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The Government of Uzbekistan intends to reduce tax burden

The Government of Uzbekistan discussed the forecasts of the main macroeconomic indicators and the concept of tax and budget policy and the draft state budget for 2018.

The main directions of the fiscal policy for next year include reducing the tax burden, the number of taxes and mandatory payments, strengthening the revenue base of local budgets and increasing their independence, rational use of resources and ensuring the completeness of revenues to the budget.

In particular, the Government intends to combine taxes on profits and improvement and development of social infrastructure and reduce the aggregate base rate from 15.5% to 14.5%.

It is also planned to combine mandatory contributions to the Pension Fund, the Republican Road Fund, the Foundation for the Development of the Material and Technical Base of Educational and Medical Institutions into one payment, while reducing the aggregate rate from 3.5% to 3.2%. According to forecasts, this decision will allow business entities to save about 411 billion soums.

The Government of Uzbekistan intends to increase the amount of deductions to individual savings accounts of citizens from 1% to 2%, which will allow increasing the accumulation of citizens by more than 450 billion soums.

It is planned to reduce the fixed tax rates for individual entrepreneurs by an average of 30%, which is aimed at increasing the entrepreneurial activity of the population.

Local authorities will be given the right, taking into account the specifics of the regions and the location of the activity, to introduce decreasing and increasing coefficients from 0.7 to 1.3 to the established basic rates for the personal property tax, land tax and fixed tax.

In 2018, as in previous years, priority will be given to spending on the social sphere and social support of the population. Thus, 34.7 trillion soums of the state budget funds will be directed to the social sphere.

In the parameters of the budget for 2018, the resources for 8.5 trillion soums will be directed to the implementation of the adopted state programs.

It is planned to direct 815 billion soums to realization of the program for further improvement of the system of preschool education for 2017-2021, including 193 billion soums of resources of international financial institutions.

Another 559.1 billion soums will be directed to improving material and technical base of 48 higher educational institutions.

The Government plans to direct 753.6 billion soums to construction and reconstruction of 296 medical institutions in 2018. It is also planned to directed financial resources to improving equipment of healthcare institutions, including in rural areas.

Expanses to housing and communal services will make up 228.6 billion soums, of which 47.2 billion will be used to improvement of adjacent territories of multi-storey apartment houses and 4 billion soums to repair and replacement of elevators.

It is also planned to direct almost 585 billion soums to implement the program for the development and modernization of drinking water supply and sanitation systems.

At the same time, it is planned to channel funds to transport and communication projects - 469.2 billion soums and implementation of programs for development of social infrastructure in the regions - 568.6 billion soums.

It is noted that for the first time the State budget is proposed to be approved with a surplus of 0.02 percent to GDP.

As a result of the discussion, a decision was made to send the main macroeconomic indicators, the concept of tax and budget policy and the draft state budget of the Republic of Uzbekistan for 2018 to the Legislative Chamber of the Oliy Majlis of the Republic of Uzbekistan.

Source: UzDaily.com

18.12.2017

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