Tax revenues from IT giants increased in Uzbekistan

Tax revenues to Uzbekistan's state budget from international technology corporations have increased significantly. Since the beginning of this year, the volume of tax payments received from foreign internet companies has amounted to 124.8 billion soums.

This amount exceeds 10 million US dollars. According to the Tax Committee, this figure is 44 percent higher compared to the same period last year.

The volume of electronic services provided by foreign companies in the country has also grown by 44 percent, exceeding 1.04 trillion soums. Interestingly, 93 percent of this market is dominated by ten major companies.

There is intense competition among technological giants for the rating of largest taxpayers. Meta Corporation, which manages famous social networks, remains the leader, having paid 35.17 billion soums in taxes.

However, Apple has almost caught up with Meta, having paid 35.14 billion soums in taxes. Google Corporation ranks third with 31.17 billion soums in taxes.

Notably, OpenAI quickly entered the ranks of major taxpayers. Although this company, which developed the ChatGPT program, registered as a taxpayer in Uzbekistan only in April this year, it has already paid 4.74 billion soums in taxes.

The company has earned 39.8 billion soums in revenue from Uzbekistan users. In addition, online booking service Booking.com paid 2.91 billion soums, TikTok platform 2.64 billion soums, Netflix streaming service 1.33 billion soums, financial sector professionals’ association ACCA 1.14 billion soums, and Zoom videoconferencing service 1.11 billion soums in taxes.

What is also noteworthy is that Amazon returned to the top 10 list, surpassing Adobe by paying 1.08 billion soums in taxes. As is known, the mechanism known as the "Google tax" has been in effect in Uzbekistan since 2020, envisaging the collection of VAT from foreign companies for electronic services provided to individuals.

To streamline this process, a special VAT office was established by the Tax Committee, and currently 73 foreign companies are registered in this system, 16 of which joined this year. Read “Zamin” on Telegram!