Uzbekistan's budget to receive $ 443 M with introduction of VAT for Uzavtosanoat
Baku, Azerbaijan, July 9
By Fakhri Vakilov- Trend:
The enterprises of Uzavtosanoat JSC will increase tax payments to the budget by $ 443 million due to the abolition of value-added tax benefits, Trend reports with reference to Gazeta.uz.
Chairman of the board of Uzavtosanoat Shavkat Umurzakov made this statement.
Earlier, Trend reported that President of Uzbekistan Shavkat Mirziyoyev canceled the benefits introduced for the engineering industry from October 1, 2019.
Umurzakov noted that the amount of taxes to be deducted after the abolition of VAT exemptions will increase to $650-$700 million.
He states that despite the increase in the dollar exchange rate to the soum from 7,800 to 8,550 soums and the abolition of all benefits (from January 1, except for VAT), prices are at the same level. This was achieved by reducing the cost of production by almost $200,000 since the beginning of 2018.
“We have not raised prices, although the rate has weakened by 10 percent. The cost of cars should have grown by at least 5 percent, but we were able to hold back the growth,” Umurzakov stressed.
Today, there are 73 enterprises in the structure of Uzavtosanoat. Revenues in 2018 amounted to $3.1 billion, this year it is planned to increase this figure to $3.6 billion.
The production of passenger cars this year is planned to increase from 220,600 last year to 250,000, trucks - from 4237 to 5016, buses - from 949 to 1674. Imports are expected to grow from $1.8 billion to $2.1 billion, and exports - from $58.7 million to $151.1 million.
($1- 8572.29 soums on July 9)
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