Uzbekistan's State Tax Service recently unveiled comprehensive data on the top 20 enterprises making substantial contributions to the country's tax revenue within the service sector during the period of January to November 2023. The detailed breakdown provides insights into the number of legal entities, turnover, taxes paid, and tax benefits, offering a comprehensive overview of the economic landscape.
TOP-20 ENTERPRISES THAT PAY THE MOST TAXES IN THE FIELD OF SERVICE IN THE MONTHS OF JANUARY-NOVEMBER 2023 by Daryo News
Uzbekistan's service sector has proven to be a cornerstone of economic activity, boasting a remarkable presence of 177,281 legal entities operating in the specified period. The recently released data sheds light on the pivotal role played by the top 20 taxpayers, unraveling their contributions to the nation's fiscal health.
Uzbektelekom, leading the pack, demonstrated a significant turnover of UZS 7.53 trillion, over $610mn, contributing UZS 965.5 bn, approximately $78mn in taxes while receiving tax benefits of UZS 207.7 bn, approximately $16.8mn. Similarly, Unitel showcased a substantial turnover of UZS 3.145 trillion, approximately $254mn, paying UZS 721.0 bn, over $58.2mn in taxes and receiving minimal tax benefits of UZS 0.1 bn, over $8000.
The third top taxpayer, Uzbekistan Airways, reported a massive turnover of UZS 13.58 trillion approximately $1.09bn contributing UZS 611.9 bn, over $49.4mn in taxes and benefiting from tax incentives amounting to UZS 1.543 trillion, over $124.6mn COSCOM and Universal Mobile Systems followed, making significant contributions to the nation's tax revenue.
Aggregate Impact of Top 20 Taxpayers: A Macroscopic View
The cumulative turnover of the top 20 taxpayers reached an impressive UZS 174.7 trillion, over $14.1bn. In terms of taxes paid, this group contributed UZS 20.3 trillion, over $1.6bn to the nation's coffers, while also enjoying tax benefits totaling UZS 9.3 trillion, approximately $750mn.
Breakdown of Tax Types: Diverse Revenue Streams
The diverse nature of the contributions becomes evident when dissecting the various tax types. Major contributors include:
- Value-Added Tax (VAT): UZS 1.022 trillion, over $82.5mn.
- Excise Tax: UZS 862.6 bn, approximately $70mn.
- Income Tax: UZS 577.0 bn, approximately $46.6mn
- Profit Tax: UZS 970.5 bn, over $78.3mn.
- Social Tax: UZS 553.5 bn, approximately $44.7mn.
- Property Tax: UZS 67.1 bn, over $5.4mn.
- Land Tax: UZS 53.5 bn, over $4.3mn.
- Other Taxes: UZS 296.2 bn, approximately $24mn.
The top 10 largest taxpayers in Uzbekistan collectively provided 33.1% of the state budget revenue in 2022, totaling UZS 201.86 trillion (over $16.7 bn). Although this percentage saw a decline from the previous year's 39.8%, these major taxpayers continued to play a significant role. Navoi Mining and Metallurgical Combine (NMMC) maintained its leading position, contributing UZS 32.9 trillion (over $2.7 bn), constituting approximately 16.3% of the state's revenue—however, this marked a decrease from its 2021 share of 21.4%.
The second spot was secured by Almalyk Mining and Metallurgical Combine (AMMC) with tax payments of UZS 17.36 trillion (over $1.4 bn), making up 8.6% of the revenue. This indicated a decrease from the previous year's 9.1%.
Uzbekneftegaz claimed the third position, contributing 2.2% of the budget revenues, totaling UZS 444.1 bn (around $37 mn). This showcased an increase from its 2021 share of 2%.
Earlier Daryo reported that throughout 11M 2023, top 10 major taxpayers, including government-affiliated entities, made up UZS 47.3 trillion ($3.5 bn) of the total contributions. Apart from state-owned enterprises, the top 10 major private taxpayers also played a significant role by contributing an impressive UZS 6.1 trillion ($492.8 mn) in taxes during the same period. In this category, UzBAT led the way with a substantial payment close to UZS 2.2 trillion ($177.7 mn).
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