In its first year a new company in Uzbekistan has four jobs: in the first weeks, set up the books (EDS, bank account, tax regime, accounting policy, electronic invoices, cash register, employment contracts); every month, file turnover tax, PIT and social tax returns by the 15th and VAT returns by the 20th; during the year, pay up the charter capital and watch the thresholds; and early the following year, file annual returns by 15 February and financial statements by 1 March. Below is a checklist by period and the mistakes most often made in year one.
First-year checklist by month and quarter
| When | What to do | Note |
|---|---|---|
| Week 1 | director's EDS, bank account, access to the taxpayer's personal cabinet | the account is opened remotely, without original founding documents |
| Weeks 1–2 | choose the tax regime; accounting policy and working chart of accounts | approved by the director's order |
| Month 1 | connect an e-invoice operator; online or virtual cash register | the register model must be in the State Register |
| Month 1 | employment contracts with the director and staff, registered in my.mehnat.uz | HR orders, working-time sheet |
| Monthly, by the 15th | turnover tax, PIT and social tax returns and payment | filed even with no transactions |
| Monthly, by the 20th | VAT return and payment (for VAT payers) | the tax period is one month |
| Quarterly, by the 20th of the following month | profit tax return (general regime) | annual return by 1 March |
| Within 1 year of registration | charter capital fully paid | the deadline is set in the founding documents |
| Year-end | stocktaking, reconciliations with counterparties, next year's accounting policy | from 2027 — reflecting NSFO |
| By 15 February | annual PIT, social tax and turnover tax returns | a deadline on a day off moves to the next working day |
| By 1 March | annual financial statements, annual profit tax return | small enterprises file annual financial statements only |
The first two weeks: setup
EDS, bank account and the taxpayer cabinet
The director's EDS is needed to sign e-invoices, log in to the taxpayer's personal cabinet and file reports. The bank account is opened remotely; specimen signatures can be provided before the first payment. The registration process is described in our article on LLC registration.
Tax regime
A small business may pay turnover tax at the base rate of 4% with turnover up to 12,000 BRV (about UZS 5 billion, threshold from 1 June 2026) or work with VAT at 12% and profit tax at 15%. If your main customers are VAT payers, input VAT matters to them, which argues for the general regime. See "Turnover tax or VAT".
Accounting policy
The director must ensure an accounting policy is developed; it is approved by order and sets the accounting methods. If the company is registered in late 2026, prepare the 2027 policy straight away in line with NSFO, which takes effect on 1 January 2027. More in our article on accounting policy.
Month one: documents, cash register and people
- Electronic invoices. Connect an e-invoice operator and agree on document flow with suppliers and customers. Every sale to a legal entity should come with an e-invoice — the tax authority reconciles turnover against them.
- Cash register. For settlements with individuals — an online or virtual cash register whose model is in the State Register (Cabinet of Ministers Resolution No. 943 of 23.11.2019).
- Employment contracts. A contract is made in writing or electronically and registered in the Unified National Labour System; the hiring order is shown to the employee against signature within 3 days of starting work. More in our article on HR records.
- Payroll. Salary is paid at least every half month, 12% PIT is withheld and 12% social tax is charged. Mind the minimum wage — UZS 1,360,000 from 1 September 2026. More in our article on payroll.
Every month: reports and reconciliations
From 2026, VAT, turnover tax, PIT and social tax reports are generated automatically by the tax authorities from their own data; the company reviews them and, if needed, makes corrections within 5 days but no later than the filing deadline. That does not remove the work: an error in an e-invoice, the cash register or payroll ends up in the report. So once a month:
- reconcile revenue across the cash register, bank and e-invoices;
- review the auto-generated reports before the deadline;
- reconcile your account with the tax authority for arrears or overpayments;
- track cumulative turnover against the thresholds.
The full list of deadlines for the year is in the 2026 reporting calendar.
Year-end and the start of the next year
In December, take stock and reconcile with counterparties, and approve next year's accounting policy. Annual PIT, social tax and turnover tax returns are due by 15 February; the annual profit tax return and the NSBU financial statements by 1 March. Small enterprises and micro-firms file annual financial statements only, but they must file them even for an incomplete first year.
Common first-year mistakes
- "No transactions, no reports". Reports are due from the first month, even if they are nil. If financial or tax reports are not filed within 10 days after the deadline, bank account operations may be suspended.
- Mixing money. The director's personal spending on the company card, and company expenses paid in cash "out of pocket" without documents.
- Sales without e-invoices or receipts. The tax authority sees the gap between the bank, the cash register and invoices.
- A director without an employment contract. The director is an employee; their contract is registered like everyone else's.
- Charter capital still unpaid a year after registration.
- A template accounting policy that does not match the company's operations.
- Noticing the threshold too late. Above 12,000 BRV the move to the general regime is mandatory, and the books must be prepared in advance.
Officials are liable for breaches of accounting law under Article 175¹ of the Code of Administrative Liability — 3 to 7 BRV.
How WealthWise runs a company's first year
We set up the books from scratch, handle e-invoices, payroll and HR, and file reports on time — see accounting outsourcing and tax reporting. Plans start from UZS 3,890,000 per month (Start: turnover tax, up to 3 employees); Small Business, from UZS 5,490,000, includes payroll and HR records, and Business, from UZS 7,890,000, covers the general regime with VAT.
Frequently asked questions
Do I have to file reports if the company has not sold anything yet?
Yes. Monthly reports are due from the first month after registration, even with no revenue. Unfiled reports can lead to the suspension of bank account operations.
What are the monthly filing deadlines?
Turnover tax, PIT and social tax returns by the 15th of the following month; the VAT return by the 20th. A deadline that falls on a day off moves to the next working day.
When does a new company file its first financial statements?
Small enterprises file annual financial statements no later than 1 March of the following year — including for an incomplete first year.
Can I keep the books myself in the first year?
You can if there are few transactions and the director is prepared to learn e-invoicing, the cash register and reporting. In practice, first-year mistakes cost more than having a specialist set up the books from the start.
Reporting deadlines and rules in Uzbekistan change regularly. This information is current as of publication; check the current requirements or consult a specialist.