DUSHANBE, October 3, 2011, Asia-Plus — The lower chamber (Majlisi Namoyandagon) of the parliament today endorsed the bill requiring amendments made by the government to the law on the national budget for 2011.
Presenting the bill, Minister of Finance Safarali Najmiddinov noted that the law, in particular, provided for reducing the value added tax (VAT) for the Sarband-based enterprise, TajikAzot, from 18 to nine percent.
“The measure seeks to promote revival of the enterprise, which has not been in operation since 2008,” the minister noted.
We will recall that TajikAzot has not been in operation for more than two years due to large tax and energy debts.
Closed joint-stock company (CJSC) TajikAzot is the joint venture that was launched in March 2002 in cooperation with Highrock Holding Limited, the company registered in Cyprus in 2001. The JV was established on the basis of the plant for producing nitrogen fertilizer (carbamide) that was constructed in Sarband in 1964. Tajikistan owns 20 percent of the shares and Highrock Holding Ltd assumes the 80 percent ownership interest in TajikAzot.
The enterprise with capacity of producing 180,000 tons of carbamide per year also produced industrial oxygen, carbon dioxide, liquid ammonia and liquid nitrogen.
