Uzbekistan: Natural resources drive majority of state revenue

According to data released by Uzbekistan's State Tax Committee on January 15, state-linked energy and mining companies lead the list of top tax-paying enterprises.

In total, the government collected approximately 123.3 trillion Uzbek soums (around $9.5 billion) in corporate tax revenue from 949 major taxpayers in 2024, The Caspian Post reports citing Eurasianet.

The top 10 highest paying entities contributed roughly 57 percent of the corporate tax revenue collected by the state. The top three tax-payers were the Navoi Mining and Metallurgical Plant, the Almalyk Mining and Metallurgical Plant, and uranium producer and exporter Navoiyuran. Ranking fourth, fifth and sixth on the list were the oil and gas company Uzbekneftegaz, gas distribution company Khududgastaminot, and the state gas import-export firm UzGasTrade. The automaker UzAuto Motors, which produces cars under the licensed Chevrolet brand, ranked seventh.

Among privately held enterprises, tobacco concerns, UZBAT and Tashkent Tobacco, were the top two contributors in terms of tax payments. The fact that tobacco companies generate a significant amount of revenue for the state may help explain why the Uzbek parliament recently initiated a legislative drive to ban e-cigarettes in the country.

The Uzbek government has been running a budget deficit. During the first six months of 2024, the Ministry of Economy and Finance reported that state expenditures totaled 149.8 trillion soums (about $11.6 billion), of which roughly 50 percent went to social spending. The ministry added that state budget revenue rose over 18 percent during the first half of 2024 compared with the same period the previous year.