An audit from January to August 2024 has uncovered major tax evasion issues in Uzbekistan. The Tax Committee found that 388 companies had hidden nearly UZS 5.8 trillion (over $455mn) of their taxable income. This amount is almost five times higher than what was discovered in the same period last year.
Key issues identified
- Unreported sales: 206 companies did not report sales totalling UZS 2.6 trillion ($204).
- Inventory Issues: In 93 cases, goods worth UZS 1.7 trillion ($133.4mn) were missing from inventories.
- Unaccounted goods: 89 companies were found to have sold or stored unreported goods worth UZS 1.4bn ( nearly $110,000).
From the UZS 1.4 trillion ($109.8mn) in unpaid taxes identified, UZS 266bn ($20.9mn) have already been paid to the budget. The audit covered just 0.25% of all taxpayers, but the frequency of audits has increased significantly compared to last year.
Earlier, it was reported that President Shavkat Mirziyoyev has proposed increasing the amount at which businesses are charged with tax evasion from UZS 100mn ($7,846) to 200mn ($15,692). He hopes this will help prevent misuse of the new measures while ensuring fair taxation.
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