Uzbekistan sees loss in revenues as tax on foreign car imports abolished

Uzbekistan Materials 19 March 2021 15:20 (UTC +04:00)
Uzbekistan sees loss in revenues as tax on foreign car imports abolished

BAKU, Azerbaijan, Mar. 19

By Klavdiya Romakayeva - Trend:

The state budget of Uzbekistan lost about 38 billion soums ($3.6 million) after the abolition of the excise tax on the import of passenger cars on August 1, 2020, Trend reports with reference to the report of the Ministry of Finance of Uzbekistan.

According to the Ministry of Finance, until August 1, excise tax receipts in Uzbekistan amounted to 41 billion soums.

The Ministry of Finance also calculated that customs duties increased from 1.8 trillion soums in 2018 to 3.6 trillion soums in 2020.

It was noted that the increase in revenues is due to the cancellation of certain benefits in 2019, as well as the expiration of the previously granted ones.

In addition, the increase in revenues was influenced by the increase in customs duty rates from January 1, 2020. In particular, the Ministry of Finance noted revenues from imports of trucks ($18.2 million) and tires ($11.3 million).

According to the information, car imports in Uzbekistan in 2020 amounted to $475.1 million, which is 7.9 percent more than in 2019.

In January 2021 it was reported that Uzbekistan sharply dropped car imports in January 2021. According to the committee, foreign cars worth $5.8 million were delivered to Uzbekistan in the first month of 2021, which is almost 80 percent less compared to January 2020.


Follow the author on Twitter: @romakayeva