In Q1, the growth of Uzbekistan budget revenues of accelerated.  the Ministry of Economy and Finance said in a quarterly report. Revenues increased from 52.6 trillion to 63.9 trillion soums, which is 11.3 trillion, or 21.5% more compared to the same period last year. For comparison, in the first quarter of 2024, the growth rate of revenues was only 11.6%.

The main sources of revenue growth were value added tax - 16.4 trillion soums (+ 33.3%), excise tax - 4.8 trillion soums (+ 29.7%), profit tax - 11.8 trillion soums (+ 21.6%), income tax - 9.3 trillion soums (+ 20.8%).

The budget also received land tax of 2.1 trillion soums (+16.7%), property tax of 2.1 trillion soums (+23.5%).

Individuals and businesses began to pay more taxes, which testifies to an expansion of the budget revenue base.

Revenue from water use tax (0.2 trillion, no growth) and non-tax revenues (fines, fees, duties) increased by 35% to 3.6 trillion soums.

However, revenue from subsoil use tax of 4.3 trillion soums, despite the numerous benefits and waivers provided (especially to companies exploiting oil and gas), virtually did not increase.

As previously reported, during this period, state budget expenditures increased by 10.1% to 77.4 trillion soums (+7.1 trillion soums). Meanwhile, labor costs decreased both in absolute figures and as a share of state budget expenditures. Financing of benefits, compensations and financial assistance decreased by 22.8%. Health care wage costs increased by 1.8% over the year.

2024 State Budget 

In 2024, the budget revenues topped 274.42 trillion soums. Compared to 2023, they increased by 42.7 trillion soums, or 18.4%. This is also 1.5% higher than the forecast.

Revenues from VAT increased to 59.28 trillion soums (+2.4%), profit tax — to 52.6 trillion soums (+29%), income tax — to 35.38 trillion soums (+18.3%), revenues from subsoil use tax — 20.17 trillion soums (+31.8%), excise tax — 19.06 trillion soums (+20.4%).

The volume of government spending topped 310.9 trillion soums, which is 10.6% more than in 2023 (10.7% higher than the forecast).

49% of all budget expenditures were contributed to the social expenses. Reportedly with the approved volume of 151.27 trillion soums, 152.35 trillion soums were in fact spent (1.07 trillion soums more). At the same time, total expenditures increased by 29.83 trillion soums.