According to a tax sector improvement project presented to Uzbek President Shavkat Mirziyoyev, Uzbekistan plans to generate an additional 30 trillion soums in budget revenue by 2026 through monitoring P2P transactions, product labeling, and reducing the shadow economy. Officials aim to increase tax revenues to 491.5 trillion soums by 2030 and lower the share of the shadow economy from 28% to 19.6%. The presidential press service reported that the main source of revenue growth remains the reduction of the shadow economy, with a goal set this year to create extra budget income using digital analysis, artificial intelligence, and smart management systems.
To achieve this target, plans include widespread implementation of P2P transaction (card-to-card) monitoring, product labeling, enhanced digital control, automatic detection of unregistered cargo shipments, legalization of informal employment, and other mechanisms in sectors such as trade, services, industry, and construction. Special attention is given to markets and shopping centers, where digitization and control are deemed insufficient. Currently, over 72,000 retail vendors operate at such facilities, but more than 38,000 declare monthly turnover of less than 1 million soums, over 40,000 issue only 2-3 receipts per day, and 12,000 retail outlets have not registered lease agreements. As a result, 37,000 entrepreneurs pay less than 500,000 soums in taxes monthly.
In this regard, the President emphasized the need for full digitization of markets and shopping centers, as well as integration of control mechanisms, tax authorities, and digital surveillance. Uzbekistan is intensifying its fight against the shadow economy by expanding cashless payments and digital control. Escrow accounts for real estate and transport operations will be introduced from April 1, 2026. Starting from that date, cash payments will be unavailable for certain goods and services, including alcohol, tobacco products, purchases over 25 million soums, and fuel stations, with the cash button in cash registers disabled. Some stores implemented restrictions ahead of schedule, raising legal questions.
The next phase of the digital labeling system is being launched simultaneously, but water and beverage producers requested to postpone the aggregation stage beyond April 1, stating the industry is technically unprepared and its implementation could lead to production halts. The Deputy Prime Minister ordered the Tax Code to urgently address this issue, yet the system was launched, and misunderstandings have already emerged. The situation is complicated by the penalty calculation mechanism for violations of digital labeling requirements, as under current regulations, fines depend on a company's turnover and can reach 20%, which, as noted by the Business Ombudsman's office, means "100% bankruptcy" due to a single seller's error.
The Central Bank previously proposed tightening requirements for money transfers, with plans to lower the transaction limit for which banks must collect full information on senders and recipients from 30 times to 25 times the base calculation amount—to 10.3 million soums. New rules entail collecting additional data, including address and date of birth, aimed at enhancing financial transparency, but implementation challenges are anticipated.
Source: www.gazeta.uz