Major state-owned companies cut tax payments in January

Uzbekistan’s Tax Committee has published a list of the top ten state-owned and private sector companies that paid the most taxes in January 2025.

In the first month of the year, the ten largest state-owned taxpayers collectively paid 4.5 trillion UZS in taxes. This is nearly 120 billion UZS less than in January 2024.

At least six out of the top ten companies paid less tax in January compared to the same period last year.

Specifically, tax revenues from NMMC decreased by 13%, and those from AMMC dropped by 11%.

Among energy companies, Uzbekneftegaz paid 44% less in taxes, while UzGasTrade reduced its tax payments by 36%. Uztransgaz and Hududgaztaminot also cut their tax payments.

At the same time, Navoiyuran paid 2.4 times more in taxes compared to January 2024, while Asia Trans Gas increased its tax payments by 1.7 times.

Leading state-owned taxpayers in January 2025:

•  NMMC – 2.08 trillion UZS (2024: 2.38 trillion, -13%)
•  AMMC – 639 billion UZS (2024: 707 billion, -10%)
•  Uzkimyosanoat – 388 billion UZS
•  Navoiyuran – 299 billion UZS (2024: 87 billion, +244%)
•  Uzbekneftegaz – 280 billion UZS (2024: 497 billion, -44%)
•  Hududgaztaminot – 240 billion UZS (2024: 241 billion, -0.4%)
•  UzGasTrade – 218 billion UZS (2024: 343 billion, -36%)
•  Asia Trans Gas – 149 billion UZS (2024: 90 billion, +65%)
•  Aloqabank – 117 billion UZS*
•  Uztransgaz – 111 billion UZS (2024: 118 billion, -6%)

(*This company was not in the top 10 in January 2024)

In January 2024, Uzbektelecom (which paid 105 billion UZS in taxes) and Uzbekistan Railways (74 billion UZS) were in the top 10 but did not make the list in January 2025.

The 10 leading private taxpayers in January 2025:

•  Uzbat – 182 billion UZS
•  ADM Jizzakh – 62.2 billion UZS
•  Epsilon – 50.6 billion UZS
•  Kapitalbank – 48 billion UZS
•  Hamkorbank – 47.6 billion UZS
•  Unitel – 47.6 billion UZS
•  Tashkent Tobacco – 42.3 billion UZS
•  TBC Bank – 37 billion UZS
•  Coca-Cola Ichimligi Uzbekistan – 36.7 billion UZS
•  PWS Optimum – 33.5 billion UZS

Despite Uzbat’s tax payments decreasing by 21.2% and Kapitalbank’s by 40%, overall tax revenues in this category increased by 83.7% compared to January 2024, reaching 1.32 trillion UZS (up from 716 billion UZS).

In January 2024, Enter Engineering was the second-largest private taxpayer (paying 130 billion UZS in taxes) but did not make the list in 2025—even though the last company on the current list paid 33.5 billion UZS in taxes.

Meanwhile, Epsilon Development Company, which was not in the rankings in January 2024, appeared in third place in January 2025 with tax payments totaling 506 billion UZS.

According to the Tax Committee, in January 2025, 956 major taxpayers paid a total of 8.51 trillion UZS in taxes. By comparison, in January 2024, 2,186 large taxpayers contributed 8.85 trillion UZS.