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Uzbekistan 03/11/2009 Legislative Chamber approve state budget for 2010
Legislative Chamber approve state budget for 2010
Tashkent, Uzbekistan (UzDaily.com) -- Legislative Chamber of Oliy Majlis of Uzbekistan approved a state budget of Uzbekistan for 2010 at its session in Tashkent.

It was noted that the main financial document of the country was directed at ensuring macroeconomic stability and sustainable high temps of gross domestic product (GDP) growth, formation of modernization, diversification and competitiveness of economy, further improvement of well-being and live standards of population.

The State Budget was developed in line with Anti-Crisis programme on preventing and overcoming consequences of global financial-economic crisis for 2009-2012. The budget envisages realization of wide-scale complex of long-term measures on developing production, improving banking activity, increasing role of small businesses and entrepreneurship, etc.

In line with important priorities of the social-economic development of Uzbekistan, tax policy of Uzbekistan in 2010 will be directed at further decreasing financial burden to business entities and stimulation of modernization, technical and technologic re-equipment of production, simplification and improvement of tax administration.

It is planned to decrease basic rates of tax to income to decrease tax burden to business entities and unify existing preferences to income tax. The decrease of basic rate of income tax for legal entities from current 10% to 9% will allow companies to save 52 billion soums in 2010.

The state budget envisages increasing expenses to social sphere and social support of population from 55.6% in 2009 to 59.1% in 2010, which makes up 13.5% of GDP. It is planned to increase financing of healthcare, education, vulnerable layers of population, increasing of salaries, pensions and social benefits.

In order to improve life of population, it is planned to cut income tax for individuals on the first scale from 12% to 11%. The decrease of income tax will decrease tax burden and population will save over 102 billion soums.

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