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NEWS

Uzbek government to reduce tax burden on economy in 2013

26 October 2012

http://en.trend.az of 10/26/2012 - The Uzbek government plans to reduce the tax burden on the country's economy from 21.6 per cent expected in 2012, to 21.3 per cent of the GDP.
This was stated in the official report of the Uzbek National Information Agency (UzA) at the meeting of Cabinet of Ministers which approved the forecast of the main macroeconomic indicators, the concept of tax and budget policy, the draft of the state budget, and the job creation and employment programme for 2013.
The report does not present the main parameters of the government's budget, its income and expenditure.
'The concept of tax and budget policy and the draft state budget for 2013 provide for high and stable economic growth, strengthening of macroeconomic stability, as well as the development of the social sphere and growth of living standards through an increase in wages and providing targeted social support', the report says.
According to the report, the main directions of budget policy and the draft budget for 2013 maintain social spending priorities, a further rise in the level of income, strengthening the material and technical base and facilities, the education and health sectors, as well as the implementation of an active investment policy.
In total, the government plans to spend more than 59 per cent of the expenditure budget on financing the social area.

Reduction of the minimum tax rate on personal income from nine to eight per cent is also among the measures to reduce the tax burden.
Along with this, intangible assets such as patents, licenses, software and copyrights are excluded from taxation of entities which will be a motivating factor for the widespread introduction of innovation in enterprises.
Budget funds directed towards financial support of the economy have been increased by 22 per cent in comparison to this year. Expenditure on centralised investments is also planned to be increased by 23 per cent.
Some 973.000 new jobs are planned to be created within the employment programme.
According to the report, the Cabinet of Ministers decided to approve the overall macroeconomic forecast, the concept of tax and budget policy, the draft budget and programme for the creation of jobs and send them to the parliament.
As previously reported, the state budget of Uzbekistan for 2012 was approved with a deficit of one per cent of the projected GDP, or 966.5 billion sums, the revenue to the sum of 21.1 per cent of the GDP (20 trillion 393.9 billion sums) and expenditure of 22.1 per cent of GDP (21 trillion 360.4 billion sums).
The official exchange rate on October 26 is 1952.60 sum / $ 1.