Baku, Azerbaijan, Dec.11
By Nigar Guliyeva – Trend:
Uzbekistan's new concept of tax and budget policy stipulates combining some types of taxes and mandatory deductions, Uzbek media reported.
The main directions of the fiscal policy for the next year include reducing the tax burden, reducing 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 full transfer of revenues to the budget.
Particularly, the concept offers to combine taxes on profits and on improvement and development of social infrastructure, while also reducing the aggregate base rate from 15.5 percent to 14.5 percent.
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 in One Payment - mandatory contributions to state trust funds, while reducing the aggregate rate from 3.5 percent to 3.2 percent, which will allow economic entities top save 411 billion soums.
The concept also provides for reducing the tax burden on individuals' income by increasing the amount of deductions to individual savings accounts of citizens from 1 percent to 2 percent, which will make it possible to increase the savings of citizens by more than 450 billion soums; a reduction in the fixed tax rate for individual entrepreneurs by an average of 30 percent, which is aimed at increasing the entrepreneurial activity of the population; granting local authorities, taking into account the specifics of the regions and the place of business, the right to introduce decreasing and increasing coefficients from 0.7-1.3 to the established basic rates for the tax on property of individuals, land tax and fixed tax.
The official exchange rate for December 11 is 8096.33 UZS / USD.