“Tengizchevroil LLP” (TCO) has been awarded the title of "Best Taxpayer" of the Republic of Kazakhstan (RoK) for the third year in a row. Based on the results of 2023, the State Revenue Committee (SRC) of the Ministry of Finance of the Republic of Kazakhstan recognized TCO as the best in the nomination of "Large Taxpayer". This award confirms TCO's impeccable fulfillment of its tax obligations and its significant contribution to the country's economy.
The RoK State Revenue Committee noted that more than 2,000,000 entrepreneurs from all regions of the country were considered in various categories based on the results of 2023. The main attention was paid not only to the amount of taxes paid, but also to the discipline of payments, the absence of comments on fiscal monitoring, the tax burden ratio in the industry and other financial indicators. Social projects of taxpayers and the creation of jobs for citizens in the regions where they operate were also of significant importance.
«We must create conditions that encourage business development and growth. The country must be attractive to business. This is the principle of the President. Thanks to the State Revenue Committee of the Ministry of Finance of the Republic of Kazakhstan, the state budget receives an additional 700-800 billion tenge annually», - said Yerulan Zhamaubayev, advisor to the President of the Republic of Kazakhstan.
This recognition is the result of TCO's systematic approach to financial management and strict compliance with all regulations and legal requirements. Employees consistently maintain a high level of corporate responsibility, which allows the company to remain amongst the leaders among Kazakhstani companies.
"We are proud to have been honored as the best taxpayer in the Republic of Kazakhstan for the third year in a row. This recognition not only confirms TCO’s high focus on safe and reliable operations performance, but also on our company’s commitment to responsibly fulfill its tax obligations for the benefit of Kazakhstan." said Dwight Crabtree, TCO's General Manager of Finance, during the award ceremony.
Over the past decade alone (2015-2024), TCO was able to provide reliable revenues to the RoK by achieving more than 98% average plant reliability in its base business. In addition, TCO has demonstrated high standards of business conduct ensuring stable and transparent payments to the economy of Kazakhstan, including salaries to Kazakhstani employees, purchases of goods and services from domestic producers and suppliers, payments to state-owned enterprises, dividend payments to a Kazakhstani partner, as well as taxes and royalties transferred to the state budget. In the last 10 years alone, TCO has made stable payments to the RoK of more than $5.7 billion per annum on average, despite adverse external and oil market conditions. In 2023, TCO made direct financial payments to Kazakhstan of nearly $14 billion, which strengthened its position among Kazakhstan's largest taxpayers. In total, since 1993, TCO's direct financial payments to the Republic of Kazakhstan have totaled more than $196 billion. According to the results of an independent study covering 2010-2021, TCO together with its business partners stimulates 11% of Kazakhstan’s economy (GDP) and contributes about 30% of the state income.
