Uzbekistan

Financial Reporting Obligations for Companies in Uzbekistan

1. Registry for Financial Statements

In Uzbekistan, companies are required to submit their financial statements to the Tax and Statistical Agencies. The primary registry is managed by the Ministry of Finance of the Republic of Uzbekistan ( https://www.mf.uz/ ). Financial institutions and publicly traded companies must also publish their financial statements on the website of the local stock exchange. The key registry is the “Davlat soliq qo‘mitasi” (State Tax Committee ( https://www.soliq.uz/ )).

Public Access to Financial Statements:

Access to financial statements depends on the legal form of the company. Financial statements of public joint-stock companies (JSCs) and listed companies are publicly available and can be accessed through the websites of the Ministry of Finance or the Tashkent Stock Exchange (https://www.uzse.uz/).
However, financial reports of private LLCs and other non-listed companies are not generally accessible to the public unless disclosed voluntarily.

2. Legal Forms Obligated to Publish Financial Statements

The following legal forms in Uzbekistan must submit financial statements:

  • ООО (Mas'uliyati cheklangan jamiyat, MChJ) – Limited Liability Company (LLC). Obligated to file financial statements if certain turnover, assets, or employee thresholds are met.
  • АЖ (Aksiyadorlik jamiyati) – Joint Stock Company (JSC). Obligated to file and publish financial statements as per law.
  • Xo'jalik shirkatlari (XSh) – Business Partnerships. Must follow financial reporting rules depending on their activities and scale.
  • Davlat korxonalari (DK) – State-Owned Enterprises (SOE). Obligated to submit financial statements to governmental agencies and sometimes for public disclosure.
  • Fermer xo'jaliklari (FX) – Farmer Enterprises. Must submit financial reports if they surpass specified turnover thresholds.

Legal Forms Not Obligated to Publish Financial Statements:

  • Yakhol (Yakka tartibdagi tadbirkor) – Individual Entrepreneur. Not obligated to file or publish full financial statements unless specific thresholds or business activities demand it.

3. Mandatory Audit Conditions

Legal Form (Original and English Translation) Rule Criteria
ООО (Mas'uliyati cheklangan jamiyat, MChJ) – Limited Liability Company (LLC) Audit required if financial thresholds are met Annual turnover (more than) 2 billion UZS, Total assets (more than) 1 billion UZS, or More than 50 employees
АЖ (Aksiyadorlik jamiyati) – Joint Stock Company (JSC) Mandatory audit Required for all JSCs, regardless of size
Xo'jalik shirkatlari (XSh) – Business Partnerships Conditional audit Audit required depending on activities, size, and type of partnership
Davlat korxonalari (DK) – State-Owned Enterprises (SOE) Mandatory audit All state-owned enterprises must undergo an audit
Fermer xo'jaliklari (FX) – Farmer Enterprises Conditional audit Audit required if turnover exceeds a specific threshold (depending on agricultural size)

These rules are outlined in Uzbekistan’s Law on Auditing Activity ( https://lex.uz/ ), and further audit requirements are enforced by the Ministry of Finance ( https://www.mf.uz/ ) and the State Tax Committee ( https://www.soliq.uz/ ). For more detailed and specific criteria, consulting local auditing bodies like KPMG Uzbekistan ( https://kpmg.com/uz ) or IBAC Consulting ( https://ibac.uz/ ) is recommended.

4. Stock Exchange

Companies listed on the local stock exchange must publish their financial statements on the “Toshkent Fond Birjasi” (Tashkent Stock Exchange ( https://www.uzse.uz/ )).

5. Deadline for Submission

The general deadline for submitting financial statements is February 15th of the year following the reporting year. This applies to most business entities, although specific deadlines can vary based on legal form and regulatory updates.

6. Partial Financial Statements

There are no widespread requirements for the submission of partial financial statements, except in specific cases such as for interim reporting for public companies.

7. Consequences of Late Submission

Failure to submit financial statements on time can result in fines, penalties, and potential legal action, including the possibility of a company being struck off the register. Repeated non-compliance can lead to more severe consequences such as higher fines or suspension of business activities.

8. Reporting for Foreign-Owned and New Companies

Foreign-owned branches and newly established companies must adhere to the same reporting requirements as domestic companies but may be subject to additional reporting obligations or different deadlines depending on the nature of their business and initial capital investment.

Sources

Source Link
Ministry of Finance of the Republic of Uzbekistan https://www.mf.uz/
State Tax Committee https://www.soliq.uz/
Tashkent Stock Exchange https://www.uzse.uz/
Law on Auditing Activity — official legal portal https://lex.uz/
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