Uzbekistan

Tax Revenue Surges by 12.5% in First Half of 2024

Tax revenues in Uzbekistan have seen a significant increase in the first half of the year, with payments for property, land, and profit taxes leading the way. According to reports from the Tax Committee, tax revenues have increased by 12.5%, reaching 85.8 trillion UZS.

The regions and districts have also experienced a surge in tax payments, with revenues increasing by 24.4% and 37% respectively. The most notable increases were seen in property tax collections, which saw a 37.6% increase year-on-year, and land tax, which increased by 31.2%. There was also growth in taxes on the use of water resources (21%), turnover (19%), and personal income (18%).

Income tax payments in the regions increased by 32.3%, while VAT payments grew by 20.6%. A significant amount of 23.1 trillion UZS was transferred to the pension fund, marking a 16% increase compared to the same period last year.

However, the Tax Committee also took action against some of its employees for omissions in work. 25 employees were fired, 15 were demoted, and 150 tax specialists were disciplined.

Looking ahead to the third quarter, the Tax Committee aims to further increase tax revenues by at least 20%. This will be achieved through the search for additional sources, reduction of the shadow economy, and the fight against corruption. Overall, the increase in tax revenues reflects positive economic growth and a commitment to strengthening tax compliance in Uzbekistan.

 

Hostinger

Pools Plus Cyprus

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