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Uzbekistan plans to reduce VAT, property tax

Finance Materials 9 September 2021 13:21 (UTC +04:00)
Uzbekistan plans to reduce VAT, property tax

BAKU, Azerbaijan, Sept. 9

By Fakhri Vakilov – Trend:

The value-added tax (VAT) rate is planned to be reduced from 15 percent to 12 percent from 2023, Trend reports citing Gazeta.uz.

President Shavkat Mirziyoyev announced this at the X Congress of the UzLiDeP Party, speaking with his election program. Congress is expected to approve the party's candidacy for the October presidential elections.

“As you know, in 2020 we have reduced the VAT rate from 20 percent to 15 percent. This means that $934,9 million remain at the disposal of 100,000 entrepreneurs. Now, with the necessary preparation, from 2023 we will reduce this tax rate from 15 percent to 12 percent,” he said.

Moreover, the President announced plans to reduce the property tax rate from 2 percent to 1.5 percent in 2022, which will leave $56 - $65.4 million a year at the disposal of entrepreneurs.

Another planned innovation is that from 2023 a single real estate tax will be introduced, combining property and land taxes of legal entities.

Currently, income tax rates in the banking, financial, and telecommunications sectors differ. According to the president, the income tax will be reduced from 20 percent to 15 percent and will be the same for all entrepreneurs.

Mirziyoyev added that the monopoly on 25 types of activities, such as road construction, heat supply, improvement services, will be canceled. A wide range of opportunities will open up for business in these areas.

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