In the first nine months of 2024, 949 large taxpayers in Uzbekistan paid a total of UZS 81.2 trillion ($6.35bn) in taxes. This reflects the significant contributions of both state-owned enterprises (SOEs) and private sector companies to the country’s tax revenue.

Out of the total, UZS 41.8 trillion ($3.27bn) came from the top 10 largest state-owned taxpayers, while more than UZS 6.4 trillion ($506mn) was contributed by the top 10 large private sector taxpayers.

The Navoi Mining and Metallurgical Company (NMMC), a major force in Uzbekistan’s mining sector, remains the country’s largest taxpayer in 2024, contributing an impressive UZS 18.656 trillion ($1.5bn). NMMC’s significant role in gold and uranium production solidifies its position at the forefront of Uzbekistan’s economy.

In the private sector, UZBAT, a key player in the tobacco industry, led the way with a tax contribution of UZS 2.118 trillion ($165.7mn), making it the largest taxpayer in the non-state category.

Top 10 State-Owned Enterprises (SOEs) Contributions:

1. Navoi Mining and Metallurgical Company (NMMC) – UZS 18.656 trillion ($1.459bn)
2. Almalyk Mining and Metallurgical Company – UZS 6.307 trillion ($493.3mn)
3. UzGasTrade – UZS 3.082 trillion ($241mn)
4. Uzbekneftegaz – UZS 3.051 trillion ($238.6mn)
5. Hududgaztaminot – UZS 2.878 trillion ($225mn)
6. Navoiuran DK – UZS 2.844 trillion ($222.4mn)
7. UzAuto Motors – UZS 2.212 trillion ($173mn)
8. Uzbek National Bank – UZS 1.063 trillion ($83.1mn)
9. Uzbektelecom – UZS 882bn ($69mn)
10. Uztransgaz – UZS 822bn ($64.3mn)

Total SOE Contributions: UZS 41.798 trillion ($3.27bn)

Top 10 Private Sector Companies Contributions:

1. UZBAT JSC JV – UZS 2.118 trillion ($165.7mn)
2. Enter Engineering LTD – UZS 834.3bn ($65.25mn)
3. Tashkent Tobacco LLC – UZS 686.7bn ($53.7mn)
4. GID License Plate LLC FC – UZS 523.1bn ($40.9mn)
5. Kapitalbank ATB – UZS 470.6bn ($36.8mn)
6. Unitel LLC JV – UZS 437bn ($34.2mn)
7. Coca-Cola Bottlers Uzbekistan – UZS 436.3bn ($34.1mn)
8. Hamkorbank ATB – UZS 381.7bn ($29.85mn)
9. PAO Uralmashzavod – UZS 314.5bn ($24.6mn)
10. International Beverages LLC – UZS 267.7bn ($20.9mn)

Total Private Sector Contributions: UZS 6.47 trillion ($506mn)

Comparing the latest tax figures to those from earlier in the year reveals significant growth. In Q1 2024, Uzbekistan’s top 10 SOEs collectively paid $1.3bn in taxes, with NMMC leading at $606mn. By the end of September, NMMC had nearly doubled its contribution, reflecting its expanding production and economic impact.

In the private sector, UZBAT showed steady growth, contributing $107mn in the first half of 2024, up from its Q1 contribution of $66mn. This steady upward trend highlights the resilience of key private sector players in Uzbekistan’s economy.