Uzbekistan’s Business Activity in May: An In-depth Analysis of Soaring Customs and Tax Revenues

Analysis of business activity is monthly calculated by CERR on the basis of operational data (monitoring in all regions of the republic, according to the data of the State Customs Committee, the State Tax Committee, the Central Bank and the UzEx).

The monitoring results showed that the volume of tax revenues in May increased by 9.1% compared to the same period last year. The regions that provided the greatest budget profitability were: Jizzakh (+37.4%), Syrdarya (+33.2%), Tashkent (+28.7%), Navoi (+22.3%) and Samarkand (+21.7%) regions.

The increase in revenues is mainly due to an increase in the number of taxpayers. Thus, the number of operating business entities increased by 30.4% compared to last year.

In terms of tax revenue sources, income tax increased by 26%, property tax – by 36% and land tax – by 26%, maintaining growth until the end of the month.

Revenues on customs payments increased by 20.1% compared to the same period in 2022. The largest increase in customs receipts was recorded in the following five regions: Surkhandarya (+68.3%), Samarkand (+38.8%), Jizzakh (+32.3%), Tashkent (+23.4%) and Tashkent (+34.2%).

The increase in customs revenues is mainly due to an increase in imports by almost 28.2% compared to the same period last year by types of products, including transport equipment and its components, technical equipment, metals and products made from them and food.

The decline in exports in the Fergana, Jizzakh, Samarkand, Surkhandarya and Namangan regions is associated with a reduction in exports of fruits and vegetables and textile products, the Tashkent region — metals and products made from them, the Republic of Karakalpakstan — plastics, Tashkent — natural gas. At the same time, a decrease in yarn exports was noted in most regions.

The increase in export volumes in Khorezm, Syrdarya, Andijan, Kashkadarya, Navoi and Bukhara regions is explained by the growing growth rates of food supplies, industrial goods, chemicals and agri-food products.

The volume of loans issued by commercial banks has increased by 18.8% since the beginning of the year compared to the same period last year.

A significant increase in the issuance of loans was noted in Jizzakh (+67.1%), Syrdarya (+50.9%), Kashkadarya (+36.6%), Navoi (+36.5%), regions, the Republic of Karakalpakstan (+34.3%) and Tashkent (+21.9%).

The volume of transactions on the UzEx increased by 7,6%.

The largest increase in exchange activity was noted in Syrdarya (+44.2%), Kashkadarya (+27.2%), Samarkand (+25.5%) and Andijan (+24.8%) regions and in the Republic of Karakalpakstan (+29.0%).

The growth of transaction volumes in these regions is ensured by increasing sales of such goods as wheat flour, wheat, diesel fuel, cotton fiber, mineral fertilizers, technical seeds, automobile gasoline, liquefied gas, construction and household materials, sugar, rolled ferrous and non-ferrous metals, polyethylene, etc.

Since the beginning of the year, 39,177 new economic entities have been created, the largest number of which are registered in the Samarkand (3,716), Ferghana (3,695), Tashkent (3,186), Kashkadarya (3,178), Bukhara (2,569) regions, and in the Republic of Karakalpakstan (2,951) and Tashkent (7,206).

Published On: June 7, 2023Views: 123
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