Closing the financial year in Uzbekistan is a sequence: reconciliations and stocktaking before 31 December, December accruals and adjustments, then the annual tax returns and financial statements. The reporting year is the calendar year, so for 2026 the annual returns for personal income tax, social tax and turnover tax are due by 15 February 2027, the profit tax return and NSBU financial statements by 1 March 2027, and IFRS statements by 1 May 2027. Companies subject to a mandatory audit must file a copy of the audit report with the tax authority no later than 15 June 2027.
Closing the financial year: what it includes
The reporting period for annual financial statements runs from 1 January to 31 December (Article 24 of the Law on Accounting). For a company registered after 1 October, the first reporting year ends on 31 December of the following year. Annual NSBU statements consist of the balance sheet, income statement, statement of changes in equity, cash flow statement and notes; small enterprises and micro-firms file only the balance sheet and income statement. Monthly and quarterly deadlines for each tax are in our 2026 reporting calendar; this article covers the closing process.
Step 1. Reconciliations
- Bank and cash. Balances per statements at 31 December, cash per count, foreign currency accounts at the Central Bank rate on the reporting date.
- Counterparties. Reconciliation acts with suppliers and customers; review of advances and overdue debts.
- E-invoices. All outgoing and incoming e-invoices for the year match the books; no unconfirmed or rejected documents remain; high-risk e-invoices have been dealt with.
- Budget. Tax balances reconciled with the taxpayer's personal account so that overpayments and arrears do not slip into the new year unnoticed.
- Payroll. December accruals, withheld PIT and social tax match the payroll sheets.
Step 2. Stocktaking
Under NSBU No. 19 a stocktake is mandatory before the annual financial statements; assets counted after 1 October of the reporting year need not be counted again. Inventories are checked at least once a year and fixed assets at least once every two years. The results of the annual stocktake go into the annual statements, and surpluses and shortages affect profit tax.
Step 3. Accruals and adjustments
- Depreciation of fixed and intangible assets for every month of the year, for both accounting and tax.
- All December income and expenses supported by primary documents: acts, e-invoices, contracts.
- Prepaid expenses and advances received allocated to the correct periods.
- Exchange differences on foreign currency assets and liabilities at 31 December.
- Provisions and write-off of bad debts as set out in the accounting policy.
- Profit tax calculation: accounting profit is adjusted for non-deductible expenses and tax differences. The rate for most companies is 15%.
- Closing of the income statement accounts and calculation of retained earnings.
Step 4. Reporting and audit
Financial statements
Annual NSBU statements are filed no later than 1 March of the year after the reporting year, and IFRS statements (for those required to prepare them) no later than 1 May. The statements are signed by the director and the chief accountant; if the director keeps the books personally, the director signs for the chief accountant too. Amounts are in soums, and foreign currency items are translated at the Central Bank rate. If tax or financial statements are not filed within 10 days after the deadline, the tax authority may suspend operations on the company's bank accounts.
Who needs a mandatory audit
Under Article 35 of the Law on Audit Activity, an annual mandatory audit is required for:
- joint-stock companies, banks and credit organisations, insurance companies and exchanges;
- agricultural cooperatives;
- investment and other funds raising money from legal entities and individuals, and their trust managers;
- charitable, public and other funds (except public funds with no bank account turnover during the year);
- organisations with a state share in their charter capital;
- commercial organisations that meet two of three criteria for the year: book value of assets above 100,000 BRV, revenue above 200,000 BRV, average headcount above 100.
For reference, at a BRV of UZS 440,000 that means assets above UZS 44 billion and revenue above UZS 88 billion. The audit must be completed by 15 June of the year after the reporting year, and a copy of the report filed with the tax authority within 15 days after the audit, but no later than 15 June.
Moving to NSFO from 2027
From 1 January 2027 NSFO No. 1 replaces NSBU No. 1 and NSFO No. 2 on accounting policies and estimates takes effect, while some NSBU (including those for fixed assets and inventories) remain in force until new standards are approved. The accounting policy for 2027 should already reflect NSFO; see our article on accounting policy.
Deadline table: closing 2026
| Deadline | Action |
|---|---|
| October–December 2026 | Annual stocktake (counts after 1 October qualify); approve the accounting policy for 2027 |
| 31 December 2026 (Thu) | Reporting date: cash and bank balances, reconciliation acts |
| 15 January 2027 (Fri) | Monthly returns for December: PIT and social tax, turnover tax |
| 20 January 2027 (Wed) | VAT return for December 2026; property tax statement for 2027 |
| 15 February 2027 (Mon) | Annual returns for PIT, social tax and turnover tax for 2026 |
| 1 March 2027 (Mon) | Annual profit tax return; annual property tax return; NSBU financial statements |
| 1 May 2027 (Sat) | IFRS financial statements; file early, before the weekend |
| 15 June 2027 (Tue) | Last day for the mandatory audit of 2026 and for filing the report copy with the tax authority |
Under Article 5 of the Tax Code, if the last day of a deadline falls on a day off or non-working day, it moves to the next working day. Primary documents, ledgers and statements must be kept for at least five years after the reporting year.
Final checklist
- Bank, cash and foreign currency reconciled at 31 December.
- Reconciliation acts signed with key counterparties.
- E-invoices for the year reconciled; unconfirmed and rejected ones resolved.
- Budget balances reconciled with the personal account.
- Stocktake completed and results posted.
- Depreciation, exchange differences and provisions recorded.
- Profit tax calculated and differences documented.
- Annual tax returns and financial statements filed on time.
- Mandatory audit status determined and an auditor chosen in advance.
- Accounting policy for the new year approved.
Close the year with WealthWise
We run reconciliations, stocktakes and year-end accruals, and prepare and file the annual returns and financial statements through our tax reporting and financial statements service. If you want to hand over the books entirely, choose accounting outsourcing: plans start from UZS 3,890,000 per month (Start plan) (see pricing). To start before year-end, write to us via contacts.
Frequently asked questions
When are the 2026 annual financial statements due?
NSBU statements by 1 March 2027 and IFRS statements by 1 May 2027.
When is the annual profit tax return due?
No later than 1 March of the year following the tax period, so for 2026 by 1 March 2027.
Does an LLC need an audit?
Only if it falls under Article 35 of the Law on Audit Activity, for example if the state holds a share, or if it meets two of three criteria for the year: assets above 100,000 BRV, revenue above 200,000 BRV, more than 100 employees.
What do small enterprises and micro-firms file?
Only annual statements consisting of the balance sheet and the income statement.
How long must accounting documents be kept?
For the periods set by law, but at least five years after the reporting year.
This information is current as of October 2026. Deadlines, report forms and audit criteria may change, so check the current rules or consult a specialist before closing the year.