The government has written off tax debts of the privately-owned cocoon-breeding enterprise “Pillai Tojik.” In all, about 4.6 million somoni of tax debts have been written off.
On March 31, the government issued a regulation writing off tax debts of a number of companies, including Open Joint-Stock Company (OJSC) “Pillai Tojik” (Tajik Cocoon), which is owned by private company “Production Association Ganj.”
Under this document, tax debts of “Pillai Tojik” and its four affiliates in various regions of the country accumulated before January 1, 2014 and not paid until December 31, 2018 are written off.
A total amount of tax debts subject to writing off is 4,564,305 somoni.
Recall, the state-run cocoon-breeding enterprise, Pillai Tojik LTD, was established in December 2013 on the basis of the State Unitary Enterprise (SUE) Pilla of the Ministry of Industry and New Technologies with an authorized capital amounting to 4,254,000 somoni. The enterprise’s authorized capital included 42,540 shares. The face value of one share was 100 somoni.
The founder of Pillai Tojik LTD is the State Committee on Investment and State-owned Property Management (GosKomInvest). The enterprise had 39 affiliates operating in some cities and districts across the country.
As of November 22, 2017, the cost of the enterprise’ property was reportedly valued at 4.911 million somoni.
Assets of Pillai Tojik LTD were estimated at 8,636,176 somoni, while its total payables amounting to 15,748,760 somoni.
Pillai Tojik Limited Liability Company was put on auction last year and the government wanted 5 million somoni for the enterprise whose debts amounted to some 16 million somoni.
Pillai Tojik LTD was sold by GosKomInvest to the private company “Production Association Ganj” in May last year.
The company cost the new owners at almost 5 million somoni (equivalent to some 530,000 USD).
In accordance with the terms of the contract of sale, the “Production Association Ganj” was to repay Pillai Tojik’s debts in the amount of more than 15.7 million somoni during a year from the date of signing the contract of sale. Besides, the new owner was to invest 37 million somoni in Pillai Tojik during three years Pillai and increase Tojik’s total incomes to 30 million somoni and create 510 jobs during three years.
