Uzbekistan’s Top Taxpayers Revealed: State-Owned Firms Dominate 2024 Revenue

TASHKENT, Uzbekistan — Uzbekistan’s State Tax Committee has released its annual report for 2024, revealing that state-connected energy and mining companies dominated the list of top tax-paying enterprises. The government collected approximately 123.3 trillion Uzbek soums ($9.5 billion) in corporate tax revenue from 949 major taxpayers, with the top 10 entities contributing nearly 57% of the total.

The top three taxpayers were the Almalyk Mining and Metallurgical Plant, uranium producer Navoiyuran, and oil and gas company Uzbekneftegaz. Other significant contributors included gas distribution firm Khududgastaminot, state gas import-export company UzGasTrade, and automaker UzAuto Motors, which produces Chevrolet-branded vehicles.

Among privately held enterprises, tobacco companies UZBAT and Tashkent Tobacco led the pack. Their substantial tax contributions may explain the Uzbek parliament’s recent push to regulate e-cigarettes, as tobacco remains a critical revenue source for the state.

Uzbekistan’s government has been implementing fiscal reforms to boost revenue. In the first half of 2024, state expenditures totaled 149.8 trillion soums ($11.6 billion), with half allocated to social spending. Budget revenue grew by over 18% compared to the same period in 2023, reflecting the success of these measures.

The report also highlighted that the top 20 companies accounted for approximately 64% of total tax revenue, underscoring the outsized role of major enterprises in the country’s economy. Overall, tax revenues in 2024 grew by 20.3%, reaching nearly 200 trillion soums.