The Ministry of Economy and Finance has published data on the execution of the state budget for the first half of 2025, detailing the dynamics of revenue and expenditure, the composition of subsidies, and major financial flows.

Revenues

In January–June 2025, state budget revenues reached UZS 144.2 trillion – up 19.2% compared with the same period last year (UZS 121 trillion).

Value-added tax (VAT) remains the largest source of revenue, both in absolute terms and in growth, with receipts increasing by 34% to UZS 35.9 trillion. Profit tax was the second-largest contributor, with revenues rising by just 2% to UZS 22.5 trillion.

Personal income tax (PIT) collections amounted to UZS 19.9 trillion – 18% more than a year earlier.

Other notable figures for the reporting period:

  • Subsoil use tax – UZS 10.3 trillion (+12%)
  • Excise tax – UZS 10.0 trillion (+16%)
  • Customs duties – UZS 5.4 trillion (+15%)
  • Land tax – UZS 4.8 trillion (+20%)
  • Property tax – UZS 4.1 trillion (+17%)
  • Turnover tax – UZS 1.6 trillion (+23%)

These taxes and customs duties together account for 80% of budget revenues. The remaining 20% – classified as “other revenues” such as proceeds from privatization, dividends, leasing of state property, and more – grew by 25% to UZS 29.3 trillion.

Expenditures

In the first half of the year, state budget expenditure amounted to UZS 173.3 trillion – up 13.4% year-on-year.

The largest spending items were:

  • Wages – UZS 62 trillion (+15%)
  • Social benefits – UZS 11.4 trillion (–2%)
  • Transfers to the State Health Insurance Fund – UZS 10.5 trillion
  • Transfers to the Pension Fund – UZS 10.3 trillion (+51%)
  • Energy subsidies – UZS 8.9 trillion (–17%)

These five categories together accounted for 59% of total state budget spending.