Uzbek Senate approves state budget for 2013 with 1% of GDP deficit
Uzbekistan, Tashkent, Dec 6 /Trend D.Azizov/
The Uzbek Senate (the upper house of the Uzbek parliament) approved the state budget for 2013 with a deficit of 1.2 trillion soum, or one percent of the projected gross domestic product (GDP) on Thursday.
Budget revenues amounted to 25.1 trillion soum (21.3 percent of GDP), expenditure - 26.3 trillion soum (22.3 percent of GDP).
As previously reported, the Legislative Chamber of Uzbekistan (the lower house of the Uzbek parliament) approved the state budget for 2013 on November 17.
The parameters of the state budget are designed to meet planned GDP growth of eight percent for 2013; this figure includes industrial production growth of 8.4 percent, agricultural production - 6 percent, and increases in capital investment by 9.3 percent, First Vice-Prime Minister and Minister of Finance Rustam Azimov said at the meeting.
Azimov said that the budget aims to ensure macroeconomic stability and high growth rates in the economy, as well as the formation of a diversified and competitive economy, and good welfare and quality of life.
Base direct tax rates, including corporate income tax and VAT at the level of 2012 (nine and 20 percent, respectively) remain at the revenue side of the budget for next year.
At the same time, the rate of a number of indirect taxes will be increased by an average of 1.2 times.
It provides a reduction of the minimal tax rate on personal income from nine to eight percent, which would leave about 186 billion soum at the disposal of individuals.
"In general, the concept of the government's tax policy is to reduce the tax burden on economic entities by 0.3 percent of GDP in the coming year," Azimov said.
Expenditure on social services - health, education, culture, sports, social protection of the population - make up 59.4 per cent compared to 58.6 percent a year earlier in the expenditure side of the budget.
The main financial document of the country was approved by the Senate and will be directed to the President of Uzbekistan for sign in accordance with established procedures.
As previously reported, the state budget of Uzbekistan for 2012 was approved with a deficit of one percent of projected GDP, or 966.5 billion soum, with revenue in the amount of 21.1 percent of GDP (20 trillion 393.9 billion soum), and expenditures in amount of 22.1 percent of GDP (21 trillion 360.4 billion soum).
The official exchange rate on Nov 6th is 1972,99 soum/$1
The official exchange rate for December 6th - 1972.99 soum / $ 1.