

It is worth reminding that on March 29, Uzbekneftegaz acquired a 46.8 percent stake in the country's gas transportation system operator Uztransgaz for 292.8 billion UZS.

Two days after the deal, on April 1, Uzbekneftegaz made changes to the agreement for the valuation of shares of Uztransgaz between Uz-Kor Gas Chemical LLC JV and KPMG Valuation and Consulting LLC, concerning the valuation of a single ordinary share of Uztransgaz.

According to economist Otabek Bakirov, this deal may have been part of another deal that took place on April 3, involving "Uz-Kor Gas Chemical", Uztransgaz, and Uzbekneftegaz, where gas sale debt agreements were signed, transferring debt to another party and transferring securities. According to this, Uzbekneftegaz has become or has assumed, the buyer of debts exceeding 10 trillion UZS.

Bakirov, citing unofficial reports, stated that Uzbekneftegaz could have transferred the shares acquired from the debts of "Uztransgaz" and other shares into trust management.

However, Uzbekistan's Minister of Energy, Jurabek Mirzamakhmudov, claimed to be unaware of any possibility of Uztransgaz being transferred into trust management.

"Where did that information come from? Who said that? Uztransgaz is a joint-stock company. I am unaware of this," said the minister in his comment to Gazeta.uz.

When asked if he could deny the transfer of the company into trust management, Mirzamakhmudov added: “I have not heard of this.”

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