The Ministry of Economy and Finance (MEF) of Uzbekistan recently released a list of the country's largest taxpayers for the year 2022. The publication, titled "Budget for Citizens," highlights the contribution of these entities to the state budget and reveals insights into their tax payments.
MEF reports that the top 10 largest taxpayers in Uzbekistan collectively contributed 33.1% of the state budget revenue in 2022, amounting to 201.86 tn soums (over $16.7 bn). While this percentage marked a decrease compared to the previous year's 39.8%, the top taxpayers remained significant contributors. The Navoi Mining and Metallurgical Combine (NMMC) maintained its position as the leading taxpayer, contributing 32.9 tn soums (over $2.7 bn), equivalent to approximately 16.3% of the state's revenue. However, this was a decrease from the 21.4% share it held in 2021.
The Almalyk Mining and Metallurgical Combine (AMMC) secured the second position with tax payments of 17.36 tn soums (over $1.4 bn), constituting 8.6% of the revenue. This share decreased from the previous year's 9.1%.
Uzbekneftegaz claimed the third position, contributing 2.2% of the budget revenues, equivalent to 444.1 bn soums ( around $37 mn). This demonstrated an increase from its 2021 share of 2%.
Factors impacting revenue
The Tax Committee attributed the decrease in revenues from NMMC and AMMC to reductions in income tax from 75% to 50% and taxes for subsoil use from 15% to 10%. These adjustments led to a decrease in budget earnings by around 12.5 trillion soums.
The list of top taxpayers in 2022 included companies like Uztransgaz, Hududgazta'minot, UzBAT, UzAuto Motors, Bukhara Oil Refinery, Uz-Kor Gas Chemical, and Uzmetkombinat. Their respective contributions ranged from 1.4% to 0.5% of budget revenues.
The MEF projected that the reliance of the state budget on the top 10 largest taxpayers would decrease further in 2023, with their share in tax revenues estimated at 31.2%. This indicates a growing diversification of revenue sources.
In 2018, the state budget's dependence on the top 20 largest taxpayers was evident, contributing 34% of forecasted revenues. Entities such as NMMC, AMMC, Uztransgaz, and others held significant shares in revenue contribution.
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