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    Finance

    Supermarket chain Korzinka makes historic entry into top 10 taxpayers list in Uzbekistan

    Supermarket chain Korzinka makes historic entry into top 10 taxpayers list in Uzbekistan

    For the first time in Uzbekistan's economic landscape,  supermarket chain emerges among the top 10 taxpayers, according to recent data published by the Tax Committee of Uzbekistan. The list, which highlights the companies contributing the most taxes in January, traditionally featured state-owned giants like NMMC and AMMC occupying the leading positions.

    Photo: Top-20 companies that paid most amount of tax in January 2024
    Source: Tax Committee of Uzbekistan/Daryo

    However, a noteworthy development has unfolded within the private sector. In a significant departure from the norm, a food retail entity has secured a coveted spot in the top tier of taxpayers. Korzinka, a prominent player in the Uzbekistani retail scene, distinguished itself by contributing UZS 22 bn ($1.8 mn) in taxes during the inaugural month of 2024.

    What makes Korzinka's ascent particularly noteworthy is its leadership in tax contributions within the trade sector. Historically, such achievements weren't sufficient to propel a retail enterprise into the upper echelons alongside financial institutions and industrial behemoths. 

    This transformative trend underscores the increasing prominence and transparency of chain stores compared to traditional markets and unorganized retail outlets notorious for concealing revenue. As organized retail expands both in terms of financial magnitude and operational scale, it brings with it a corresponding uptick in the transparent, taxable segment of the food retail sector. This positive trajectory bodes well for the economy, as enhanced tax contributions from retail enterprises translate into augmented fiscal revenues for the state coffers, experts state.

    Kazakhstan

    By the conclusion of 2022, investments in Kazakhstan's information and communications sector reached a record high of 178.9 bn tenge ($396 mn), marking a significant 39.1% increase from the previous year. Notably, this figure represents the highest value recorded to date. For instance, during the first half of the year, the mobile operator Beeline witnessed investments totaling 18.8 bn tenge ($41.6 mn), a notable 24.2% surge compared to the same period in the previous year. Overall, from the onset of 2020 up to July 1, 2023, Beeline's total capital expenditures amounted to 339.4 bn tenge ($751 mn). Similarly, Kcell has observed an average annual growth rate of 30% in capital expenditures since the onset of the COVID-19 pandemic in 2020, while Tele2/Altel's investments in network infrastructure surpassed 206 bn tenge ($456 mn) from 2020 to June 2023.

    Photo: Top-7 taxpayers in IT sphere in Kazakhstan, 2022
    Source: Ranking.kz
    Moreover, telecom operators make substantial contributions to the country's budget through tax payments. Seven telecommunications companies, including three mobile operators, rank among the largest taxpayers.

    Leading in tax contributions is Beeline, which contributed 49.5 bn tenge ($110 mn) to the national budget in 2022, positioning itself among the top 45 largest taxpayers nationwide. Following Beeline, Tele2/Altel contributed 35.5 bn tenge ($79 mn), while Kcell ranked third with 34 bn tenge ($75 mn).

    The top 10 largest taxpayers of 2022 in Kazakhstan comprised the following companies:

    1. Tengizchevroil - 4.6 trillion tenge ($10.2 bn)
    2. "Karachaganak Petroleum Operating B.V." - 1.4 trillion tenge ($3.1 bn)
    3. Mangistaumunaygas - 434.9 bn tenge ($963 mn)
    4. Ozenmunaigas - 269.7 bn tenge ($597 mn)
    5. "North Caspian Operating Company N.V." - 239.1 bn tenge ($529 mn)
    6. Karazhanbasmunai - 205.9 bn tenge ($456 mn)
    7. "CNPS-Aktobemunaigas" - 190.2 bn tenge ($421 mn)
    8. "Asian Gas Pipeline" - 166.5 bn tenge ($369 mn)
    9. Philip Morris Kazakhstan - 161.8 bn tenge ($358 mn)
    10. Embamunaigas - 159.3 bn tenge ($353 mn)

    Notably, eight out of the top 10 largest taxpayers in the country are engaged in crude oil and associated gas production.

    Kyrgyzstan

    During the second national forum on January 30, Deputy Chairman Adilet Dubanaev of the State Tax Service of Kyrgyzstan disclosed plans to introduce a ranking system for the top taxpayers in 2024. He emphasized the importance of digitalization in ensuring fairness and transparency in the evaluation process. Dubanaev highlighted that digitalization would eliminate subjective biases and ensure that ratings are assigned by the system rather than influenced by human factors.

    Additionally, Dubanaev outlined intentions to categorize the best taxpayers into a "green zone." This initiative aims to provide preferential treatment to taxpayers within the "green zone," such as simplified access to loans at reduced interest rates and eligibility for subsidies. The agency is set to develop regulations to implement these preferences for taxpayers in the "green zone."

    Follow Daryo's official Instagram and Twitter pages to keep current on world news.

     

    23.02.2024, 01:06   Comments (0)   3609
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    Khadicha Abdurashidova

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