GTL plant's tax payments halved due to export growth and tax benefits

The Tax Committee released a list of the top 20 enterprises that paid the most taxes in the manufacturing sector during the first six months of 2024. The "Uzbekistan GTL" plant did not make the list, as it paid significantly less in taxes.

According to the Tax Committee, "Uzbekistan GTL" LLC paid 112 billion UZS to the state budget from January to July 2024. During the same period last year, it paid 254 billion UZS, which is 142 billion UZS more than this year. Therefore, the taxes paid by the company decreased by more than half (by 226.8%).

In response to Kun.uz's inquiry about why GTL reduced its tax payments, the Tax Committee reported that according to the company's records, the export volume for the first seven months of the current year amounted to 1.458 trillion UZS, while it was 380 billion UZS during the same period last year. In accordance with the Tax Code, VAT and corporate income tax on the export of goods and services are set at a zero rate.

According to the profit tax report submitted by the LLC, the company's income in the second quarter of 2024 amounted to 2.7 trillion UZS. This figure was recorded as 2.1 trillion UZS in the second quarter of 2023.

The GTL plant utilized tax benefits amounting to 1.847 trillion UZS in the second quarter of 2024.

According to the Statistics Agency, 619 tons of diesel fuel were produced in the first half of 2024, which is 1.7% less compared to the same period last year.

Earlier, Kun.uz, based on information from the Customs Committee, noted that the import of this product increased 7.3 times over the past two years after the GTL plant began diesel production.

"Uzbekistan GTL" LLC is a fully state-owned enterprise. Several billion dollars in foreign loans were attracted on behalf of "Uzbekneftegaz" to create the plant. Inquiries sent by Kun.uz to "Uzbekneftegaz" and the GTL plant regarding tax payments and production figures remain unanswered.