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Uzbekistan to increase tax on production and sale of oil products

Oil&Gas Materials 28 January 2021 12:12
Uzbekistan to increase tax on production and sale of oil products

BAKU, Azerbaijan, Jan. 28

By Klavdiya Romakayeva - Trend:

Uzbekistan will increase the excise tax on the production and sale of oil products starting from February 1, Trend reports with reference to the press service of Uzbekneftegaz JSC.

According to Uzbeknetegaz, last year, Uzbekistan abolished state regulation of retail prices for gasoline. Also, retail prices for gasoline at filling stations (gas stations) are freely formed in a competitive environment, that is, based on supply and demand in the market environment, as well as taxes and other mandatory payments.

Thus, starting from February 1 of 2021 changes and additions to the following rates of excise tax on petroleum products and goods sold to the end consumer.

Excise tax rates for petroleum products:

- 1 ton of RON-80 gasoline: actually - 200,000 soums ($19.06), from February 1 - 240,000 soums ($22.87);

- 1 ton of RON-90 gasoline and higher: actually - 250,000 soums ($23.82), from February 1 - 275,000 soums ($26.2);

- 1 ton of diesel fuel: actually - 200,000 soums ($19.06), from February 1 - 240,000 ($22.87);

- 1 ton of ECO diesel fuel: actually - 180,000 soums ($17.15), from February 1 - 216,000 soums ($24.87).

Excise tax rates for goods sold to the end consumer:

- 1 ton of gasoline: actually – 378,480 soums ($36.06), from February 1 – 465,530 soums ($44.35);

- 1 ton of diesel fuel: actually - 346,275 soums ($32.99), from February 1 - 425,918 soums ($40.58).

When considering the above changes on the example of RON-80 gasoline, existing taxes and other mandatory payments can increase the retail price to an average of 110 soums ($0.01) (including VAT).

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Follow the author on Twitter: @romakayeva

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