Uzbekistan Budget Revenues to Exceed Target by 19%

Tashkent, Uzbekistan (UzDaily.uz) — State budget revenues in Uzbekistan are expected to reach 439.7 trillion soums by the end of 2026, exceeding the approved target by 19%, according to the Fiscal Strategy for 2027–2029.

The revenue surplus is attributed to higher economic activity than originally projected and actual prices for gold and copper exceeding budget assumptions.

In the 2026 revenue structure, direct taxes will generate 149.6 trillion soums, indirect taxes will yield 131.6 trillion soums, resource payments and property tax will account for 54.5 trillion soums, and other revenues will contribute 104 trillion soums.

For 2027, state budget revenues are projected at 422.3 trillion soums, or 17.1% of GDP — below the expected level for the current year. The document explains that gold and copper prices in the 2027–2029 forecast were based on a conservative approach. By 2029, revenues are expected to rise to 554.1 trillion soums.

Profit tax will remain the largest source of revenue: after an expected 96.5 trillion soums in 2026, collections will decrease to 81.5 trillion soums in 2027 before rising to 112.9 trillion soums by 2029. Value-added tax (VAT) receipts will increase from 93 trillion soums in 2026 to 138.9 trillion soums in 2029, while personal income tax will rise from 49.8 trillion to 78.2 trillion soums. Excise taxes will reach 32.4 trillion soums by 2029, and customs duties will reach 20.1 trillion soums.

Meanwhile, the share of consolidated budget revenues in GDP will decline from 27% in 2026 to 23.7% in 2027–2029, as economic growth outpaces the growth of budget receipts.