Uzbekistan’s Tax Revenues Soar by 20.3% in 2024
Tax revenues in Uzbekistan saw significant growth at the end of 2024, with an increase of over 20% compared to the previous year. The Tax Committee reported that the largest gains were seen in taxes on profit, property, and the use of subsoil and water resources.
In total, tax payments amounted to 199.6 trillion UZS, with a 24.4% increase in revenues in the regions and a 37% increase in districts. Tashkent, Syrdarya region, and Tashkent region recorded the highest growth rates.
When broken down by tax category, the following comparisons were made to 2023:
– Profit tax: 52.7 trillion UZS (up by 29.1%)
– VAT: 39.6 trillion UZS (+16.4%)
– Personal income tax (PIT): 35.4 trillion UZS (+18.3%)
– Subsoil use tax: 20.2 trillion UZS (+31.8%)
– Excise tax: 17.8 trillion UZS (+17.4%)
– Non-tax revenues: 15 trillion UZS (no growth observed)
Other notable revenue increases included:
– Land tax: 8.2 trillion UZS (+19.2%)
– Property tax: 6.8 trillion UZS (+33.5%)
– Turnover tax: 2.8 trillion UZS (+17.6%)
– Tax on water resource use: 1.2 trillion UZS (+48.3%)
The Tax Committee also reported that small business entities facing financial difficulties were able to resume operations, and a significant number of new enterprises were created. Voluntary adjustments through the Auto-Cameral system helped identify tax base discrepancies, preventing financial sanctions.
Furthermore, efforts to digitize tax reporting and services were highlighted, with an emphasis on automation and efficiency. Services such as “Sunny Home” and “Social Cashback” provided subsidies and refunds to users, while improvements in sustainability ratings and tax refunds for high-rated entities were noted.
Looking ahead to 2025, the Tax Committee aims to achieve tax revenues of 224 trillion UZS. Plans for the coming year include enhancing taxpayer services through digital transformation, implementing stricter tax controls to combat the shadow economy, and monitoring expenses more closely. Additionally, efforts will be made to improve tax monitoring for enterprises with significant state involvement.
