Events

Meeting on theme: “Issues of taxation of oil&gas sector in Uzbekistan: directions of improvement”

Activity period: 05.07.2007 - 05.07.2007

Location: Conference hall of “Grand Orzu” hotel.
27, M. Tarobiy str., 27, Tashkent

In frame of EC on: Improving fiscal policy

Aims and objectives: On 5th of July, 2007 in the conference hall of the “Grand Orzu Hotel” it took place meeting of the Expert Council of the Business Forum of the Chamber of Commerce and Industry of the Republic of Uzbekistan on improving fiscal policy on theme: “Issues of taxation of oil&gas sector in Uzbekistan: directions of improvement”. The Business Forum was organized with the aim of identifying problems of taxation of the oil producing enterprices and developing proposals that are directed at increasing effectives of their systems of taxation by organizing dialogue between representatives of governmental bodies and oil producing enterprises, and also in order to discuss Analytical message of the UNDP Project “Improving the systems of taxation of oil producers”. Additionally, Business Forum put in front of itself the objective of developing coordinated position on further reforming taxation of oil producing enterprises. Organizers of the event were: Chamber of Commerce and Industry of the Republic of Uzbekistan, UNDP Project “Reform of the state finances in Uzbekistan” and Project “Business Forum of Uzbekistan”, and magazine “Economic Review”. Representatives of the Ministry of Finances, State Tax Committee, Chamber of Commerce and Industry, local oil&gas industry and also specialists in the field of taxation and tax administration took part in the Business Forum.

Questions: During the event there were discussed the peculiarities and problems of taxation of oil producing enterprises, reviewed common and specific taxes that are common for oil&gas sector. A special attention was given to the issues of improving tax for using earth resources, particularly there were discussed opportunities of differentiating rates or introducing fixed rates of tax for earth resources, coefficients that are used in differentiation rates and problems of tax administration. Intense discussions were followed during the discussion of issues on making equal conditions of taxation for foreign and local enterprises and canceling the incentives for foreign investors. Exchange of opinions allowed to generate exact recommendations and proposals on taxation of oil&gas producing enterprises, which are will be reflected in the Analytical message of the UNDP “Improving taxation systems of oil&gas producers”.

Partners: UNDP Project “Reforming of state finances”