Uzbekistan sees 20% increase in budget revenue in Q1 2025

A press conference with the leadership of the Tax Committee provided an overview of Uzbekistan’s 2024 financial results, key economic indicators, and future plans.

In 2024, Uzbekistan's economy grew by 6.5%, providing a solid foundation for state budget revenues. As a result of improved tax policies and enhanced tax administration, actual revenue exceeded forecasts, with 199.5 trillion UZS collected instead of the projected 196.5 trillion UZS.

Additional tax assessments from tax inspector audits amounted to 486.3 billion UZS, of which 418.7 billion UZS were successfully collected.
The number of small businesses increased by 41,400, and their turnover grew by 22.8 trillion UZS compared to the previous year.

Efforts to enhance tax collection and improve administration continued into 2025. Preliminary data shows that in Q1 2025, the state budget received 48.2 trillion UZS, exceeding the planned 45.5 trillion UZS by 2.7 trillion UZS.

This marks a 20% increase compared to Q1 2024 (40.3 trillion UZS), with some regions seeing a 25% rise.
Major contributors:
Profit tax – 11.8 trillion UZS
VAT – 9.8 trillion UZS
Excise tax – 4.5 trillion UZS

State budget revenue breakdown (2024)

In 2024, state budget revenue reached 274.3 trillion UZS (18.9% of GDP), reflecting an 18.3% increase from 2023.

Direct taxes (profit tax, personal income tax, and turnover tax) accounted for 90.8 trillion UZS.
Indirect taxes (VAT, excise tax, customs duties) contributed 88.3 trillion UZS.
Resource and property taxes generated 36.4 trillion UZS.
Other revenues (undisclosed sources) totaled 58.9 trillion UZS.

State budget expenditure (2024)

Total government spending in 2024 amounted to 310.9 trillion UZS (21.4% of GDP).

Key spending areas:

Social sectors: 153.3 trillion UZS, including:
Education – 71.2 trillion UZS
Healthcare – 36 trillion UZS
Economic development: 38.4 trillion UZS, including:
Water management – 9.2 trillion UZS
Gas subsidies – 9.5 trillion UZS
Housing and utilities – 4.1 trillion UZS
Urban development – 5.1 trillion UZS
State investments: 28.5 trillion UZS
Government administration costs rose to 17.9 trillion UZS, compared to 15.9 trillion UZS in 2023
Debt servicing: 14.5 trillion UZS (compared to 8.2 trillion UZS in 2023)
Public sector wages: 125.4 trillion UZS
Procurement of goods and services: 24.8 trillion UZS (similar to 24.5 trillion UZS in 2023)
Social benefits and financial aid decreased to 15.4 trillion UZS (2023: 19.2 trillion UZS)