The session underlined that the state budget of Uzbekistan for 2014 is directed to ensure macroeconomic stability and high economic growth, form diversified and competitiveness of economy, improve well-being and prosperity of population.

According to the Senators, the main direction of tax policy is to further decrease tax burden for small entities and population, simplify taxation, increase income part of the local budget and strengthen them, strengthen tax administration to decrease facts of avoiding tax concealment.

It is planned to cut basic income tax for legal entities from 9% to 8%, which will help businesses to save over 130 billion soums. It is also planned to decrease minimal rate of income tax for individuals from 8% to 7.5%. Individuals will direct 1% of their income to individual accumulating pension accounts.

The state budget envisages to increase expenses to social sphere and social support of population, financing of education, healthcare, science, education and sport, construction, reconstruction, capital repair and equipment educational-labs of universities, sport halls and hostels.

The budget will also direct resources to finance construction of the objects on production and social infrastructure, including automobile roads, water supply objects and social objects for newly constructed rural blocks in rural areas.

The state budget is directed at ensuring high rates of economic growth, continue implementation of investment policies on developing and modernizing industry, road-transport, communication infrastructure, improving business environment, supporting of small and private businesses.

After the discussions, the Senators approved the State Budget of Uzbekistan for 2014 and adopted a corresponding resolution.

Senators considered the law “On introduction of changes and amendments to Tax Code of Uzbekistan in connection with adoption of main directions of tax and budget policy for 2014”, which was developed in line with the concept of tax policy for 2014 and to execute some decisions of the Uzbek President.

The document is directed at decreasing tax burden to business entities and economy, simplify taxation system, strengthen local budgets and improve tax administration. The law was approved.